Development of instruments of state financial support for small and medium-sized businesses

At present, small and medium-sized businesses are becoming increasingly important for the socio-economic development of a single state. State support for this sector of the economy is seen as one of the areas of economic reform that contributes to the creation of additional jobs, an increase in tax deductions to budgets of all levels, the development of innovative technologies, increased competition, and filling the consumer market with a wide range of goods and services. An important indicator that determines the development of the state economy is the formation of market economy mechanisms, including a financial mechanism that should guarantee state support for small and medium-sized businesses, since the successful development of small businesses largely depends on providing small businesses with financial resources, both short-term, as well as long term. However, today small and medium-sized businesses face a large number of threats and risks, the basis of which is the search for additional sources of financing. The author pays special attention to the issues of the theoretical approach, since this is the basis for the development of all instruments of financial support for small and medium-sized businesses. The article identifies the problems of development of small and medium-sized businesses, presents the relationship between conceptual approaches and tools of state financial support for small and medium-sized businesses used to ensure the harmonious development of society, and also proposes a new approach for the development of financial support for small and medium-sized businesses.