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The Peculiarities of the Development of the Regional Support’s Scheme of the Small-Scale Enterprise in the Poltava Region

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Author(s): Yu. Zhuravlyova

Journal: Economics of Development
ISSN 1683-1942

Volume: 57;
Issue: 1;
Start page: 74;
Date: 2011;
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Keywords: small business | small business assistance programs | regional funds | funding | status of development.

ABSTRACT
It was defined that small business is an essential element of market economy, one of the engines of economic, scientific and technological progress in society. Supporting small business at the local level is a key issue for government policy to promote entrepreneurship, which is carried out through regional and local programs to support small businesses.It is stated that the tool for implementation of the regional and local small business development programs in the Poltava Region is the Regional Fund for Support of Entrepreneurship in the Poltava region, which has been established under the Law of Ukraine "On State Support of Small Businesses (October 19, 2000 № 2063-II)I. The purpose of the Fund is one of the key policy priorities – promoting small business development at the regional level. The Fund operates through consolidation of financial, tangible, intangible and other resources of the founders and participants directed to support and develop entrepreneurship.The basis of the Fund's program is Complex Program of small-scale enterprise’s development in Poltava region, which is designed according to the Laws of Ukraine "On state support of small business" and "On a national program of small business". The main objective, as it was defined by these documents for the Regional Fund for Enterprise’s maintenance, is in the sphere of the entrepreneurship’s support at the regional level.It is substantiated that fund provides financial and credit support through repayment, maturity and security through the competition of business projects in the form of financial support on the back and irrevocable basis.The state of small business development in the region is improving: the structure of small enterprises by economic activity is changing, sales are continuing to increase, revenue in the budgets of all levels is growing from the subjects. These achievements have been largely obtained by positive developments on the financial support of small business, particularly through regional fund of business support in the Poltava region.Regional Fund for Support of Entrepreneurship in the Poltava region contributes to the development of regional economy, giving the multipurpose nature of industrial and agricultural area.

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