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Small and medium business is the basis for the stable development of the economy of any country: the development of SMEs allows you to increase the pace of economic growth, create a stable domestic effective demand, and also improves the quality of life of the population through the formation of a labor market in a competitive environment. However, the development of small and medium-sized businesses is associated with serious financial investments, which can only be made by attracting credit funds. Therefore, the development of the SME lending market is a priority for any national economy. The editors of the portal site asked Irina Safronova, a leading expert in the banking services analysis department of the Banki.ru portal, about trends in the lending market for small and medium-sized businesses in Russia.

What were the main trends in SME lending in the last year?

Last year, banks slightly reduced the cost of their loan offers for small and medium-sized businesses. The average rate on loans for business, calculated by Banki.ru experts for banks included in the TOP-100 in terms of the volume of the loan portfolio issued to enterprises and organizations, decreased by only 0.99 percentage points over the year, while in the first six months of 2017 this indicator decreased already by 1.35 p.p. Such a low dynamics of the reduction in the cost of credit resources is explained by the slow reduction of the key rate by the Bank of Russia. At the same time, the state's interest in supporting the SME sector stimulates the launch of more and more new credit programs with state support, which somewhat improves the situation on the SME market.

What is the reason for the growth (reduction) of the SME loan portfolio last year?

Last year, the loan portfolio changed slightly increased, which is explained by several factors. Firstly, it is a high key rate and, as a result, expensive loans. And, secondly, due to the crisis situation in the market, banks, in their desire to reduce the risks from lending to such an unstable sector, tightened the requirements for borrowers as much as possible, which again did not contribute to an increase in demand for credit resources. Many banks have increased the requirements for the life of the business - up to two years, they began to require highly liquid property as collateral with mandatory insurance in an insurance company approved by the bank, etc.

What barriers exist in Russian economy for a significant increase in the loan portfolios of banks in the segment of small and medium-sized businesses?

A sharp increase in the loan portfolio is hampered by the high cost of credit resources, as well as the high riskiness of this sector of the economy. As a result, banks impose increased requirements on borrowers, and often limit their circle only to “their”, verified clients, which makes it possible to study the borrower’s activities in more detail and control him during the term of the loan agreement.

What are the key differences between SME lending and big business?

Big business is much more stable. Often, large players attract financing, already having much larger amounts on deposit accounts, which is a certain guarantee for the bank for the return of the loan issued and allows you to offer special conditions on lending. The enterprises of the SME sector often raise funds to cover current expenses or to purchase fixed assets, pledging property as collateral, which the bank cannot always sell quickly in case of default on the loan.

Are there government programs to support business borrowers?

Currently, there is a program of state support for small and medium-sized businesses implemented by the SME Corporation. It has already accredited 51 banks. The first concessional loan was issued at the end of 2015, and already in 2017 the Central Bank of the Russian Federation increased the limit for this program to 175 billion (+ 50 billion rubles). A number of mandatory requirements are put forward for enterprises wishing to attract financing within the framework of state support. At the same time, financing is not provided to enterprises from the following industries: credit and insurance organizations, investment funds, private pension funds, pawnshops, professional participants in the securities market, participants in production sharing agreements, gambling enterprises, enterprises engaged in the production and / or sale of excisable goods, and also extraction and/or sale of minerals (with the exception of common minerals).

What trends in the SME lending segment are observed in the current year?

Since the beginning of the year, many banks have been regularly lowering rates on their loan offers for small and medium-sized businesses. A new calculation of the average rate on business loans will appear on the Banki.ru website. There are several reasons for this. Of course, first of all, this is the repeated reduction of the key rate by the Bank of Russia. It is also a state program to support small and medium-sized businesses. There is hope that the reduction of interest rates on SME lending programs will continue further during the year.

What are the long-term prospects for lending to small and medium-sized businesses in Russia?

The SME lending market is more dependent on the economic situation and market fluctuations than the corporate or retail lending market. Therefore, in my opinion, it is not worth expecting a sharp growth in the coming years. To attract small businesses, banks need to simplify the conditions for obtaining financing, offer more loyal conditions. At the same time, it makes sense for credit institutions to develop financial literacy in the environment of small and individual entrepreneurship, because for a successful start, they sometimes need not only financial, but also informational support. For example, the SME Business Navigator project is running on the SME Bank website, with the help of which you can determine the saturation of the market with certain enterprises, as well as calculate a business plan based on your input.

