{"id":10090,"date":"2018-11-20T10:00:39","date_gmt":"2018-11-20T08:00:39","guid":{"rendered":"https:\/\/modecon.mnau.edu.ua\/?p=10090"},"modified":"2018-12-13T09:24:16","modified_gmt":"2018-12-13T07:24:16","slug":"perspective-sources-of-small-and-medium-business","status":"publish","type":"post","link":"https:\/\/modecon.mnau.edu.ua\/en\/perspective-sources-of-small-and-medium-business\/","title":{"rendered":"Dvulit Zoriana, Zlotnik Marta, Perspective sources of small and medium business financing in Ukraine"},"content":{"rendered":"

[vc_row][vc_column width=”1\/2″][vc_column_text]JEL Classification<\/strong>: G21; G3; O16.[\/vc_column_text][\/vc_column][vc_column width=”1\/2″][vc_column_text]<\/p>\n

DOI<\/strong>:\u00a0https:\/\/doi.org\/10.31521\/modecon.V11(2018)-09<\/a><\/p>\n

[\/vc_column_text][\/vc_column][\/vc_row][vc_row][vc_column][vc_column_text]Dvulit Zoriana<\/strong>, Doctor of Economics, Associate Professor, Professor of the Department of Foreign Economic and Customs Activities, Lviv Polytechnic National University, Lviv, Ukraine<\/p>\n

ORCID ID<\/strong>: 0000-0002-2157-1422<\/a>
\ne-mail<\/strong>: zdvulit@ukr.net<\/a><\/p>\n

Zlotnik Marta<\/strong>, student, Lviv Polytechnic National University, Lviv, Ukraine<\/p>\n

e-mail<\/strong>: martazlotnik@gmail.com<\/a><\/p>\n

Perspective sources of small and medium business financing in Ukraine<\/h2>\n

Abstract. Introduction<\/strong>. The article investigates the role of small and medium-sized businesses and its financing in the development of Ukraine’s economy and describes some perspective financing sources, which can lead to increasing the efficiency of small and medium business activity. Purpose. To highlight the main problems in financing of small and medium-sized businesses in Ukraine and to develop proposals and recommendations for its solution with the help of modern untraditional sources of financing of enterprises. Results. The literature sources, statistical data, official web portals related to the chosen topic are analyzed. The main obstacles of doing business in the country are analyzed, the main sources of financing for small and medium-sized enterprises are identified, such as internal financing, bank loans, repurchase agreements, bond issues, commercial lending.\u00a0 The features of bank lending, interest rates of leading Ukrainian banks and the system of state support to small and medium-sized businesses are described, the main disadvantages of using the traditional financing sources are highlighted. Alternative types of financing sources for enterprises such as leasing, venture funding, factoring are considered, nonconventional structures for Ukrainian small and medium businesses, such as business incubators and business angels, are investigated. The programs of international financial organizations that are implemented in Ukraine to support small and medium business are analyzed. The key problems of financing of small and medium business in Ukraine are highlighted. Conclusions. The priority directions of financing development for increase of efficiency of activity of small and average business in Ukraine are suggested. The measures to improve the state support of Ukrainian business are recommended.<\/p>\n

Keywords<\/strong>: small and medium business; financing; bank lending; state support for small businesses; international financial organizations; alternative sources of financing; business angels; business incubators.<\/p>\n

