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Fundamentals of internal and external business financing. Financing of small and medium businesses

Any small business to carry out its economic activity needs financial resources, either in the form of debt or equity. Depending on the source, external and internal funding(Fig. 1).

Rice. one.

The sources of own funds are:

authorized capital (funds from the sale of shares and shares of participants);

reserves accumulated by the enterprise;

other fees of legal and individuals(target financing, donations, charitable contributions, etc.).

The main sources of funds raised include:

bank loans;

· borrowed funds;

funds from the sale of bonds and other valuable papers;

· accounts payable.

The fundamental difference between the sources of own and borrowed funds lies in the legal reason - in the event of the liquidation of the enterprise, its owners have the right to that part of the property of the enterprise that will remain after settlements with third parties.

The main sources of funding are own funds. Let's bring brief description these sources.

The authorized capital is the amount of funds provided by the owners to ensure the statutory activities of the enterprise. The content of the category “authorized capital” depends on the organizational and legal form of the enterprise:

for a state-owned enterprise valuation property assigned by the state to the enterprise on the right of full economic management;

for a limited liability partnership - the sum of the shares of the owners;

· for joint-stock company-- total par value of shares of all types;

· for a production cooperative -- the valuation of the property provided by the participants for conducting activities;

· for a leased enterprise - the amount of contributions of employees of the enterprise;

· for an enterprise of a different form, allocated to an independent balance sheet - a valuation of property assigned by its owner to the enterprise on the right of full economic management.

When creating an enterprise, contributions to its authorized capital can be cash, tangible and intangible assets. At the time of the transfer of assets in the form of a contribution to the authorized capital, the ownership of them passes to the economic entity, i.e., investors lose property rights to these objects. Thus, in the event of the liquidation of the enterprise or the withdrawal of a participant from the company or partnership, he has the right only to compensate for his share within the residual property, but not to return the objects transferred to him in due time in the form of a contribution to the authorized capital. The authorized capital, therefore, reflects the amount of the company's obligations to investors.

The authorized capital is formed during the initial investment of funds. Its value is announced at the time of registration of the enterprise, and any adjustments to the size of the authorized capital (additional issue of shares, reduction in the nominal value of shares, making additional contributions, admission of a new participant, joining part of the profit, etc.) are allowed only in cases and in the manner prescribed by the current legislation and constituent documents.

The formation of the authorized capital may be accompanied by the formation of an additional source of funds - share premium. This source arises when, during the initial issue, shares are sold at a price above par. Upon receipt of these amounts, they are credited to additional capital.

Profit is the main source of funds for a dynamically developing enterprise. In the balance sheet, it is present explicitly as retained earnings, and also in a veiled form - as funds and reserves created at the expense of profit. In a market economy, the amount of profit depends on many factors, the main of which is the ratio of income and expenses. At the same time, the current regulatory documents provide for the possibility of a certain regulation of profits by the management of the enterprise. These regulatory procedures include:

Varying the boundary of attributing assets to fixed assets;

accelerated depreciation of fixed assets;

The applied depreciation method for low-value and wearing items;

· procedure for valuation and amortization of intangible assets;

the procedure for evaluating participants' contributions to the authorized capital;

choice of evaluation method production stocks;

· the procedure for accounting for interest on bank loans used to finance capital investments;

the procedure for creating a reserve for doubtful debts;

The procedure for costing products sold certain types of expenses;

The composition of overhead costs and the way they are distributed.

Profit -- the main source of formation of reserve capital (fund). This capital is intended to compensate for unforeseen losses and possible losses from economic activity, that is, it is insurance in nature. The procedure for the formation of reserve capital is determined by the regulatory documents governing the activities of an enterprise of this type, as well as its statutory documents.

Additional capital as a source of enterprise funds is formed, as a rule, as a result of revaluation of fixed assets and other material assets. Regulatory documents prohibit its use for consumption purposes.

A specific source of funds are funds for special purposes and targeted financing: donated valuables, as well as non-refundable and repayable state appropriations for financing non-production activities related to the maintenance of social, cultural and municipal facilities, for financing the costs of restoring the solvency of enterprises located on full budget financing, etc.

Comparison of various methods of financing allows the company to choose the most optimal option for financial support of operations and capital expenditures. It should also be noted that the development of the long-term loan market in Russia is possible only if the economic system is stabilized, i.e. overcoming the decline in production, reducing the rate of inflation growth (up to 3-5% per year), reducing the discount rate bank interest up to 15-20% per annum, elimination of a significant budget deficit.

The most common external source of funding is loans to small businesses.