Dmitry Nechetov

SMALL AND MEDIUM BUSINESSES in market systems accumulates more employees, a greater share of GDP, and often a greater share of patents for inventions than large enterprises. But in our country, small and medium enterprises have always been very vulnerable. In order to become a reliable basis for the economy, they must go through a period of transformation, receive support and guarantees, and master new - primarily new financial - technologies. It is a long way, therefore, only in the third year of economic turbulence, small and medium-sized enterprises begin to feel the ground under their feet, and the financial environment becomes more favorable for them.

Both 2014 and (in particular) 2015 were difficult years for SMEs. Their number has somewhat decreased, although the actual number of such companies has never been an objective indicator of the development of the sector. For example, according to Rosstat data for 2015, out of 2.24 million, only 1.5 million actually carried out activities - approximately this ratio of real and non-functioning firms has been maintained for many years. Population fluctuations are often associated with one-day firms or companies that exist only on paper. A much more important metric is the number of employees in SMEs. According to the results of the most difficult year for the sector in 2015, the number of employees (including individual entrepreneurs) amounted to 18.5 million, or 25.7% of all citizens employed in the economy. At the level of about 25%, this figure was kept before. And judging by it, no extinction of small businesses has occurred. Despite their economic vulnerability, they have retained employees and continue to work.

SMART loans, Top-Up loans and other new ways to make life easier for an entrepreneur.
Sergei Bessonov says
Senior Managing Director of Sberbank

Small and medium-sized enterprises are increasing their activity and hiring staff.

The sector experienced quite active development until 2014 inclusive. However, at the end of 2014 and in 2015, there was a slowdown in activity and a decrease in demand for loans from quality SME borrowers.

Sergei Bessonov

Share of entrepreneurs in SMEs in 2015
of the total number of citizens employed in the economy

The share of SME entrepreneurs who actually carried out activities in 2015 out of the total number of registered

IN RECENT YEARS even large enterprises there were problems with access to debt financing. Small and medium enterprises had to get used to life without new loans. The real boom, which was noted in 2010 and 2011 (growth in new loans by 57% and 39%, respectively), was replaced by a calm pace of 15-16% in 2012-2013 and a failure in 2015 (minus 28%). At the same time, the share of overdue loans increased sharply - over 15% of their total amount. Some signs of recovery appeared on the horizon only in the middle of last year. In May 2016, for the first time in several years, timid positive rates of SME lending were noted - plus 1%. In June - already plus 8%. In the following months, lending activity subsided again, so that at the end of 2016, various experts expect a decrease in the loan portfolio by 2-3% (official results for all 12 months of 2016 are not yet available, according to the results of 11 months, the figure is minus 3%). Does this mean that 2016 was a bad year? It is clear that an overall positive outcome would be preferable, but the very fact that the decline has practically stopped is worth a lot. And most importantly, the results of 2016 indicate that in the coming months, an increase in lending to small and medium-sized enterprises will almost inevitably begin.

The first wave of rate cuts took place in October-November last year.
In 2017, loans will become even more affordable.

In the second half of 2016, the number of loan applications from SMEs increased by 10% compared to the first half of the year - which is already very good. When we talk to clients, we hear that there is a cautious faith and understanding of what will happen next. In 2015, everyone, relatively speaking, “squeezed”: it is not clear what will happen even after 6 months, so the demand for money has decreased. And now many investment projects frozen in 2015 and early 2016 are re-entering the market. And in 2017, we expect a quiet market growth of about 10%.

Director of credit department
products and processes of Sberbank
Sergei Bessonov

Increase in loan applications from SMEs for the 2nd half of the year
2016 vs. 1st

INTERESTING that share Russian enterprises SMEs that received the loan requested from the bank in full - 65%. This is almost in line with the European Union average and more than in countries such as Spain or Italy. Fortunately, the Russian banking system is working steadily. And what happens in the opposite case can be seen in the example of Greece - there only 31% of small and medium-sized companies received the requested loan. But at the same time, the low involvement of SMEs in lending has become even clearer in recent years. Only about half of Russian companies in this segment have ever applied for a loan. And even now, according to NAFTA surveys, only 10% of enterprises believe that they need a loan, and only a third of them are going to apply for it in the near future. In Russia, among medium-sized businesses, lending is a completely non-obvious form of financing. The problem is not that loans are not issued. Loans are not applied for. Why - can be seen on the chart with interest rates on the market.

The share of Russian SMEs that received the requested loan from the bank in full

In 2015, rates exceeded 18% per annum, in 2016 they dropped to about 15% per annum, but this is still a lot. Does this mean that Russian banks are trying to cash in on small businesses or are putting prohibitively high barriers in their way? If we compare the refinancing rate of the Central Bank and the rate on loans in other countries, then no. In Italy or China, the difference in percentage points is about the same as in Russia. It's just that the refinancing rates there are much lower. Back in 2015, the CBR rate was quite driven by inflation, but inflation slowed sharply in 2016 and will remain low in 2017. This means that the Central Bank rate will inevitably decrease, which will immediately make lending more affordable for small and medium-sized businesses.