References:<\/strong><\/p>\n

    \n
  1. Poloven, O. V. and Petrenko, K. G. (2009). \u201cFeatures of management of small enterprise\u201d, Aktualni problemy ekonomiky<\/em>, vol.6, pp. 131-135.<\/li>\n
  2. Rumyantseva, S. V. (2009). \u201cFinancing of Small and Medium Enterprises\u201d, Cinni papery Ukrainy<\/em>, vol. 44, p. 26.<\/li>\n
  3. Bogun, K.V. (2010). \u201cThe improvement of financial infrastructure of small business within the framework of public-private partnership\u201d, Visnyk Kryvorizkoho ekonomichnoho instytutu KNEU<\/em>, vol. 3, pp. 104-108.<\/li>\n
  4. Buryak, L. D. (2000). \u201cFinancial resources of the enterprise\u201d, Finansy Ukrainy<\/em>, vol. 9, pp.23-27.<\/li>\n
  5. Kondratyuk, T. V. (2001). \u201cState policy of small business support: content and mechanism of realization\u201d, Visnyk Ukrainskoi Akademii derzhavnoho upravlinnya pry Prezydenti Ukrainy<\/em>, vol. 4, pp. 111-118.<\/li>\n
  6. Strychak, G. V. and Frankiv, O. D. (2008). \u201cState support of small and medium enterprises\u201d, Naukovyi visnyk BDFA<\/em>, vol. 2, pp. 471-478.<\/li>\n
  7. The Global Competitiveness Report 2017-2018 [Online], available at: https:\/\/www.weforum.org\/reports\/the-global-competitiveness-report-2017-2018 (Accessed 01 October 2018).<\/li>\n
  8. Official site of Privatbank, available at: https:\/\/privatbank.ua\/ (Accessed 01 October 2018).<\/li>\n
  9. Official website of Raiffeisen Bank Aval, available at: aval.ua (Accessed 01 October 2018).<\/li>\n
  10. Official website of Credit Agricole Bank, available at: https:\/\/credit-agricole.ua\/ (Accessed 01 October 2018).<\/li>\n
  11. Official site of Kredobank, available at: https:\/\/www.kredobank.com.ua\/ (Accessed 01 October 2018).<\/li>\n
  12. Official website of the First Ukrainian International Bank, available at: https:\/\/www.pumb.ua\/.<\/li>\n
  13. Official Site of Ukreximbank, available at: https:\/\/www.eximb.com\/ukr\/personal\/ (Accessed 01 October 2018).<\/li>\n
  14. Official site of Ukrsibbank, available at: https:\/\/my.ukrsibbank.com (Accessed 01 October 2018).<\/li>\n
  15. Official site of Oshchadbank, available at: https:\/\/www.oschadbank.ua\/ua\/ (Accessed 01 October 2018).<\/li>\n
  16. Kotsovska, R. Rychakivska, V. Tabachuk, G. Grudzevich, Y. and Voznyuk, M. (2004). Operacii komerciynych bankiv<\/em>, Kyiv, Ukraine.<\/li>\n
  17. Official site of International Finance Corporation: Projects, available at: https:\/\/ifcextapps.ifc.org\/IFCExt\/Pressroom\/IFCPressRoom.nsf\/0\/1AB3F5169F4DE42485257FB70034A3B8 (Accessed 01 October 2018).<\/li>\n
  18. Official site of European Bank for Reconstruction and Development: Project Financing, available at: http:\/\/www.ebrd.com\/russian\/pages\/workingwithus\/projects\/products\/loans.shtml#smaller (Accessed 01 October 2018).<\/li>\n
  19. Official site of German-Ukrainian Foundation: Programs, available at: http:\/\/guf.gov.ua\/ru\/programi-1 (Accessed 01 October 2018).<\/li>\n
  20. Official site of German State Development Bank: International Financing, available at: https:\/\/www.kfw.de\/Internationale-Finanzierung\/ (Accessed 01 October 2018).<\/li>\n
  21. Official site of European Small and Medium Business Support Program available at: http:\/\/ec.europa.eu\/growth\/smes\/cosme\/index_en.htm (Accessed 01 October 2018).<\/li>\n
  22. Official site of United States Agency for International Development USAID in Ukraine, available at: https:\/\/www.usaid.gov\/uk\/ukraine\/our-work (Accessed 01 October 2018).<\/li>\n
  23. The Verkhovna Rada of Ukraine (2002), The Law of Ukraine \u201cOn innovation activity\u201d, Visnyk Verkhovnoi Rady Ukainy<\/em>, p.266.<\/li>\n
  24. Vasilieva, L. M. (2015). \u201cBusiness Incubator as a Form and Element of Innovation Infrastructure\u201d, available at: http:\/\/www.rusnauka.com\/26_OINXXI_2009\/Economics\/52632.doc.htm (Accessed 01 October 2018).<\/li>\n
  25. The Verkhovna Rada of Ukraine (2013). The Law of Ukraine \u201cOn State Support to Small Entrepreneurship\u201d, Visnyk Verkhovnoi Rady Ukainy<\/em>, vol. 3, p.23.<\/li>\n
  26. Hill, B. E. and Power, D., Attracting Capital From Angels: How They Make Money and Their Experience Can Help You Build A Successful Company, New York: John Wiley & Sons, 2002.<\/li>\n
  27. Ulyanyts’ka, O. V. and Yaroshenko, T. V. (2009). \u201cBusiness angels as an alternative form of financing of the entrepreneurial sector in Ukraine\u201d, available at: http: \/\/www.nbuv. gov.ua\/portal\/Soc_Gum\/Mre\/2009_2\/1.2.2.pdf (Accessed 01 October 2018).<\/li>\n<\/ol>\n

    Received<\/strong>: 03 October 2018<\/p>\n

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    Dvulit,\u00a0Z.\u00a0P. and Zlotnik,\u00a0M.\u00a0L. (2018). \u201cPerspective sources of small and medium business financing in Ukraine\u201d, Modern Economics<\/em>, vol.\u00a011(2018), pp.\u00a0 58-65. DOI: https:\/\/doi.org\/10.31521\/modecon.V11(2018)-09.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

    [\/vc_column_text][vc_column_text]<< Back to contents<\/a>[\/vc_column_text][\/vc_column][\/vc_row]<\/p>\n<\/section>","protected":false},"excerpt":{"rendered":"

    [vc_row][vc_column width=”1\/2″][vc_column_text]JEL Classification: G21; G3; O16.[\/vc_column_text][\/vc_column][vc_column width=”1\/2″][vc_column_text] DOI:\u00a0https:\/\/doi.org\/10.31521\/modecon.V11(2018)-09 [\/vc_column_text][\/vc_column][\/vc_row][vc_row][vc_column][vc_column_text]Dvulit Zoriana, Doctor of Economics, Associate Professor, Professor of the Department of Foreign Economic and Customs Activities, Lviv Polytechnic National University, Lviv, Ukraine ORCID ID: 0000-0002-2157-1422 e-mail: zdvulit@ukr.net Zlotnik Marta, student, Lviv Polytechnic National University, Lviv, Ukraine e-mail: martazlotnik@gmail.com Perspective sources of small and medium business financing
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