SMEs were escorted to the stock exchange – Economics – Kommersant

Small and medium-sized businesses listed on the stock exchange in 2022 were able to compensate from the budget their expenses for issuing securities and paying coupon income for a total of 420 million rubles, the Ministry of Economy reported. In total, only 25 companies out of 2.3 million legal entities in the SME sector were able to receive support. Experts explain: the mechanism is relevant only for medium-sized companies with sufficient placement volumes – without state subsidies, access to the exchange is limited for them.

Despite all the problems of the stock market, in 2022 the Ministry of Economy continued to stimulate small and medium-sized businesses (SMEs) to enter the exchanges. During the year they received more than 420 million rubles – to cover part of the costs of issuing their shares and bonds, as well as paying coupon income.

Subsidizing the costs of small businesses entering the stock exchange is part of the government’s program for the gradual “growing” of SMEs – it involves targeted and targeted selection of assistance measures depending on the needs and stage of business development, as well as expanding financial support. Previously, the government noted that traditional programs of concessional lending to SMEs are not able to cover all the sector’s demand for financing. In addition, the availability of credit is reduced due to the deterioration of the financial performance of companies in a crisis.

Therefore, the authorities intend to stimulate the entry of small companies into the stock exchange, as well as such forms as crowdfunding and factoring.

The Ministry of Economy talks about the growth in the number of small businesses using the stock exchange to receive investments. If in 2019 seven issues of securities worth 1.89 billion rubles received state support, then in 2022 there will already be 45 issues worth 10.5 billion rubles. “The range of instruments used by SMEs is also expanding; in 2022, for the first time, a subsidy was issued to issue shares. This support measure will continue to operate in 2023 – even more small and medium-sized businesses will develop with its help, ”promises Inna Dadayan, director of the investment policy and SME development department of the Ministry of Economy.

In 2022, 25 representatives of small businesses were able to use subsidies from the Ministry of Economy (there are 2.3 million legal entities in the register of SMEs). Pavel Samiev, a member of the Presidium of Opora Rossii, nevertheless considers the program to be in demand.

“The number of issuers among SMEs barely reaches a hundred. For small businesses, issuance volumes of 20 million rubles are inappropriate, so medium-sized businesses are striving for the stock exchange. In addition, larger companies attract more interest from investors,” the expert explains.

Most of the enterprises that received the subsidy are members of the “Growth Sector” of the Moscow Exchange (created for the circulation of securities of small and medium-sized businesses). They should show annual revenue in the range from 120 million to 10 billion rubles. for bond issuers and not more than 25 billion rubles. for share issuers. For bonds, the minimum issue volume is set at 50 million rubles. Vladimir Gusakov, Managing Director for Relations with Issuers and Authorities of the Moscow Exchange, notes that the support of the Ministry of Economy increases the availability of exchange instruments for such companies. Thus, in 2022, 15 SME issuers placed bonds in the Growth Sector and attracted financing in the amount of RUB 5.5 billion.

According to Pavel Samiev, the program will continue to develop. “Investors are ready to invest in securities of medium-sized companies, in many respects the inflow of funds will be provided by private investors. They react quickly to market conditions, and the profitability of traditional bank deposits is now declining,” he explains. At the same time, for the companies themselves, despite the attractiveness of exchange financing, access to it without state support mechanisms is limited. “Costs are too high in relation to the volume of issue: interest burden, placement costs,” says Pavel Samiev.

Diana Galieva