Lending to small businesses, as a rule, is carried out by credit organizations - banks, as well as specialized financial institutions. It is clear that a small business loan is dominant among all sources of financing, since banks are the main holders of funds. For enterprises, or as they say, for enterprises in the real sector of the economy, money is exclusively a means of the entrepreneurial process and is constantly in motion. Banks, on the contrary, consolidate funds, so the bank is one of the main financial institutions where you can take money to organize and develop your business for a long time. entrepreneurship financial business credit

Although small business lending is the dominant source of external financing, it is actually very difficult to get a loan for small business. Despite the fact that recently there have been offers for small businesses - a loan for one day, the real state of affairs with lending to small businesses leaves much to be desired.

The main reason for this is that banks view small businesses as the most risky and unprotected. Moreover, small businesses, as a rule, are in no hurry to show their capitalization, therefore, banks, realizing this, consider that small businesses are short-lived, and therefore not reliable as a client for lending. Because of this, banks have special requirements for obtaining a loan for a small business.

undergraduate

Butrina Yulia Vladimirovna, candidate economic sciences, Associate Professor, South Ural State University, Chelyabinsk

Annotation:

This article analyzes the sources of financing for small and medium-sized businesses in Russia. The relevance of this article is due to the fact that the development of small business is an important condition for the stability of the economy, full-fledged market relations. The article discusses various sources financing of small and medium-sized businesses, the conditions for providing material assistance have been studied in detail.

This article analyzes the sources of financing for small and medium businesses in Russia. It is a very relevant article due to the fact that the development of small businesses is an essential condition for economic stability, a full-fledged market economy. The article describes the various sources of financing to small and medium-sized entrepreneurship, studied in detail the conditions for granting financial assistance.

Keywords:

sources of financing for small and medium-sized businesses; appropriations from the state budget; lending; leasing.

sources of financing small and medium-sized businesses; public budgets; loans and leasing.

UDC 33

The relevance of this article lies in the fact that the development of small business is an important condition for the stability of the economy, full-fledged market relations. At present, small business has great potential, allowing it to make a leap forward in order to boost the Russian economy. Ensuring employment of the population, filling consumer market goods, the creation of the necessary level of competition, the formation of the middle class - these tasks are performed by small businesses. But there are a lot of difficulties in the process of creating and developing small businesses. One of the most important problems is the lack of funds.

Start-up capital is required to create a small or medium business. Without a certain amount of money for the acquisition of fixed assets or capital investments, it is necessary to consider the following options for financing the project:

Table 1 - Comparative analysis of ways to finance an investment project

Comparison criteria	Ways to finance a project - purchase of fixed assets
Comparison criteria	appropriations from budgets of different levels	attracting a bank loan	purchase on lease
Source of financing	Municipal, regional and federal budget of the Russian Federation	Bank loan up to 100% of the cost of equipment	Own and borrowed funds of the leasing company
Terms of financing	at a time	From 1 to 3 years (depending on the type of equipment and the borrower's credit history)	1 to 7 years old (depending on the type of property and its useful life)
Terms of payment		Repayment of the "body" of the loan in tranches during the term of the agreement	Monthly payments during the entire term of the leasing agreement (the first payment can be deferred)
The cost of the financing method	Payment to the city budget of at least 50% of the total amount of taxes and other obligatory payments to budgets budget system Russian Federation during the period of the grant agreement	Loan interest + various commissions	General appreciation of property over the term of the leasing agreement, referred to the value of property
Sources of repayment of borrowed funds		Depreciation charges, net profit	working capital
Additional requirements related to the method of financing	1. Absence of arrears in payment of taxes, fees and other obligatory payments to the budgets of the budgetary system of the Russian Federation as of the date of submission of the Application. 2. Absence of a liquidation or bankruptcy procedure in relation to the SME subject on the day of filing the Application. 3. Absence of suspension of the activities of the SME subject in the manner prescribed by the Code of Administrative Offenses of the Russian Federation, on the day of filing the Application. 4. Absence of violations by the SME subject of contractual obligations secured at the expense of the city budget on the day of filing the Application. 5. Absence of pending contracts for the provision of subsidies from the city budget on the day of submission of the Application. 6. Deadline from the day state registration undertaking does not exceed two years.	Bank requirements for the provision of guarantees, guarantees, justification of the effectiveness of the project and the calculation of payback. Opening a bank account and maintaining the established turnover on the account	Possibility of monthly accumulation of funds to ensure lease payments
Additional guarantees for return on investment		Mandatory provision of a guarantee, pledge of liquid property, partial advance payment for project financing from own funds	The collateral is the property itself, leased, is in the ownership of the lessor until the terms of the contract are fully fulfilled. Advance payment under a leasing agreement up to 30% of the value of the property
disadvantages	1. Subsidies are provided in the amount of no more than 50% of the total cost of the SME entity for the implementation of the Project, determined by the amount of both the actually declared and documented costs, and the planned amount of costs provided for by the Project estimate and justified in the Project business plan. 2. Large list of applicants. 3. Long term for consideration of the Application (10 working days) compared to a bank loan (2 hours).	Changes in the ratio of own and borrowed funds (increased share of borrowed funds in current liabilities)	Unprofitable for small transactions, for unprofitable businesses, for enterprises using a simplified taxation system.
Advantages	1. Free provision of funds. 2. No collateral, guarantee, guarantee is required.	1. The possibility of reducing income tax by attributing interest on the loan to the cost in the amount of the refinancing rate. 2. In some cases cheaper than leasing.	1. The possibility of using accelerated depreciation. 2. Redistributed in time payment of income tax due to accelerated depreciation. 3. Savings in paying property tax due to accelerated depreciation. 4. Leasing payments in full reduce the taxable base for income tax. 5. Leasing obligations do not affect the ratio of own and borrowed funds 6. The term of the lease agreement is comparable to the depreciation period of the property.

