The Accounts Chamber declared ineffectiveness of the SME Corporation

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The SME Corporation had a minor impact on the development of small and medium-sized businesses, despite the formal achievement of the target indicators. The Accounting Chamber came to such conclusions after analyzing the work of the organization for 2015-2020.

In total, over this period, the structures of the SME Corporation provided loan guarantees – the main instrument for supporting the organization – 34 thousand small businesses in the amount of 0.7 trillion rubles, which made it possible to ensure a consolidated volume of their financing for 1.4 trillion. At the same time, the number of recipients was less than 1% of the average annual number of enterprises, the auditors stressed. This testifies to the locality of the measures and the insignificance of the corporation’s influence on the development of small business, the Accounts Chamber believes.

The volume of financial support secured by guarantees and sureties of the development institution corresponds to 1.4% of the total volume of loans provided to SMEs in 2018 and 2019, the auditors noted. In addition, they found that a number of recipients of aid from the development institute were affiliated with big business. As a result of a random check, it was revealed that at least four companies, formally considered SMEs, received guarantees for 3.6 billion rubles, but, in fact, they represent the interests of the largest industrial groups.

Dialogue with business has shown that he sees the role of the corporation broader than providing projects with financial resources, the press service of the Institute for Development said. It is important for business to have high-quality non-financial services. When developing a new development strategy, the emphasis will be placed on increasing the number of companies that have received support, the corporation assured.

From the moment of its foundation in 2015 until the end of last year, the organization was headed by Alexander Braverman. On December 22, Prime Minister Mikhail Mishustin dismissed him from office. Alexander Isaevich, Deputy Head of the Department of Entrepreneurship and Innovative Development of Moscow, was appointed the new head.

Read more in the exclusive material from Izvestia:

Little for little: JV declared ineffectiveness of the SME Corporation