MODELS OF FINANCING INVESTMENTS IN THE ENTERPRISES OF SMALL AND MEDIUM-SIZED BUSINESSES IN TAJIKISTAN

Ilhomjon Qodirov

Authors

 

Avezov A.H. – Doctor of Economics, Professor, Department of Sectoral Economics, Polytechnic Institute of Tajik Technical University, Khujand, Republic of Tajikistan,

azizullo@businessconsulting.tj

Sattorov Sh.A. – Assistant, Department of Finance and Credit, Polytechnic Institute of Tajik Technical University, Khujand, Republic of Tajikistan, sharifjon.com@mail.ru

 

Annotation

 

 The article examines the role and current state of the models of financing small and medium-sized businesses, as one of the important reserves of economic development of any country. The most promising models of financing of small and medium-sized businesses were identified in the terms of executive expectations. The modern state of financing models for small and medium-sized businesses in Tajikistan has been studied: micro-leasing, business angels, lending, grants, Islamic banking, crowdfunding, etc. As the criteria, were selected such indicators of financing models, which generally reflect the effectiveness of the models and allow you to choose the best of them. Among these criteria, which have different weights, are the following: the cost of the source of financing; financing term; amount of funding; the complexity of access to financial resources; provision of collateral; market maturity of the financing model; financing startups. For the assessment a survey, was conducted the heads of small and medium-sized businesses in the textile and food industries of the Republic of Tajikistan. The integral score for each funding model is defined as the sum of the products of the criterion weight and the set score for this model. It was revealed that the most promising models of investment financing in Tajikistan are, in descending order, Islamic banking, crowdfunding, business angels and grants, and after them, microleasing is more attractive. However, in practice, it was the bank loan that received the greatest distribution, which is explained by the development of this market, active advertising and long-term experience of banks in the financial market of Tajikistan. In addition, with a bank loan, unlike other financing models, the disclosure of business secrets of the business is not required, which is often a decisive factor for SMEs when choosing a financing model.

 

Keywords

 

 small business enterprises, investment financing, regional economy, financing models, promising models

 

References

 

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Publication date

2023-10-27

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