Having studied table 1, we can conclude that each of the proposed financing methods has its own disadvantages and advantages, so it is necessary to consider them using more specific examples.

The development of small and medium-sized businesses, as the main source of employment for the population and improving their social well-being, is given increased attention from the Government of the Russian Federation. State assistance to small and medium-sized businesses is seen as a kind of form of public investment in sustainable socio-economic growth. Financial support for small businesses comes from administrations of various levels.

On the federal level, in accordance with the law "On the development of small and medium-sized businesses in the Russian Federation" dated July 23, 2013 No. 238-FZ, the program "Economic development and innovative economy" was created. Within the framework of the subprogram "Development of small and medium-sized businesses" - the distribution and provision of subsidies from the federal budget to the budgets of the constituent entities of the Russian Federation for state support of small and medium-sized businesses. The purpose of this subprogram is to increase small and medium-sized businesses in the Russian economy. Appropriations from the federal budget for the implementation of the subprogram are: for 2013 - 19815041.8 thousand rubles, for 2014 - 21569755.1 thousand rubles. Expected results: increase in the number of small and medium-sized businesses (including individual entrepreneurs) per 1,000 people of the population of the Russian Federation from 42.2 units in 2012 to 52.7 units in 2020; the total number of recipients of state support by 2020 is at least 1,650,000 units; the total number of newly created jobs in the sector small and medium enterprises by 2020 at least 980,000 jobs.

Dynamic and structural parameters further development small businesses largely depend on the timely response of the authorities to the changing situation in the economy of the region. Of particular importance in creating a favorable environment is the development of a regional program to support and develop small businesses.

In accordance with the law of the Chelyabinsk region dated March 27, 2008 No. 250 ZO “On the development of small and medium-sized businesses in the Chelyabinsk region”, the regional target program “Development of small and medium-sized businesses in the Chelyabinsk region for 2012-2014” was approved. The aim of this program is:

An increase in the number of small and medium-sized businesses per 1,000 people in 2013 - up to 45.5 units, in 2014 - up to 46.7 units;

Increase in the share of turnover of small and medium-sized enterprises in the total turnover of organizations in 2013 - up to 26.3 percent, in 2014 - up to 27.2 percent;

An increase in the output of goods (performance of works, provision of services) by small and medium-sized businesses - recipients of support per ruble of invested budget funds in 2013 - up to 130.1 rubles, in 2014 - up to 131.5 rubles.

In 2013, within the framework of regional programs, more than 260 million rubles were allocated for the development and support of entrepreneurship, including about 190 million rubles of federal funds.

In the Development Strategy of the city of Chelyabinsk until 2020, the development of small and medium-sized businesses is defined as a "growth point" for the city's economy.

Small and medium-sized businesses are of particular importance in the current conditions of economic instability (crisis phenomena), as this is a dynamic form of management that quickly adapts to changing conditions.

In accordance with the Federal Law "On general principles organizations of local self-government in the Russian Federation” (dated October 6, 2003, No. 131-FZ) and the Federal Law “On the development of small and medium-sized businesses in the Russian Federation” (dated July 24, 2007, No. 209-FZ), the administration of Chelyabinsk approved the municipal program "Assistance to the development of small and medium-sized businesses in the city of Chelyabinsk in 2013-2016".

The total amount of financial resources for the implementation of the Program is: 34,261.87 thousand rubles, including: funds from the budget of the city of Chelyabinsk - 26,761.87 thousand rubles, federal budget funds - 7,500 thousand rubles.

As a result of the implementation of the Program, the estimated number of small and medium-sized businesses that received financial support is: 2013 - 55 entities, 2014 - 38 entities, 2015 - 40 entities, 2016 - 40 entities.

Theoretically, there are many government programs to support small and medium-sized businesses, but as practice shows, to receive a substantial gratuitous financial assistance by the state is practically impossible. The entrepreneur has no choice but to apply to the bank in order to obtain a loan.

To date, 804 banks operate in the Russian Federation. Most of them are engaged in lending to small businesses, however, the conditions for issuing a loan are different for everyone. Table 2 shows some of the banks operating in Chelyabinsk that offer small business loans.

