Creating Conditions for the Development of Financial Products in order to Support Small and Medium-Sized Businesses

Abstract

The relevance of the study is due to the fact that small and medium-sized enterprises (SMEs) in modern conditions are an integral element of any economic system. In developed countries, it acts as a fast-growing sector of the economy, making a significant contribution to the increase in gross domestic product and performing important socio-economic functions. Creating opportunities, including financial products to support small businesses, serves to accelerate economic, social and political stability, and economic growth and accelerate scientific and technological progress. The subject of the study is the processes related to the formation of conditions for the development of financial products to support SMEs. The purpose of the work is to establish mechanisms to support entrepreneurship in Russia. The sources of information were publications by Russian and foreign scientists in the field of development of financial products for maintaining sustainable economic growth of small and medium-sized enterprises, analytical materials from rating agencies. The study examines the experience of Russia and foreign countries in the development of small business, identifies problems that hinder the development of the system of state support for small and medium-sized businesses. It is concluded that it plays an important role in the development of the country’s economy, therefore, the creation of favorable financial conditions for it contributes to the achievement of the goals of the state and society, which are expressed in the constant improvement of the standard of living of the population and ensuring social justice in society.