Dynamics of interest rates on loans in Russia
in 2015 and 2016

The growing demand for loans at the end of last year demonstrated:
small businesses gain confidence in the future.

Loan rates dropped significantly in 2016. Our last action took place in October last year, the rates were reduced by 1.5-5% per annum. I estimate that if positive trends continue in 2017, rates will continue to decline moderately - by 1-2%. If we take the rate reduction dynamics in 2016-2017 as a whole, then this is a significant reduction, and it is very important for the client: if the rates are high, you have to do super-profitable projects and take very big risks. When the rate for small businesses drops to 18% per annum, then to 15% per annum, and eventually to 12% per annum, businesses can afford to implement many more projects with less risk. By the way, for medium-sized businesses this promising offer is available today.

Director of credit department
products and processes of Sberbank
Sergei Bessonov

Projected decline in interest rates on loans in 2017, while maintaining positive trends

AT THE JOINT OF 2016 AND 2017 years, you can fix a few more good signs. First, the growth of "arrears" has reversed. In 2015 it was menacing, almost double. In 2016, it slowed down sharply. The maximum (15.2%) was reached in mid-2016, and since then this parameter has been declining. Secondly, the share of loans issued for a period of more than 3 years is gradually growing. This is important indicator market stability and faith in the future of both lenders and borrowers. Thirdly, when many entrepreneurs took loans at very high rates, refinancing became extremely important (it is required by 12% of SMEs surveyed by NAFI) - this is a big market for banks and a big relief for entrepreneurs. Fourthly, businessmen themselves are somewhat more confident in the future. After the decline in the first half of 2016, optimism began to prevail: 36% of SME representatives assess the prospects as good or very good. Both bad and very bad - 20%.

The share of SME representatives who assess the development prospects as good and very good

It is extremely important that the largest players - banks from the top thirty and even the state itself are increasingly actively involved in lending to small and medium-sized businesses. Until the end of 2015, the TOP-30 banks reduced lending to SMEs even faster than the market as a whole. Since the beginning of 2016, there has been a trend reversal: the largest banks are becoming the driver of this segment. And state programs - both regional and federal - allow both certain categories of enterprises and all SMEs in certain regions to receive preferential loans in certain regions where pilot programs operate (which are likely to spread more widely in 2017). Technology is also becoming an important factor improving the economic environment. First of all, such as remote banking and BigData analysis, which allows you to quickly assess risks, issue loans faster and on better terms (as is the case with SMART loans from Sberbank).

Microfinance is one of the most effective methods for developing small business. This is a financial industry aimed at providing various financial services to persons who, for one reason or another, are unable to use conventional banking services, for example, start-up entrepreneurs who do not have enough funds for current activities.

Those. it all comes down to money. The first problem of a novice entrepreneur is the initial (start-up) capital. If this problem is solved, a second problem arises - further development business, which is difficult to solve without an affordable credit system, and start-up capital it won't be enough here.

Therefore, the task of developing the institution of microfinance appeared in the activities of the Government Commission for the Development of Small and Medium Enterprises. In addition, the development of microfinance is included in the package of anti-crisis measures provided for by the Federal Program to Support Small and Medium-Sized Businesses.

Microfinance activity is the activity of organizations created for the purpose of providing access to small and medium-sized enterprises and infrastructure organizations supporting small and medium-sized businesses to financial resources, through the provision of loans (credits) to small and medium-sized businesses.

In essence, this activity is aimed at microcrediting entrepreneurs. A key feature of the activities of such organizations is the small amount of issued Money covering small expenses for entrepreneurs. Thus, the main component of microfinance is microcredit, and in our country, where the microfinance market has just begun to develop, these concepts are almost identical.

The problem of microfinance in the Russian economy today has acquired specific significance, and it should be considered not only as the most important tool for solving the problems of small and medium businesses and promoting entrepreneurship, but also as an instrument of anti-crisis policy.

Microfinance solves two major tasks: firstly, it helps to develop small businesses, accustoming entrepreneurs to work with borrowed funds and form a credit history; secondly, it helps to overcome poverty and unemployment.

According to the Ministry of Finance, there are currently about 450 organizations operating in Russia, which, in terms of their organizational and legal form and type of activity, can correspond to the characteristics of microfinance organizations.

Activities alternative to bank lending are regulated by the Law “On Microfinance Activities and Microfinance Organizations”. The regulator in the microfinance lending market is the Ministry of Finance.

