Russian Federation
The relevance of the study is due to the increasing role of microfinance in ensuring financial accessibility for small and medium-sized enterprises (SMEs), especially in the context of economic instability and sanctions pressure on the Russian economy after 2022. Despite progress in regulating the microfinance sector, barriers remain related to high interest rates, insufficient orientation of MFIs towards entrepreneurial goals and regional uneven access to financial resources. The purpose of the study is to analyze the evolution of the microfinance market in Russia in 2021-2024, assess its impact on the development of SMEs and develop recommendations for improving the effectiveness of microfinance support for entrepreneurship. The research uses methods of system analysis, comparative analysis, statistical generalization and analysis of primary data published in the reports of the Bank of Russia, the Association of Russian Banks, SME Bank and Rosstat. The results of the study include the identification of key trends in the microfinance market: a shift in focus from consumer to entrepreneurial lending, a decrease in average interest rates on microloans due to regulatory measures, as well as the strengthening of the role of state microfinance institutions. The correlation between the growth of issued microloans for entrepreneurial purposes and the activation of small businesses in certain regions has also been confirmed. In conclusion, measures are proposed to further improve the microfinance infrastructure: differentiation of regulation of MFIs, development of digital scoring models, expansion of interest rate subsidies and strengthening cooperation between MFIs, SME support funds and regional authorities.
microfinance, small and medium-sized enterprises, microloans, financial accessibility, interest rates, government support, regional development, Bank of Russia
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