The SME vector: how investment in entrepreneurship is stimulated in Russia

Mikhail Mishustin, Prime Minister of Russia, drew attention to the need to stimulate long-term change through investments in high-tech companies at a recent strategic session, during which the new development strategy of the VEB Group was supported.The Russian Federation until 2030. At the same time, a significant number of projects from the innovation sector belong to small and medium-sized businesses. With the support of the VEB group.In 2021-2024, Russian small and medium-sized businesses attracted more than 3.5 trillion rubles for their development, and as part of the new strategy, more than 5 trillion rubles will be allocated to support them over the next six years. Details can be found in the Izvestia article.

New strategy

As a result of the optimization of development institutions, a large investment block was formed in the country in 2020. Then the WEB.The Russian Federation has received 14 development institutions for coordination: The SME Corporation, Skolkovo, the Industrial Development Fund, the Russian Export Center and others, whose activities are focused around the implementation of national development goals of the country.

The group's new strategy also meets the national development goals updated by the President last year. The Group will work in five main areas: These are major investment projects, anchor settlements and geostrategic regions, technological leadership, export support, and entrepreneurship. In partnership with the government and business, the VEB Group.The Russian Federation plans to support projects in these areas in excess of 30 trillion rubles.

Small and medium-sized enterprises

Small and medium-sized enterprises in Russia occupy a significant place in the economy. In 2024, the share of SMEs (in terms of created GDP) is estimated by the Ministry of Economic Development at 21.7%, says Valeria Minchichova, associate professor of the Department of International Business, Deputy Director of the Institute of Financial Literacy at the Financial University under the Government of the Russian Federation.

According to her, this indicator is growing. "And due to the recovery of economic growth after the shocks of previous years, it is obvious that the absolute contribution of SMEs to GDP is growing even faster. If in 2020 the gross value created by SMEs was 20.2 trillion rubles, then in 2023 it was already 34.5 trillion rubles," the expert cites the data.

About the contribution of the VEB group. The figures show the Russian Federation: in 2024, small and medium-sized businesses attracted a record 1.18 trillion rubles thanks to the financial support of participants in the National Guarantee System (NGS), operated by the SME Corporation. The number of support recipients has also become a record. Almost 74 thousand entrepreneurs received financing with the help of guarantees and guarantees from NHS participants. This is 71% more than in 2023.

Technology projects use the largest set of support tools. The group's development institutes support the implementation of such projects at all stages: scientific research (Skoltech, the Skolkovo Foundation, FSI), development work (APR) and production (FRP). Small and medium-sized entrepreneurs, including technological ones, can receive financial support through the SME Corporation, REC.

— Support measures for the VEB group.The Russian Federation is aimed at indirect financial participation in the life of young companies and technology startups. Actually, that's what's important to me, because we're still a technology startup, even though we're very mature," says Alexey Gorelkin, CEO of Phishman. — If we are talking specifically about support, then this is access to international markets, this is legal support, this is support if necessary. Young companies sometimes lack the experience to do something, and Skolkovo can always help in a consultative and active manner.

At the same time, the availability of credit products and guarantees of the VEB group.The Russian Federation for SMEs depends on the type of activity. Preference is given to projects in priority sectors of the economy, says Yulia Grishchenko, Head of the Department of Financial and Investment Management at the Financial University under the Government of the Russian Federation.

Of particular interest, according to Yulia Grishchenko, are non-financial support measures from the SME Corporation (part of the VEB Group.Russian Federation), for example: "Production Cooperation and Sales" helps manufacturers to get on the shelves of federal retail chains and become a supplier of production products for large businesses. Within the framework of export activities, the Russian Export Center (part of the VEB.RF group) actively supports SMEs. SMEs can receive comprehensive services to support an export contract, search for a foreign buyer, organize participation in exhibitions, international business missions, acceleration programs, and an equally important service for placing SME products on electronic trading platforms..

— Currently, you can register your business from the comfort of your home. Also on the SME platform.For a company, I can find available support tools, draw up a business plan, complete training, get advice, and so on," the expert notes. And the new strategy of the VEB group.The Russian Federation provides for increasing the coverage and accessibility of support measures through the SME portal.Russia, the integration of the programs of the entire VEB.RF group there.

As part of the new strategy, it is also planned to launch a joint "umbrella" guarantee between SME Corporation and VEB.The Russian Federation is for small and medium-sized businesses involved in shaping the urban economy and supporting domestic brands. This will enable a large number of entrepreneurs to attract preferential loan financing.

— The syndication of our capital will allow the business of the urban economy to attract 100 billion rubles annually for six years. This is a contribution not only to business development, but also to the urban environment," says Alexander Isaevich, CEO of SME Corporation.

The strategic effect of the strategy implementation in the SME sector is the VEB Group.The Russian Federation sees the modernization of more than 7 thousand production facilities and bringing the volume of purchases from small technology companies to 1.2 trillion rubles by 2030.

— The President set a macro task for SMEs — to have an income growth rate per employee 1.2 times higher than the GDP growth rate. This means that small businesses should develop very dynamically. And bring not only income, but also a serious contribution to the economy," concluded Minchichova.