Many different microfinance programs are currently being implemented. They are developed and offered to customers not only by banks, but also by specialized credit organizations involved in financing small and medium-sized businesses. They provide microfinancing for small businesses and entrepreneurship support funds. They can be both governmental and non-governmental. But their main service is the provision of microcredit.

So, microcredit is a kind of loan provided to small businesses on certain conditions.

According to the Russian Microfinance Center, the volume of loans in the Russian market of microfinance services is estimated at 26-27 billion rubles, of which 54% are loans for business development, 35% for consumer needs. The average amount of loans is 100-150 thousand rubles. The maximum microcredit is 1 million rubles. At the same time, 80% of loans are issued for a period of up to 1 year.

The economic situation in Adygea differs markedly from what is happening in other subjects of the federation. The republic at one time did not follow the path of some regions, including large cities, which, having taken large loans for development, have now become hostages of the crisis.

In this regard, the leadership of Adygea managed to prevent a negative scenario for the development of the economic life of the republic. In the absence of external debts, it manages with the resources that it has. And the most effective anti-crisis measure turned out to be a bet on small business.

The package of anti-crisis measures at the federal level provides support for small and medium-sized businesses in three areas. They have become a priority in the republic. First of all, this is an increase in the amount of microcredits at a moderate interest rate, improvement of the work of the created guarantee fund, as well as subsidizing interest rates on loans.

In order to improve the mechanism for providing financial support to small and medium-sized businesses, the Program of micro-crediting to small and medium-sized businesses of the Republic of Adygea was approved.

According to the AU RA "Agency for the Development of Small Business", in 2010 funds were transferred in the amount of 45,000 thousand rubles for the implementation of the program. including:

RUB 9,000 thousand - subsidies from the republican budget of the Republic of Adygea;

36,000 thousand rubles - subsidies from federal budget Russian Federation.

In 2010, 68 meetings of the credit commission of the AU RA "Agency for the Development of Small Business" were held, at which 256 loan applications of small businesses were considered, positive decisions were made on 228 applications, for total amount RUB 54,630.0 thousand Rejected or postponed the adoption of a positive decision on 28 applications. Main reasons for refusal:

Non-compliance of applications with the selection criteria for potential borrowers;

Absence or insufficiency of collateral;

Inconsistency of lending goals with the tasks of priority areas state support;

The presence of activities that do not meet the conditions for the provision of state support, defined by Federal Law-209 "On the development of small and medium-sized businesses in the Russian Federation";

Providing an incomplete package of documents;

Providing false information.

After analyzing the approved loan applications in tables 1-3, we can conclude that a total of 80% of loans were issued in Maikop, Maikop and Giaginsky districts in such areas as trade and Agriculture(Table 1 - 2). Most of enterprises of Adygea operating in the trade sector - enterprises with a staff of no more than 15 people. More than 97% of loans were taken for replenishment working capital(Table 3).

Table 1. Distribution of borrowers by districts and citiesRepublic of Adygea

Table 2. - Distribution of borrowers by areasactivities

Table 3. Distribution of borrowers by lending purposes

As of January 1, 2011, 393 small and medium-sized businesses are the users of financial support within the framework of the "Program of microcrediting of small and medium-sized businesses of the Republic of Adygea", of which 92 small and medium-sized businesses are engaged in the production of agricultural products. There are 53 peasant farms among the borrowers.

The anti-crisis program provides for preferential short-term microcrediting for businessmen starting and developing their business. It is this category of entrepreneurs that is most vulnerable to the crisis, since it does not have a collateral base, credit history and a working current account. Under these conditions, banks stop lending to small businesses. In Adygea, the maximum amount of a microcredit for working capital has been increased from 300 to 500 thousand rubles. The amount of a microcredit for commodity production and the development of tourism infrastructure has also been established - one million rubles at 16% per annum.

Many entrepreneurs, when developing a business plan for the new calendar year, are often interested in what lending to small businesses will be like in 2017, whether it is worth counting on government support, or is it better to attract other sources of funding.

Given the difficult political situation, as well as a huge number of unresolved macroeconomic issues at the state level, pessimistic analysts argue that small businesses should not rely on serious state support or the loyal attitude of representatives of banking capital in the near future. But with such an attitude to the prospects for the development of your business, you don’t need to register an individual entrepreneur or LLC at all, but simply get a job in your specialty and give your strength, mind, knowledge and talent for a penny to more enterprising citizens.

The presented article will be of interest, first of all, to those readers who are already engaged in their own business or are planning to create their own company in the near future. In addition, this information will be useful for students and teachers of economic educational institutions, as well as analysts working in this direction.

