Importance Under the deficit of budget resources, it is important to engage banks in the system of support to innovative sector of the economy. However, there are factors constraining the participation of the banking segment in innovative project financing. The article studies economic relations arising in the process of cooperation of State institutions of development and establishments of the banking sector in the field of financial support to innovative companies. Objectives The objective is to analyze the existing mechanism of banking sector's participation in the system of support to innovative companies and develop practical recommendations for its improvement to increase the competitiveness of the national economy. Methods The study rests on a systems approach, using the general scientific methods of comparison, analysis, synthesis of time series and structural description of the elements of the investigated area, graphic interpretation of data providing the validity of estimates and conclusions. Results We considered a three-level mechanism of bank participation in the system of financial support to innovation-driven businesses, systematized instruments of support to innovative projects implemented by SME Bank, and defined reasons preventing the innovative project financing by banks. Conclusions Practical implementation of the proposed measures will increase and effectively realize the financial potential of the banking sector through its participation in the system of financial support to innovative businesses, which are important for intensive economic growth and crisis recovery. The obtained data and recommendations may be useful for the State policy development.
Keywords: innovation project, bank financing, government support, development bank, lending, innovative companies
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