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Economic Analysis: Theory and Practice
 

The role of small businesses in the Arkhangelsk oblast economy development

Vol. 15, Iss. 12, DECEMBER 2016

PDF  Article PDF Version

Received: 26 April 2016

Received in revised form: 12 August 2016

Accepted: 23 September 2016

Available online: 26 December 2016

Subject Heading: BUSINESS PERFORMANCE

JEL Classification: L26, O18

Pages: 153-169

Sergeeva K.I. Northern (Arctic) Federal University named after M.V. Lomonosov, Severodvinsk Branch, Severodvinsk, Arkhangelsk Oblast, Russian Federation
nika-kseniya@yandex.ru

Zakoretskaya O.S. Northern (Arctic) Federal University named after M.V. Lomonosov, Severodvinsk Branch, Severodvinsk, Arkhangelsk Oblast, Russian Federation
zakorol@yandex.ru

Importance Analysis of economic situation in Russia highlights the significant enhancement of the role of small businesses being the most important strategic resource, which is able to ensure economic growth, efficiency of economic interactions, and improve national welfare.
Objectives Support to small businesses should be among the priorities of socio-economic policy of the State. The aim of the study is to consider problems related to development of small business, and its role in the economy of the Northwestern Federal District.
Methods The study draws upon methods of analysis, synthesis, and the cause-and-effect analysis.
Results A large part of the study addresses financial, organizational, economic and social aspects of small business operations in the Arkhangelsk oblast. The findings may be applied to identify the most efficient and viable areas and forms of support and development in this sphere.
Conclusions and Relevance Small businesses are an essential basis of developed countries' economies. The absence of such a basis in Russia impedes the transition to innovation-driven economy, and this became apparent during the crisis.

Keywords: small business, business climate, microloan, microfinance

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