Small business lending in 2017 - state support

Despite the heavy economic situation, the government and the Central Bank plan to work this year, focusing on supporting and developing small and medium-sized businesses. Through joint efforts, government officials and the main financial regulator of the Russian Federation promise to organize the provision of credit funds for business entities with minimum annual rates from 6.5 to 11 percent. To what extent the promises of an economic nature will correspond to reality, time will tell.

In addition, this year it is planned to launch a geomarketing navigator mechanism. The main purpose of this system is to provide entrepreneurs with information about the current situation in the market segment they are interested in, in any region of the country. If this idea works fully, novice subjects commercial activities can significantly reduce the cost of organizing own business.

If you conduct a thorough study of all existing options for supporting small businesses that the state provides, the following important areas can be identified:

Federal programs for start-up entrepreneurs, as well as business representatives who are engaged in production, eco-tourism or the development of folk art.

Assistance to small businesses by providing land plots (especially for growing agricultural crops without the use of chemicals and GMOs), training, advice on legal, financial and tax issues.

Business support, which is expressed in the provision of property necessary for the operation of the company (real estate, equipment, machinery, warehouses).

Providing a government grant.

If for successful implementation Your commercial project does not need millions, you can get legal assistance from the state through the Employment Center. To do this, you need to quit your job (everything must be legal), register with the Central Office, come up with a promising business idea, develop a detailed business plan and apply for participation in the competition from the Employment Center. If everything is fine, you will be given the necessary amount of money, but they will require reports on the directions of use of these funds.

If none of the above options are suitable for your business, try to get a soft loan from the state or find alternative sources of financing for your commercial projects.

Pay attention to the fact that a loan for small businesses in 2017 from the state has very attractive interest rates (up to 6%), but only certain categories of entrepreneurs can receive this money:

manufacturers of oil and gas equipment;

those who are engaged in the production of products that were previously imported from the states, Europe and other countries;

exporters that indirectly affect the size of the country's foreign exchange reserves;

business entities involved in the development innovative methods production.

If your activity belongs to the category of priority sectors of the economy, you have real chances to get a loan on favorable terms. To do this, you need to contact a financial institution that is a partner of the state fund (it is this body that decides on issuing a soft loan) with an appropriate application. The next stage is related to the verification of the borrower's activities, in order to objectively assess his financial situation. If the representatives of the fund are satisfied with everything, you will receive such a long-awaited loan.

There is an alternative possibility to receive financial assistance from the state. To do this, you need to apply to the municipal or regional fund with a request for a loan on favorable terms. As a rule, these government institutions issue small, short-term loans.

This money is better used for the implementation of commercial projects that allow you to make a profit within a short period of time. For example, you are in the production paving slabs, and you have a big order from a company that creates a huge supermarket chain. A potential customer plans to pave the area near their stores with paving slabs so that all supermarkets look exactly the same.

Representatives of this company are ready to buy a large number of these products every two months (after purchasing a trial batch), but you do not have enough working capital to fully satisfy the customer's needs. In such situations, a short-term loan on favorable terms is an ideal option to solve this problem. You are given a loan, you launch additional production facilities, and two months later you receive money from the customer. The gross income from this operation will allow you to pay off the municipal / regional fund, as well as earn money for the enterprise. If the customer asks to make another batch of paving slabs, you can fulfill his order according to a similar scenario.

In addition to the listed types of concessional lending, the subjects entrepreneurial activity may receive a loan. The main purpose of this state aid is the full or partial repayment of loans and interest on them that were received earlier. This allows entrepreneurs to work calmly, without being distracted by solving credit issues.

Experienced businessmen recommend creating a promising innovative project, which is directly or indirectly aimed at supporting domestic science. Such ideas are financed by the state quickly and without unnecessary paperwork.

Many readers are interested in which categories of entrepreneurs are not eligible for government soft loans. First of all, this applies to bankrupt businessmen or those who will soon be forced to declare themselves bankrupt. You can forget about government assistance if you already have experience of non-repayment of preferential loans. Before providing financial assistance to a business entity, civil servants check whether it has debts to the budget, funds, etc. Unpaid debts and unfulfilled obligations to the state often become the reason for the refusal to issue funds on preferential terms.

Bank loans

In the conditions of a normally functioning national economy, most entrepreneurs do not even consider options for obtaining money for business development in state funds. In case of shortage of working capital or free capital for the implementation promising business idea, business entities are sent to the bank, where they will certainly be provided with the required amount, on acceptable (for both parties) conditions. But the economy of our country is going through hard times, and this has a negative impact on the work of the banking sector.

For the third year in a row, there has been a steady decline in lending to small firms, enterprises, etc. According to analysts' forecasts, lending to small and medium-sized businesses in 2017 will best case, will remain at the level of 2016, and according to pessimistic expectations in this sector, the negative dynamics in issuing loans for the needs of small businesses will continue.