Table 2 - Analysis of banking programs for lending to small and medium-sized businesses in Chelyabinsk

Loan options	Bank's name
Loan options	Sberbank	Ural Bank for Reconstruction and Development
Purpose of the loan	Loan to start your own business from scratch	Replenishment working capital(acquisition of inventory items)	Financing of cyclical production processes, obtaining seasonal and trade discounts for large volumes of purchases, replenishment of working capital.	Acquisition of inventory items, replenishment of working capital, acquisition/repair of equipment, vehicles and other fixed assets for business purposes, payment for services related to the implementation entrepreneurial activity.
Amount of credit	From 100,000 to 3,000,000 rubles	From 300,000 to 30,000,000 rubles	From 4,000,000 rubles	From 500,000 rubles to 2,000,000 rubles. In the presence of a positive credit history of the Client in OJSC "AK BARS" BANK, it is possible to increase the maximum loan amount up to 3,000,000 rubles
Loan maturity		6 months to 1 year		From 3 months to 3 years
Loan rate
Material security	Pledge of property acquired under the project	Real estate, equipment, vehicles	Goods in circulation, equipment, transport, real estate, pledge of third parties. Opportunity not to provide collateral up to 15% of the loan amount.	Opportunity to get a loan without collateral
Guarantee	1. Guarantee of the Bank's Partner 2. Guarantee of an individual	The actual owners of the financed business that can have a significant impact on the activities of the business and / or founders	Small Business Support Fund
Lifespan of the business		At least 6 months	At least 6 months	At least 6 months (at least 12 months if there is seasonality in business)
Requirements for the borrower	Age of the borrower: from 20 to 60 years inclusive. After receiving the loan approval from the Bank, the client needs to register as an Individual Entrepreneur or a Limited Liability Company. Absence of current business activity during the last 90 calendar days.	The age of the borrower is from 21 to 65 years (up to 60 years for women). Legal entity, Individual entrepreneur - residents of the Russian Federation. The volume of revenue of an enterprise (group of enterprises) in the sphere of trade and other industries, except for production, does not exceed 700 million rubles per year (excluding VAT). The value of the property of an enterprise (group of enterprises) in the sphere of production on the balance sheet, according to official reporting data, does not exceed 60 million rubles.		Legal entities with annual revenues for the group of companies up to 400 million rubles (VAT excluded). Individual entrepreneurs without forming a legal entity with an annual revenue of up to 400 million rubles for a group of companies (excluding VAT).

Based on the information given in Table 2, we note that it is possible to get a loan to create a small business from scratch only at Sberbank, and the interest rate is a significant 18.5%, and its repayment period should not exceed five years. Depending on the amount of borrowed funds, for start-up entrepreneurs, repayment of such a loan is possible, but very difficult. In other banks considered, interest rates are lower, but the loan repayment period is reduced significantly.

If a small business is successfully created by an entrepreneur, but there are not enough funds to purchase equipment, then he can apply to a leasing company. Conditions for obtaining equipment from some leasing companies are currently described in Table 3.

Table 3 - Comparative analysis of the requirements put forward by leasing companies for the creators of small and medium-sized businesses

Criteria	Name of the leasing company
Criteria	SME Leasing	KMLK "Opening"	Absolut Bank
Funding amount	From 150,000 to 60,000,000 rubles	From 1,000,000 rubles	From 10,000,000 to 100,000,000 rubles
Subject of leasing	Machine tools, equipment, vehicles, railway cars. Equipment for the food industry (bakery, restaurants and cafes), for the agro-industrial complex (for dairy processing, for growing broilers, vegetable storage). Freight transport for industrial and transport companies, including for enterprises in the construction and mining industries. Buses, energy/energy efficient complexes.	New equipment, vehicles, special equipment	Road and rail transport, special equipment, self-propelled machines and equipment
			At least 20% for road and rail transport, special equipment, self-propelled machines. At least 40% - for commercial equipment
Leasing term			Up to 60 months - for equipment and railway transport. Up to 36 months - for road transport, special equipment and self-propelled vehicles. But not more than the depreciation period of the property
Rise per year
The period of actual activity of the company	At least 1 year	At least 3 years	At least 18 months
Requirements for the lessee	Basic: is a small and medium-sized business entity with the organizational and legal form of LLC, OJSC, CJSC. Revenue for the last year is not more than 1 billion rubles, the number of employees is not more than 250 people, no losses for the last reporting period. Share in the authorized capital of state-owned companies, non-residents, large organizations no more than 25%. Positive credit history enterprises. Availability of a business plan for the use of technology. Additional: in For individual projects, guarantees (from another company or personal) and guarantees (from regional SME support funds) may be required for security.	Organizational and legal form - OJSC, CJSC, LLC. The taxation system is conventional. The amount of revenue for the last reporting year is at least 100 million rubles. The amount of non-current assets as of the last reporting date is at least 20 million rubles. Positive equity during the year on all reporting dates. The activity must be profitable during the year on all reporting dates. Absence of overdue debts on taxes, fees and credits. Positive credit history. The amount of current loans does not exceed 40% of annual revenue.	The lessee operates in the city/region where Absolut Bank operates or in areas adjacent to the Moscow Region. An individual entrepreneur needs life and health insurance for the amount of the loan issued by an insurance company accredited by the Bank no later than 15 days from the date of signing the acceptance certificate for the transfer of the leased asset

Judging by the proposed Table 3, only an enterprise engaged in fairly profitable activities can lease equipment, since one of the requirements is to receive revenue for the last year of at least 100 million rubles. Entrepreneurs who have just created a small business do not have the opportunity to use the services of leasing companies, since the period of the actual activity of the company must be at least a year.

