An Impact of Economic Indexes on the Volume of Borrowing by SMEs

Student: Lipin Vladimir

Educational Programme: Economics (Bachelor)

Year of Graduation: 2021

This paper investigates the impact of economic factors on SME borrowing. We have conducted a detailed analysis of the position of SMEs in the structure of the country's economy and reviewed the credit market in order to identify factors affecting SME lending. In the regression model that we perform in the study, we use a dataset of key economic indicators. They are divided into 4 groups: financial indicators, macroeconomic, special and economic indices. The data is taken for the period 2014 - 2020. We find that lower central bank key-rate has a positive effect on SME borrowing growth. Moreover, lower collateral requirements for SME loans have a positive effect on growth of SME’s loans. At the same time, we identified a significant correlation between macroeconomic variables and the growth of SME lending.

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