You should pay attention to the fact that the described situation has developed not only due to general economic problems. Not the last role in the unsatisfactory lending to small businesses was played by the structure of the loan portfolio of banks, as well as the unstable political situation.

Despite the lack of prerequisites for improving the situation in lending to small firms / enterprises, some economists assure that if in the first quarter of this year the main indicators state budget will correspond to the planned ones, then in 2017 it will be possible to observe a positive trend in terms of changes in lending to small businesses.

The structure of loans issued to representatives of small and medium-sized businesses does not give grounds for optimism. Last year, financial and credit institutions, when issuing loans to small firms, focused primarily on business entities that are engaged in wholesale and retail. And in the near future, the leaders of large banks are not going to change priorities. In general, for any national economy, lending to firms engaged in trade is a negative factor. To move from the "dead center" you need to actively support manufacturing enterprises, which is not accidentally called the "locomotive of the economy".

They provide new jobs, stimulate the development of industries related to them, increase the revenue side of the state budget, from which medicine, education, the army, etc. are financed. At the same time, the owner of a trading company, having received a loan, will simply increase the volume of sales of goods and put more money in his pocket. Most likely, he will not even raise the wages of his employees.

The statement of the chairman of one of the large banks that in 2017 the scheme of cooperation with representatives of small businesses will be radically changed can be considered good news. The banker understands the problems of this sector of the economy and sees great prospects in the development of lending to this category of business entities.

The priority tasks for the banking sector in 2017 are:

Changing the structure of loan portfolios, focusing on the provision of loans to small enterprises.

Significantly increase the issuance of loans to firms that are engaged in the production or work in the field of creation innovative technologies. As a last resort, use for these purposes financial resources intended for trading companies.

Gradually increase the amount of long-term targeted loans.

revise existing options securing loans. Where possible, use equipment, real estate, or patented technology as collateral.

Establish closer cooperation with government agencies that deal with lending to small businesses.

Only through the joint efforts of the government, financial and credit institutions, the Central Bank and business representatives, it is possible to create an effective lending system that, with the right approach, stimulates the development of the entire economy of the country.

If you are registered with the Employment Center and decide to use your right to a loan to create and develop your own business, before you receive this loan, think carefully: you will be able to account for every penny spent. All expenses must have an exclusively designated purpose, which is confirmed by a business plan (it will indicate the direction of activity) and documents from the seller of the goods you need. If you do not have all the checks, invoices and other papers confirming the intended purpose of the money spent, expect serious trouble.

In order to increase your chances of obtaining a preferential loan from the state, pay attention to the following important points: liquid collateral for the loan, a real business plan, the availability of relevant experience, the clear advantages of your commercial idea over other similar projects. This list will help you get the amount of money you need on favorable terms.

Keep in mind that in each region of the country, small business support programs may differ from each other. Sometimes, in order to get a loan with low interest, you need to invite another representative who must vouch for you. In other regions, there are situations when an entrepreneur is charged interest on a loan that he must pay for the entire period of using the money.

Despite the difficult state of the country's economy, which is exacerbated by political problems and the unfavorable situation in the international arena, lending and support for small businesses in 2017 should improve significantly, as evidenced by the government's plans in this industry, the statements of bankers, as well as the position of the entrepreneurs themselves.

The lending market for small and medium-sized businesses (hereinafter referred to as SMEs) in Russia has been developing at a faster pace in recent years than in the US and the UK, and consistently exceeds the growth rate of the corporate loan portfolio as a whole. This allows us to say that the direction of loans for SMEs in Russia is quite promising.

High rates of development of the SME lending market are predicted

According to the Central Bank of the Russian Federation, the debt of SMEs steadily increased in 2009-2013, while the share of overdue debt increased in 2010, was generally stable in the period of 2010-2012, and decreased in 2013.

Figure 1. The increase in SME debt is not associated with a decrease in the quality of loans and an increase in overdue debt.

Source: CBR

In accordance with the forecast of the international rating agency Moody's "Lending to small and medium-sized businesses in the Russian Federation: growth supports profitability, but cyclical credit risks remain" by 2015, total bank loans to SMEs will stabilize at 15% of GDP (compared to 10% in 2012 year).

Ernst&Young predicts strong growth in selected lending products for SMEs - factoring and microcredit.

For example, factoring is the fastest growing SME lending market in Russia. In 2012, its share in GDP increased to 2.3% (from 1.6% in 2011). The share of the SME sector in new transactions (2012) is about 40%.

Figure 2. Ernst&Young predicts factoring for SMEs to grow at 56% per annum.

