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ИД «Финансы и кредит»






Financial Analytics: Science and Experience

Financial instruments of State support for small and medium-sized businesses in Russia during the coronavirus pandemic

Vol. 14, Iss. 3, SEPTEMBER 2021

Received: 18 January 2021

Received in revised form: 14 February 2021

Accepted: 9 March 2021

Available online: 16 August 2021


JEL Classification: E61, G38, H11, L38

Pages: 298–322


Lyudmila D. KAPRANOVA Financial University under Government of Russian Federation, Moscow, Russian Federation


Subject. The article examines financial instruments of State support for small and medium-sized enterprises (SMEs) in Russia, in the context of the crisis and pandemic.
Objectives. The purposes are to unveil major financial and economic mechanisms and instruments of State support for SMEs, analyze the results of State policy, aimed at financial assistance to SMEs, assess measures to support SMEs during the crisis and pandemic, and define the main directions of State policy development in relation to SMEs in the coming years.
Methods. The study employs methods of logical, statistical, qualitative and qualitative analysis, and graphical methods for presenting the results of information analysis.
Results. I identify economic problems, faced by SMEs in the most affected spheres of activity, reveal that the vulnerable position of SMEs rests on insufficient financial stability of companies, which is associated with negative changes in the economy that disrupted the economic linkages among entities, and a decrease in lending from the banking sector.
Conclusions. In Russia, there are serious problems in SME development. To solve them, it is necessary to maintain anti-crisis measures and continue targeted support to SMEs in priority sectors of the economy. It is crucial to develop comprehensive financial support for SMEs, consolidate all support tools provided by credit institutions and participants of the National Guarantee System, expand the access of SMEs to participation in procurement of the largest customers, and digitalize the procurement process on the basis of a digital platform.

Keywords: small and medium-sized enterprises, State support, support program, concessional lending, tax regulation


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ISSN 2311-8768 (Online)
ISSN 2073-4484 (Print)

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Vol. 14, Iss. 3
September 2021