As of October 1, 2013, 234.5 thousand small enterprises were registered in Russia, which is 1.5% less than as of October 1, 2012. The number of small businesses per 100 thousand inhabitants decreased by 2.8 units and amounted to 163.6 units.

Despite the sufficient number of sources of financing for small businesses, the conditions for providing material resources are quite serious. In order for a small business to receive a state subsidy, it is necessary to pass a rigorous competitive selection, and the amount of funds provided is not always enough to develop a business, and creating it from scratch is simply impossible. To meet the requirements of leasing companies, the owner of a small business needs to conduct a very profitable activity. The best option for newly organized small businesses is to get a loan from a bank under the small business support program. The requirements put forward by the borrower are quite feasible. The amount of borrowed funds is enough for the development of small businesses. The number of functioning banks gives the borrower the right to choose the most suitable conditions for him.

Bibliographic list:

1. Federal Law "On the development of small and medium-sized businesses in the Russian Federation" dated July 23, 2013 No. 238-FZ - Legal System Garant, 2009.
2. Regional law of the Chelyabinsk region dated March 27, 2008 No. 250-ZO "On the development of small and medium-sized businesses in the Chelyabinsk region" - Legal System Garant, 2009.
3. Federal Law "On the general principles of organizing local self-government in the Russian Federation" dated October 6, 2003 No. 131-FZ - Legal System Garant, 2009.
4. smb.gov.ru/statistics/officialdata – official statistics– Federal portal of small and medium business. Ministry of Economic Development of the Russian Federation.

Reviews:

12/15/2014, 20:19 Demchuk Natalia Ivanovna
Review: the article is very relevant, but the author uses turns that do not correspond scientific style studies, the tables are very voluminous and their names are not informative, it is necessary to refine the stylistic points. Recommended for publication after revision

12/16/2014 11:23 PM Response to the author's review Yukaeva Nina Olegovna:
Thanks for the review! Made all the adjustments. As for voluminous tables, this is necessary for a detailed study of the requirements put forward to the borrower or lessee.

12/17/2014, 9:53 am Isaeva Jamilya Gamzatovna
Review: Review of the article by Yukaeva Nina Olegovna "Analysis of sources of financing for small and medium-sized businesses in Russia" The article is very relevant. The author considers only external sources of funding, it is necessary to add our own. The article is written sequentially. The proposed methods can be used by enterprises. The article is recommended for publication, taking into account the comments. Reviewer Candidate of Economics, Assoc. Isaeva D.G.

12/17/2014 10:22 PM Response to the author's review Yukaeva Nina Olegovna:
Thanks for the review! I think that external sources of financing are more relevant for small businesses. But your remark is valid. In order for the content of the article to match its title, amendments will be made to the title of the article.

12/27/2014, 03:32 PM Chernova Olga Anatolievna
Review: The article is recommended for publication.

State budgetary educational institution of higher vocational education"Siberian State Medical University" of the Ministry of Health

Russian Federation

Faculty of Pharmacy

Department of Management and Economics of Pharmacy

on the topic: The main sources of financing the activities of small (individual) entrepreneurship

Eremeeva M.N.

Tomsk - 2014

Introduction

Entrepreneurial activity - according to the civil legislation of the Russian Federation, an independent activity carried out at one's own risk, aimed at systematically making a profit from the use of property, the sale of goods, the performance of work or the provision of services by persons registered in this capacity in the manner prescribed by law (Article 2 of the Civil Code of the Russian Federation).

The following features can be distinguished:

The first of these is the implementation of activities for the purpose of making a profit. Each owner of property has the right to freely dispose of it at his own discretion for his own benefit, which is expressed, as a rule, in the fruits and income from the property.

The next indisputable sign of entrepreneurial activity is its implementation at your own risk, that is, under your own property responsibility. Such a risk includes the assumption by the entrepreneur as the owner of the property not only of adverse consequences that may occur, but also of additional (specific entrepreneurial) risk in obligations.

Small business (small business) - entrepreneurship , based on the activities of small firms, small enterprises that are not formally members of associations.

Financing the activities of small businesses is the provision of the necessary financial resources for their formation and development. The amount of financing is determined on the basis of planned expenditures and sources of their provision. Funding comes from different sources at different stages of its development. strategic development.

