Reliance on costs, working with financing instruments, understanding the impact of their use is the issue of business survival and the development of the SME sector as a whole. The Deputy Minister for Economic Development of Russia, Tatiana Ilumshnikova, reported this today to the session " The impact of financial culture on the economic development of the regions " of the Moscow Financial Forum.

During the interviews, the session found that systematic financial education for citizens and entrepreneurs was an important factor in regional economic development.

According to Tatiana Ilumshnikova, the ability to calculate alternative costs, compare sources and instruments of financing, understand the effects and obligations in choosing a tool is not just a matter of financial literacy, but of business survival, so increasing the financial literacy of entrepreneurs directly affects the growth of the SME sector. The sustainability of small and medium-sized entrepreneurship start-ups and actors is one of the growth points for the regions.

" Today, Russia has more than 6.4 million SME entities and more than 5 million self-employed persons who actively develop their business. This is the most important thing since 2016. Almost 1 million SME entities are established annually, but more than half of them are closed in the first two years. One of the reasons for closing is the low financial literacy of entrepreneurs themselves. According to our study, 74 per cent of entrepreneurs consider their knowledge to be insufficient for effective business management. At the same time, 71 per cent of entrepreneurs noticed the positive impact of training on business processes. The Ministry of Economic Development is working hard to improve the financial literacy of the business today. For example, in all of the Centre ' s basic programmes, my businessmen teach financial literacy tools. A separate effort to improve the financial culture is being carried out online, social media and My Business Portal. At the University of Finance, we launched a course for entrepreneurs to improve financial literacy.”, Tatiana Ilumshnikov noted.

According to the Ministry of Economic Development, interest in business education increased by 30% in Russia. For example, in 2024, my business centres conducted some 3,000 training activities for entrepreneurs and self-employed. However, according to a joint study by the Ministry of Economic Development, Sbera and FOM, " Russian mediators: research monitoring " , women entrepreneurs learn more frequently:

" 57 per cent of educated entrepreneurs are women between the ages of 25 and 35. Women are more involved in educational projects, they have a strong tendency to cooperate and unite outside their own business in women ' s communities and clubs, so many educational activities we adapt to women ' s audiences. The Mamam Enterprise programme, which has so far attracted more than 14,000 women, noted the Deputy Minister.

The session was also attended by the Deputy Minister of Finance, Pavel Kadoknikov, Head of the Consumer Protection and Financial Services Service of the Central Bank of the Russian Federation, Michael Mamut, Governor of the Tomsk Region, Vladimir Mazour, President of the Finance University of the Government of the Russian Federation, Stanislav Prokofyev, Director of the Department of Sociology of the ANO, Dialogue, Elena Udalova.

Source: www.economy.gov.ru
Source: freepik.com

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In the Yaroslav region, various assistance is provided to entrepreneurs through the Mala and Middle Entrepreneurship Project, as well as to industrial enterprises under the " Productivity " project and the " International Cooperation and Export " national project.

All support measures for small and medium-sized businesses can be accessed on my business site.

Details of all support measures for industry and investors on the investing site