Publication:
Expanding Access to Financing for Micro, Small, and Medium-Size Enterprises in Russia by Leveraging Innovative Financial Solutions: Policy Note

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Date
2019-06-01
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Published
2019-06-01
Abstract
The development of micro, small, and medium-size enterprises (SME) in Russia is a priority of the Russian government, which emphasizes the need of improving SME access to finance, along with other critical factors for SME growth. The objective of this policy note is to inform the Russian policy-makers about options to enhance their measures for improving SME access to finance, as a part of the overall government objective to increase the contribution of SMEs to the Russian economy. The policy note’s audience is a broad group of Russian stakeholders, specifically economic policy makers and financial sector regulators, as well as SME support and development institutions, the financial sector, and the private sector. The policy note aims at informing the Russian stakeholders about: (1) alternative and complementary approaches to subsidized financing of SMEs, including policies to support development of an ecosystem of financial providers and innovative products, and (2) the evolving role of the SME development institutions in creating new markets for SME finance and crowding in private sector finance. The policy note has six chapters. Chapter one is the introduction. Chapter two provides an overview on SME access to finance in Russia. Chapter three discusses the development of the non-bank SME financing ecosystem in Russia by focusing on the regulatory approaches to non-bank financial institutions and products, drawing upon relevant international experience. Chapter four reviews international approaches to key challenges and policy responses for developing non-bank finance instruments for SMEs. Chapter five looks at the role of the SME development institutions in Russia and puts their activities in the context of international best practices. Chapter six concludes with recommendations on further enhancing SME access to finance.
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Gutierrez, Eva; Klepikova, Elena; Levitanskaya, Katerina. 2019. Expanding Access to Financing for Micro, Small, and Medium-Size Enterprises in Russia by Leveraging Innovative Financial Solutions: Policy Note. © World Bank, Washington, DC. http://hdl.handle.net/10986/32405 License: CC BY 3.0 IGO.
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