student
VAK Russia 5.2.1
VAK Russia 5.2.4
VAK Russia 5.2.5
VAK Russia 5.2.6
VAK Russia 5.2.7
UDC 332
CSCSTI 06.00
Russian Classification of Professions by Education 38.00.00
Russian Library and Bibliographic Classification 65
Russian Trade and Bibliographic Classification 77
BISAC BUS BUSINESS & ECONOMICS
The article provides a comprehensive analysis of the problems and prospects of small and medium-sized enterprises (SMEs) in Russia amid the successive tightening of the Bank of Russia's macroprudential policy since 2022. Based on official statistical data from the Bank of Russia and Expert RA rating agency materials, the article examines the transformation of the SME lending market in three key phases, before the introduction of macroprudential limits (MPL), after their entry into force in January 2023, and during their progressive tightening in 2024–2025. Special attention is paid to the impact of the key rate increase to 21%, the expansion of risk-weight add-ons, and the quarterly revision of MPLs on SME credit availability. The article analyses 2025 actual data — the 'credit winter' with a portfolio of ~16 trillion rubles and overdue debt exceeding 767 billion rubles — and formulates a forecast for 2026 under conditions of gradual monetary policy easing. Systemic problems of the sector and adaptation prospects under the new state support architecture are identified
SME, small business, macroprudential policy, macroprudential limits, lending, key rate, risk-weight add-ons, preferential programs, credit availability, Bank of Russi
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