1. Legal status small and medium businesses

The legal status of small businesses is defined federal law dated July 24, 2007 No. 209-FZ (as amended on July 5, 2010) “On the development of small business in the Russian Federation”.

Small and medium-sized businesses include business entities - individual entrepreneurs, small businesses, including micro-enterprises and medium-sized enterprises (Article 4 of the said Law).

Small and medium-sized businesses include those entered into the unified State Register legal entities consumer cooperatives and commercial organizations(with the exception of state and municipal unitary enterprises), as well as individuals entered in the unified state register of individual entrepreneurs and carrying out entrepreneurial activities without forming a legal entity (hereinafter referred to as individual entrepreneurs), peasant (farm) enterprises that meet the following conditions:

) for legal entities - the total share of participation of the Russian Federation, constituent entities of the Russian Federation, municipalities, foreign legal entities, foreign citizens, public and religious organizations (associations), charitable and other funds in the authorized (share) capital (share fund) of these legal entities should not exceed twenty-five percent (except for the assets of joint-stock investment funds and closed-end mutual funds), the share of participation belonging to one or more legal entities that are not subjects of small and medium-sized businesses, should not exceed twenty-five percent (this restriction does not apply to business companies whose activities consist in practical application(implementation) of the results of intellectual activity (programs for electronic computers, databases, inventions, utility models, industrial designs, breeding achievements, topologies of integrated circuits, production secrets (know-how), the exclusive rights to which belong to the founders (participants) of such business companies- budgetary scientific institutions or budgetary educational institutions of higher professional education or established state academies sciences to educational institutions of higher professional education);

) the average number of employees for the previous calendar year should not exceed the following limit values of the average number of employees for each category of small and medium-sized businesses:

a) from one hundred and one to two hundred and fifty people inclusive for medium-sized enterprises;

b) up to one hundred people inclusive for small businesses; among small enterprises, micro-enterprises stand out - up to fifteen people;

) proceeds from the sale of goods (works, services) excluding value added tax or the book value of assets ( residual value fixed assets and intangible assets) for the previous calendar year should not exceed the limit values established by the Government of the Russian Federation for each category of small and medium-sized businesses.

2. Source of financing for small business activities

Any small business for the implementation of its economic activities needs financial resources either in the form of borrowed capital or in the form of equity capital. Depending on the source, external and internal financing is distinguished (Fig. 1).

Rice. 1. Sources of financing for small businesses.

The sources of own funds are:

· authorized capital (funds from the sale of shares and share contributions of participants);

· reserves accumulated by the enterprise;

· other contributions from legal entities and individuals (targeted financing, donations, charitable contributions, etc.).

The main sources of funds raised include:

bank loans;

· borrowed funds;

· proceeds from the sale of bonds and other securities;

· accounts payable.

The main sources of financing are own funds. We give a brief description of these sources.

The authorized capital is the amount of funds provided by the owners to ensure the statutory activities of the enterprise. Category content authorized capital depends on the legal form of the enterprise:

· for a state enterprise - the valuation of property assigned by the state to the enterprise on the right of full economic management;

· for a limited liability partnership - the sum of the shares of the owners;

· for a joint-stock company - the total nominal value of shares of all types;

· for a production cooperative - the valuation of property provided by the participants for conducting activities;

· for a leased enterprise - the amount of contributions of the employees of the enterprise;

· for an enterprise of a different form allocated to an independent balance sheet - a valuation of property assigned by its owner to the enterprise on the right of full economic management.

Profit is the main source of funds for a dynamically developing enterprise. In the balance sheet, it is present explicitly as retained earnings, and also in a veiled form - as funds and reserves created from profits. In a market economy, the amount of profit depends on many factors, the main of which is the ratio of income and expenses. At the same time, the current regulatory documents provide for the possibility of a certain regulation of profits by the management of the enterprise. These regulatory procedures include:

· variation in the boundary of attributing assets to fixed assets;

· accelerated depreciation of fixed assets;

· the applied depreciation method for low-value and wearing items;

· the procedure for valuation and amortization of intangible assets;

· the procedure for assessing participants' contributions to the authorized capital;

· choice of method for estimating inventories;

· the procedure for accounting for interest on bank loans used to finance capital investments;

· the procedure for creating a reserve for doubtful debts;

· the procedure for attributing certain types of expenses to the cost of goods sold;

· the composition of overhead costs and the way they are distributed.

Profit is the main source of formation of reserve capital (fund). This capital is intended to compensate for unforeseen losses and possible losses from economic activity, that is, it is insurance in nature. The procedure for the formation of reserve capital is determined by the regulatory documents governing the activities of an enterprise of this type, as well as its statutory documents.

