The development of micro, small, andmedium-size enterprises (SME) in Russia is a priority of theRussian government, which emphasizes the need of improvingSME access to finance, along with other critical factors forSME growth. The objective of this policy note is to informthe Russian policy-makers about options to enhance theirmeasures for improving SME access to finance, as a part ofthe overall government objective to increase thecontribution of SMEs to the Russian economy. The policynote’s audience is a broad group of Russian stakeholders,specifically economic policy makers and financial sectorregulators, as well as SME support and developmentinstitutions, the financial sector, and the private sector.The policy note aims at informing the Russian stakeholdersabout: (1) alternative and complementary approaches tosubsidized financing of SMEs, including policies to supportdevelopment of an ecosystem of financial providers andinnovative products, and (2) the evolving role of the SMEdevelopment institutions in creating new markets for SMEfinance and crowding in private sector finance. The policynote has six chapters. Chapter one is the introduction.Chapter two provides an overview on SME access to finance inRussia. Chapter three discusses the development of thenon-bank SME financing ecosystem in Russia by focusing onthe regulatory approaches to non-bank financial institutionsand products, drawing upon relevant internationalexperience. Chapter four reviews international approaches tokey challenges and policy responses for developing non-bankfinance instruments for SMEs. Chapter five looks at the roleof the SME development institutions in Russia and puts theiractivities in the context of international best practices.Chapter six concludes with recommendations on furtherenhancing SME access to finance.
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