Expert RA estimates are less optimistic due to the fact that already in the first half of 2013 the growth rate of the entire factoring market slowed down to 38% and the current macroeconomic situation will continue to contribute to its decline. However, in absolute terms, the market growth decreased slightly (230 billion rubles, instead of 250 billion rubles for the same period a year earlier) and Expert RA predicts factoring growth at the level of 35–40% in the coming years.

The segmentation of factoring services in Russia according to Vnesheconombank as of 2013 is as follows: 63.3% of the factoring market is occupied by internal factoring with recourse, 34.9% – internal factoring without recourse and 1.8% – international factoring.

In 2012, the total portfolio of microfinance institutions amounted to 48 billion rubles with an annual growth rate of 30%. The share of the SME segment in this portfolio was 54% or 26 billion rubles in absolute terms. Ernst & Young predicts growth in microfinance volumes for SMEs at an average rate of about 52% per year. Expert RA estimates are similar: 45–50% in the coming years. At the same time, according to NAMMS forecasts, the "gray" segment of microfinance in 2014 will decrease from 50% to 10% of the market, which can lead to an even more significant growth in microfinance.

Figure 3. Ernst&Young predicts growth in microfinance for SMEs at 52% per annum.

Source: Ernst&Young "Small and Medium Enterprises in Russia: Funding Sources"

3 key factors for the development of the SME lending market

The high potential for the development of the SME lending market is due to the following key factors:

• low development of the segment by credit services and high potential for growth in SME demand for credit products;
• implementation of state programs for the development of SME lending;
• development of credit brokerage.

Low development of the segment by credit services and high potential for growth in SME demand for credit products

The low development of the segment by credit services and the high potential for growth in SME demand for credit products can be said due to the following key reasons:

A separate issue is the recovery of SMEs after the crisis. The dynamics of growth in total volumes of loans, analyzed in Figure 4, suggests that the SME segment began to recover from the crisis faster than large companies.

Figure 4. Before and after the recovery from the consequences of the crisis, the growth rate of total loans for Russian SMEs is higher than for large businesses.

Capital companies are characterized by similar dynamics of the studied indicators. But in the city of Moscow, the recovery of large companies after the crisis is more noticeable, and the growth rate of lending to SMEs in general is somewhat higher, which is due to high level financial activity in the metropolitan area.

Figure 5. Before and after the recovery from the consequences of the crisis, the growth rate of total loans provided to SMEs in Moscow is higher than for large businesses.

Source: ANO NISIPP calculations based on data from the Central Bank of the Russian Federation

At the same time, certain segments of SMEs recovered much faster than others or did not feel a significant negative impact of the crisis. According to information resource Kommersant during the crisis, the most successful companies were the following categories:

• industries with a growing state order;
• sectors that develop as free cash grows in the hands of the population;
• debt collection services;
• anti-crisis corporate services that help reduce costs;
• consumer markets with low sensitivity to fluctuations in demand.

According to a study by ANO NISIPP, high growth rates in terms of key performance indicators after the crisis (2009–2010) were demonstrated by Moscow SMEs the following types activities:

• woodworking and manufacture of wood and cork products, except furniture;
• chemical production;
• metallurgical production;
• production of finished metal products;
• production of cars, trailers and semi-trailers;
• processing of secondary raw materials;
• trade in motor vehicles and motorcycles, their maintenance and repair;
• air transport activities;
• activities of public associations.

The share of loans attributable to SMEs has been at a relatively low level since the crisis – 18% in Russia and 12% for the city of Moscow. At the moment, this figure is 25% in Russia, and 16% in Moscow.

The reason for this difference is that the city of Moscow has a high concentration of large companies, and it was they who for a long time were the key priority of most Moscow banks. At the same time, this indicator indicates, rather, the development of lending to large businesses in the capital, rather than the problems of lending to SMEs. As of January 1, 2014, 26% of the volume of SME loans and 41% of loans issued large companies, which is the highest in the regions of Russia.

Investments of SMEs in fixed capital, which characterize the development potential of companies in 2009–2012, taking into account inflation, are generally stable in Russia as a whole and showed high growth rates in the city of Moscow.

Figure 6. Investments in fixed assets of SMEs in Russia, taking into account inflation, are generally stable.

Source: gks.ru data, collections "Small and Medium Enterprises in Russia"

In the city of Moscow, the growth of investments in fixed assets of SMEs over the period under review occurred at a higher rate.

Figure 7. SME investment in the city of Moscow has shown steady growth since 2010 (adjusted for inflation).