Comparison of various methods of financing allows the company to choose the most optimal option for financial support of operations and capital expenditures. It should also be noted that the development of the long-term loan market in Russia is possible only if the economic system is stabilized, i.e. overcoming the decline in production, reducing the rate of inflation (up to 3-5% per year), reducing the discount rate of bank interest to 15-20% per annum, eliminating a significant budget deficit.

The most common external source of funding is loans to small businesses.

Lending to small businesses, as a rule, is carried out by credit organizations - banks, as well as specialized financial organizations. It is clear that a small business loan is dominant among all sources of financing, since banks are the main holders of funds. For enterprises, or as they say, for enterprises in the real sector of the economy, money is exclusively a means of the entrepreneurial process and is constantly in motion. Banks, on the contrary, consolidate funds, so a bank is one of the main financial institutions where you can take money to organize and develop your business for a long time. entrepreneurship financial business loan

Although small business lending is the dominant source of external financing, it is actually very difficult to get a loan for small business. Despite the fact that recently there have been offers for small businesses - a loan in one day<#"justify">3. Financial difficulties small business and microfinance

The main problems in the development of small enterprises are also of a financial nature, which is manifested in: - a reduction in effective demand for the products of small enterprises;

lack of working capital due to a significant reduction in turnover (production and sales volumes) of small enterprises (especially in construction, production of building materials, cargo transportation, trade in non-food products);

the growth of overdue accounts payable of firms to banks, leasing companies and counterparties in the absence of a system for its restructuring;

deploying a system of non-payments;

lack of access to bank lending (due to tightening requirements for borrowers and rising interest rates on loans).

To date, small business financing is carried out at the expense of three main sources: equity, budget resources and lending. In this case, the distribution structure looks like in the following way: budgetary funds and loans make up no more than 10%, while the bulk of these sources are accounted for by equity. This disproportion is reflected in the structure of the turnover of small enterprises. Having a significant turnover (for the first half of 2010 it amounted to 4,454,481.9 million rubles), small business shows a profit of no more than 1%. This trend indicates the lack of funds for small business for its expanded reproduction. The same trend determines the high share of shadow cash turnover. Overcoming this problem is possible on the basis of expanding the access of small businesses to "cheap" resources. Microfinance could play a significant role in this. Microfinance activity is understood as the activity of legal entities having the status of a microfinance organization, as well as other legal entities entitled to carry out microfinance activities to provide microloans (microfinance) .

Brief analyzes small business

Table 1. Comparative analysis of the advantages and disadvantages of small business

The role of small business in the country's economy

Table 2. Analysis of small business as a model of economic activity

Figure 2. Enlarged "tree" of problems of Russian small business

5. Reasons for the imperfection of financial markets in relation to small enterprises

Figure 3

Financial instruments used to increase inflows various kinds financing for small businesses

Figure 4

Conclusion

At present, in the Russian economy, the key source of increasing production efficiency, saturating the market with necessary goods, services and improving the standard of living of the population is the development of small business.

Small business provides the necessary mobility in market conditions, creates deep specialization and cooperation, without which its high efficiency is unthinkable. It is able not only to quickly fill the niches that are formed in the consumer sphere, but also to pay off relatively quickly, create an atmosphere of competition, and this is perhaps the most important thing, without which a market economy is impossible.

AT developed countries with the prevailing market economy small business enjoys state support, as it provides the necessary for the normal functioning National economy competitive environment, contributes to the growth of industrial production, improvement technological processes, reducing unemployment. State support is especially needed for small businesses in the context of the transition from a planned economy to a market economy, when entrepreneurs enter into competition with monopolistic structures that have developed over many years, dominate the domestic and foreign markets, have large financial, material and human resources and, as a rule, are based on the most efficient sources of raw materials.

Bibliography

1.Batychko, V.T. Business law / V.T. Batychko // Administrative and management portal [Electronic resource]. - Electron. Dan. - Taganrog, 2011.

Buev, V. Small business: current state and problems of financing / V. Buev, A. Shamray, A. Shestoperov // National Institute for System Research of Entrepreneurship Problems [Electronic resource]. - Electron. Dan. - Moscow, 2010

Burlutkin, T.V. Analysis of sources of financing for small enterprises / T.V. Burlutkin // Business. Education. Right. Bulletin of the Volgograd Institute of Business, - 2012. - No. 3 (20). - S. 243

Sources of financing of enterprises [Electronic resource] / STARTUP - 2012.

Kosheleva T.N. Financing the activity of small business in the process of its strategic development / T.N. Kosheleva // Institute of Business and Law [Electronic resource]. - Electron. Dan. - St. Petersburg, 2010

Mikhailov A. Financing small business - loans for small business

Small business [Electronic resource] / Wikipedia - the free encyclopedia. - Electron. Dan. - Access mode: https://ru.wikipedia.org/wiki/ Small_entrepreneurship. - Zagl. with screen

Organization of entrepreneurial activity. Schemes and tables: tutorial/ comp. V.P. Popkov, E.V. Evstafieva. - St. Petersburg, 2007. - 67 - 70 pp., 202-203 pp.

