Keywords
institutional support
grants
loans
clusters
incubators
European practice
How to Cite
Abstract
The article examines important issues of financial and institutional support for small businesses in the European Union countries. The effectiveness of existing instruments is analyzed and how they can be adapted to Ukrainian realities is determined. The main problems that have been identified include limited access of small businesses to financial resources, insufficient development of credit and guarantee mechanisms, weak institutional infrastructure for supporting entrepreneurship, unequal conditions of competition between small and large companies, as well as insufficient integration of Ukrainian entrepreneurs into European business networks. The aim is a comprehensive analysis of financial and institutional instruments for supporting small businesses in the European Union countries, an assessment of the possibilities of their adaptation to Ukrainian conditions and the development of practical recommendations for increasing the effectiveness of state policy in the field of SME development. The study is aimed at finding ways to improve the system of financial and institutional support for small businesses in Ukraine by borrowing and adapting successful European practices, developing mechanisms for expanding entrepreneurs' access to financial resources and creating an effective infrastructure for SME development. The study used such methods as analysis and; comparative method; statistical analysis - to assess SME development trends; systemic approach, as well as the generalization method. The results of the study showed that the successful development of small businesses in the EU is based on a combination of financial and institutional support instruments, while in Ukraine their insufficient development requires the adaptation of European experience. The role and importance of small and medium-sized businesses in the economic development of the EU countries and Ukraine are analyzed. The key financial and institutional instruments used in the EU to support small businesses were studied. The most effective European SME support instruments that can be adapted to Ukrainian conditions were identified. A comparative analysis of the experience of individual EU countries in the field of SME support was conducted. An assessment of the current state of the system of financial and institutional support for small businesses in Ukraine was given. Key problems and barriers in the implementation of European practices in Ukraine were identified. The possibilities and limitations of their implementation were analyzed in view of the economic, legal and institutional realities of Ukraine. Recommendations were formulated for the adaptation of successful European SME support instruments to Ukrainian conditions. Directions for adapting European experience were proposed, taking into account the needs of Ukrainian entrepreneurs and the specifics of regional development. Priority steps were identified for the integration of Ukraine into the European business space through financial and institutional mechanisms. Future research should focus on developing mechanisms that will facilitate the integration of Ukrainian small businesses into European business networks, assessing the impact of digitalization and innovative support instruments on SME development, as well as adapting EU financial and institutional models to the specifics of the national economy.
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