Source: Rosstat data, ANO NISIPP estimate

Also, the growth in SME demand for credit products in Russia is supported by the emergence of new companies. Thus, the number of companies in the register legal entities increases steadily (Figure 8), as well as the number of new commercial companies created annually is increasing: 2011 - 361 thousand, 2012 - 398 thousand, 2013 - 411 thousand

Figure 8. The number of created legal entities, the record of which is included in the Unified State Register of Legal Entities (except those that have terminated their activities), is increasing.

Source: FTS data

Implementation of state programs for the development of SME lending

State support for lending to SMEs is quite extensive and may vary depending on the region of Russia. So, in the city of Moscow, such support is provided in four main areas:

• SME Bank programs;
• programs of the Moscow SME Lending Assistance Fund;
• programs of the Fund for Assistance to the Development of Microfinance Activities;
• thematic state programs to provide SMEs with benefits when obtaining loans.

SME Bank interacts with banks and organizations that provide loans to SMEs. At the same time, the scope of SME Bank's activities both in Russia as a whole and in Moscow is steadily growing.

Figure 9. The growth rate of the volume of loans issued by SME Bank to SMEs in the city of Moscow exceeded the figure for Russia as a whole.

Source: data of JSC "SME Bank"

The activities of SME Bank cover all 83 regions of the Russian Federation, including 168 out of 342 single-industry towns. The average rate of loans issued to SMEs by partner banks of SME Bank as of February 2014 was 12.7%, which corresponds to the level of 2013. At the same time, lending to SMEs in the field of modernization, innovation and energy efficiency accounts for 58% of the support provided.

The activity of the Moscow SME Lending Assistance Fund is to provide guarantees for obtaining loans by SMEs in Moscow. The activities of the fund are characterized positive feedback from SMEs, and the available resources of the fund are in high demand. At the same time, the scale of the fund's activities has been growing quite steadily over the entire period under review, as can be seen in Figure 10.

Figure 10. The total volume of guarantees issued by the Moscow SME Lending Assistance Fund for SME obligations in 2009–2013 grew at an average rate of 14%.

Source: Moscow Small Business Lending Assistance Fund data

An example of the fund's successful activity is Alfapak, a company producing packaging materials. In 2010-2013, the company received a loan from Nomos-Bank OJSC in the amount of 9.5 million rubles with a guarantee of 4.74 million rubles, using the support of the fund. Credit funds were attracted for the purchase of raw materials, while in 2012 Alfapak LLC acquired five new trucks on lease, which made it possible to optimize logistics and reduce the need for warehouses. The company's management is confident that it was the support of the fund that had a key impact on the success of the company. And this example is far from the only one that the fund shows.

Similar funds exist in other constituent entities of the Russian Federation, examples may be the "Guarantee Fund for the Promotion of Lending to Small and Medium Enterprises of the Udmurt Republic", "The Fund for the Promotion of Lending to Small and Medium Enterprises of the Tver Region", "The Fund for the Promotion of Lending to Small and Medium Enterprises of the Tambov Region" and etc. According to Vnesheconombank, as of February 2014, the system of regional grant funds in Russia provided 37,000 loans totaling more than 230 billion rubles.

The Microfinance Development Assistance Fund, established in 2012, is aimed at facilitating the access of Moscow SMEs to relatively small short-term financial resources. The Fund provides loans for the purpose of further financing of small and medium-sized businesses to microfinance organizations and credit consumer cooperatives. At the same time, the fund identifies 16 types of activities of SMEs, lending to which is a priority and is carried out on preferential terms:

• production;
• innovation sphere;
• Department of Housing and Utilities;
• social sphere (work with children, pensioners and disabled people);
• education;
• healthcare;
• physical Culture and sport;
• transportation;
• domestic tourism;
• hotel services;
• household service;
• handicraft;
• Agriculture;
• improvement of territories;
• youth entrepreneurship;
• social entrepreneurship.

to thematic government programs on granting benefits to SMEs when obtaining loans, includes subsidies for reimbursement of interest on loans provided by the DNPiP of the city of Moscow through the State Budgetary Institution "Small Business of Moscow". In accordance with this program, SMEs can receive compensation for the cost of paying interest under a loan agreement for the acquisition of fixed assets or the modernization of fixed assets:

• up to 5,000,000 rubles;
• not more than the refinancing rate for 3 financial years.

Development of credit brokerage

Credit brokerage is a separate factor in the development of SME lending. Most SMEs face difficulties in obtaining loans due to the following factors:

• many managers of SMEs do not have economic education;
• there is no experience of obtaining loans from new companies.

The situation in which the head of an SME does not have an economic education is quite common. For example, in the city of Moscow, more than half of the managers of SMEs do not work in their specialty.

Figure 11. Only 43% of the heads of SMEs in the city of Moscow confidently answered that they work in their specialty.