Trends in the development of the Russian system of lending to small and medium-sized businesses

Abstract

Subject. The article investigates trends in the development of the Russian system of lending to small and medium-sized businesses (SMEs). Objectives. The aim is to identify the structure of trends in the development of the Russian system of lending to SMEs. Methods. The study draws on methods of statistical and logical analysis. Results. We identified three groups of current trends, i.e. general trends, those that appeared during the pandemic, and those stemming from the consequences and results of the COVID-19 pandemic. The identified groups of trends help analyze the effectiveness of individual elements of the SME lending system. From the perspective of macroeconomics, they enable to see the impact of the public sector on SMEs during the crisis period, to show the current development of the SME lending system. From the perspective of financial institutions – to identify their role as a financial intermediary in participating in the SME lending system under different economic conditions. These groups can contribute to the improvement of State support measures, including the identification of weaknesses in current activities and their elimination. As for financial institutions, the said groups of trends may help analyze economic behavior in different economic conditions, adjust their working methods within the framework of lending to SMEs, and increase competitive advantages. Conclusions. The findings may improve policies and measures in the sphere of lending to small and medium-sized businesses, including the recovery of SMEs from the effects of the COVID-19 pandemic.