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When choosing the main sources of business financing, most start-up entrepreneurs do not take into account that investments are needed not only at the stage of opening, but also throughout the life of the established enterprise. If you want your project to be successful and long-term - study possible ways fundraising!

Business financing is understood as the supply (providing) of entrepreneurial activity with financial resources. Depending on the place of origin of material resources, internal and external financing are distinguished.

On the initial stage the formation of the production process, managers use external resources, the origin of which is provided by the following sources:

state ;
banking organizations;
shareholders;
non-profit companies;
partner firms;
individuals.

When production begins to generate income, it becomes possible to attract internal resources, among which:

net profit;
revenue of the future periods;
(deductions for equipment);
target reserves allocated to cover future costs.

Ideally, an effective and profitable business is one that pays for itself and does not require external costs. However, at first and during the expansion of the scope of activities, it is difficult to do without the use of appearance business financing - further on each of them in detail.

The main sources of business financing in comparison

A common practice among business entities is to attract borrowed sources of financing. To maintain the right to full control own business, most entrepreneurs resort to a proven source of raising money - they take loans, credits, loans.

Bank lending

Loans from banks occupy a leading position among the ways to finance small businesses, as they cover an extended range of cost assignments: industrial, consumer, agricultural, mortgage loans.

pros:

prompt decision on extradition;
independent distribution of funds without control and instructions from the investor.

Minuses:

short term of use (standard - 36 months);
the need to provide collateral; mandatory payment of interest and insurance premiums.

Leasing programs

Leasing - complex form financial lending, based on the provision of fixed assets for rent to an entrepreneur with subsequent redemption.

The subject of leasing can be enterprises, land plots, vehicles, equipment, any property (movable or immovable).

pros:

financing is calculated in 100% ratio with the cost of equipment - for comparison, banks require 10-15% of the price;
there is no requirement to provide a pledge - the leased (purchased) equipment (a plot, vehicle etc.);
debt in the balance sheet of the organization does not increase;
more loyal conditions in comparison with a bank loan;
all payments by the lessee are included in the costs of the enterprise.

Minuses:

when applying for a lease, an initial payment may be required - up to 30% of the value of the property;
not all leasing lending schemes are suitable for entrepreneurs working under a simplified taxation system - you should carefully choose a company for cooperation;
VAT is charged on the amount of the lease loan.

trade loan

Form of mutual settlements between firms. You can order the necessary goods (equipment) with a deferred payment. This method is often used by entrepreneurs whose activity is the sale of products from another manufacturer: a wholesale batch of goods is taken for the purchase, and the calculation is made after it is sold in a retail network.

A method of mutually beneficial cooperation between firms of different directions is also possible - the ordered product (service) is paid for in natural form- goods (services) produced by another enterprise.

State subsidies, tax incentives

Beginning entrepreneurs can count on state assistance in organizing a business. One of the means of such assistance is subsidies - one-time payments from the state, local authorities or international organizations to cover part of the costs, capital costs or contributions.

In addition, the taxation system provides special conditions for individual entrepreneurs (IP), regulated by Federal Law No. 477-F3.

The following individual entrepreneurs can obtain the right to tax holidays (zeroing the tax rate) in 2016:

registered for the first time;
who have chosen one of the taxation systems - simplified (STS) or patent (PSN);
leading activities in the social, industrial or scientific sectors.

The benefit is calculated for two years, which significantly saves the costs of novice businessmen.

Nevertheless, no matter how good and promising your idea looks, try to minimize expenses and rely only on your own resources, remembering the notorious saying: “You take someone else's, but you give yours!”

Grants and other sources of project funding

The most attractive form of financing for small businesses is undoubtedly a gratuitous targeted subsidy that can be spent on Scientific research, training, treatment and implementation social projects. However, to be eligible for a government or commercial grant, your idea must meet the following criteria:

you will be able to present an evidence-based justification for the importance of your own project;
your payback project is short-term - grants are usually allocated for short term(from several months to a year);
you have a well-developed plan for the implementation of a business idea with an indication of the timing of achieving your goals;
you are ready to take on a certain part of the costs;
You will be able to account for every penny spent from the allocated funds.

Although government grants are more designed to support scientists and young professionals; Russia annually allocates funds from the budget to subsidize small forms of ownership.

In parallel, they are being developed at the state and regional levels - information on existing projects is presented in the territorial employment centers and on the official website of the Ministry of Finance.

By the way, foreign investors are also looking for promising representatives of small businesses and are ready to invest quite impressive sums in the development of interesting projects. However, keep in mind that foreign "donors" often demand a share of ownership or a large percentage of the profits in return, and also set the condition for officially securing authorship of the idea.

If you cannot do without attracting additional investments, once again make sure that the decision, calculate all the possible risks and set yourself a time frame for repaying the loan, which you will definitely meet!