Problems of financing the modernization of textile industry enterprises

One of the main conditions for the sustainable development of textile enterprises is the replacement of outdated equipment and other fixed assets. The high degree of depreciation of production assets does not allow us to significantly increase production volumes, as a result of which a high rate of textile imports to Russia has been observed over the past years. Increasing the market share of Russian manufacturers will require significant efforts from enterprises to increase production capacities. The article considers the main problems that textile industry enterprises face when searching for sources of financing for the modernization of fixed assets. Among them are the low profitability of industries focused on the domestic market, the lack of liquid collateral and other factors that increase credit and other financing risks. The conducted research proved the need for state support for import substitution in the field of textile equipment production. The Government, together with the Bank of Russia, should show flexibility in using their available financial resources and provide commercial banks with a large volume of long-term liabilities for investment lending. The low share of attracted sources of financing hinders the technical renewal of enterprises in Russia. The increase in own sources of modernization can be carried out at the expense of other measures considered in the article.