СТАН ТА ПЕРСПЕКТИВИ РОЗВИТКУ ІННОВАЦІЙНИХ МОДЕЛЕЙ ФІНАНСУВАННЯ ПІДПРИЄМСТВ У КРАЇНАХ ЄВРОПИ

Abstract

The article examines the formation and development of innovative models of enterprise financing. Small and medium-sized enterprises in Europe have been seriously affected by the Covid-19 pandemic. Many businesses went bankrupt, and many business owners did not have enough funds to resume operations after the pandemic ended. Traditional loans have become inaccessible to many businesses due to a lack of credit history or collateral. Therefore, the business is looking for opportunities to attract funds from sources of innovative alternative financing. The purpose of this article is to reveal the essence of innovative financing and define its principles; analysis of the functioning of the European innovative financing market and assessment of its prospects. The theoretical foundations and principles of creating a favorable environment and appropriate regulatory framework for alternative financing of enterprises are disclosed. The main characteristic features of the European market of alternative financing are analyzed. It has been established that in recent years in European countries, alternative lending has grown significantly, many new platforms have appeared on the market. The peculiarities of the development and operation of the largest European online platforms are analyzed. European countries differ significantly in their financial landscape and cultural customs. Thus, in some countries traditional models of lending through banking institutions dominate, while in other markets digital loans prevail. At the beginning of 2022, there were 315 alternative financial platforms in Europe, with the largest number of alternative financial platforms operating in Great Britain, Spain, France, Estonia and Germany. Only 4 local and 6 foreign platforms operate in Latvia, 11 platforms in Lithuania. Attention is focused on the functioning of the innovative financing market of the Baltic countries. It has been established that at present, innovative lending has not yet become a strong competitor of traditional bank lending in the EU. The impact of the war in Ukraine on innovative financing and the prospects for its development is determined.