FINANCIAL SUPPORT FOR ENTREPRENEURSHIP IN UKRAINE IN THE CONTEXT OF EUROPEAN INTEGRATION

Анотація

The article emphasises that in the context of large-scale structural shocks caused by the war, financial support instruments acquire not only an anti-crisis but also a transformational function, contributing to the modernisation of the business sector and strengthening economic stability. Particular attention is paid to aligning national support mechanisms with the EU policy framework, including state aid rules, green finance principles and sustainable development-oriented investment criteria. The article highlights the role of blended finance, guarantees and risksharing instruments in improving SMEs' access to capital and reducing market failures. It analyses the institutional and financial mechanisms of international support for Ukraine, in particular the Ukraine Facility instruments, the Investment Framework Programme for Ukraine, preferential lending and EU guarantee mechanisms aimed at developing micro, small and medium-sized enterprises. The strategic priorities of European SME support policy are identified, including expanding access to financial resources, stimulating innovation, developing entrepreneurial ecosystems and implementing the green transition. t argues that entrepreneurial ecosystems increase the effectiveness of financial support by promoting cooperation between enterprises, financial institutions, public authorities and innovation actors at national and regional levels. The approaches of the OECD and the EU to state intervention in the field of entrepreneurship are summarised and the main types of policies for promoting productive entrepreneurship are identified. It is proven that effective state policy for the development of SMEs in Ukraine should combine financial, institutional and ecosystem instruments, take into account the requirements of the acquis communautaire and the principles of sustainable development, and ensure a long-term transformational effect for the national economy.

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