The competitiveness of credit support to small and medium-sized businesses in the Krasnodar Krai
Importance We consider the competitiveness of credit support to small and medium-sized businesses of the Krasnodar Krai. The subject covers the aspects of the global competitiveness of the Russian Federation, where the assessment of credit support to enterprises is a part of the State's ability to ensure stable economic growth. Objectives The objective of the study is to identify aspects of the financial market competitiveness on the case study of lending to small and medium-sized businesses in the Krasnodar Krai. Methods We analyzed statistical data, information from official sources, legal documents, academic works, expert reports, and information of credit institutions. Results The study identified the areas of enhancing the competitiveness of the financial market that allow improving the financing of small and medium-sized businesses. We defined factors curbing the growth of small businesses; formulated the areas of improving the policy of the State and regions in relation to small and medium-sized enterprises; proposed some solutions, including those based on alternative forms of support to SMEs. Conclusions and Relevance We considered lending to small and medium-sized enterprises as an element of the Global Competitiveness Index to assess the level of financial market development. Using the case of lending to small and medium-sized businesses, we analyzed the issues related to an increase in competitiveness of other key aspects (quality of institutions, efficiency of the goods market, competitive ability of businesses) impacting the rating of the Russian Federation under the WEF technique.