FINANCIAL SUPPORT PROGRAMS FOR SMES IN THE MANUFACTURING SECTOR OF THE REPUBLIC OF KAZAKHSTAN

К.К. Абдикаликов, Б. М. Искаков, Kalamkas Rakhimzhanova

2026

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DOI 10.47649/vau.25.v79.i4.33
Data confidence 70 medium
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Abstract

Small and medium-sized enterprises (SMEs) are a vital component of the national economy. They contribute to the country’s innovative development, ensure the supply of essential goods and services to the market, and enhance the economic system's flexibility and stability. Financial support for SMEs is a key factor for their sustainable growth. Such support ensures access to working capital, investments, and innovations, which, in turn, fosters the creation of new jobs, GDP growth, economic diversification, and increased export potential. The purpose of the article is to conduct a statistical evaluation of the effectiveness of financial support programs for small and medium-sized enterprises (SMEs) in the manufacturing industry of Kazakhstan, to study the mechanisms of their implementation, and to develop recommendations for improving entrepreneurs' access to financial instruments. This article examines the current state and activity of the entrepreneurial sector in Kazakhstan, as well as the role and share of SMEs in the country’s economic development. It analyzes the content and implementation mechanisms of financial support programs targeting SMEs in the Republic of Kazakhstan's manufacturing sector, along with their outcomes based on statistical data. A comparative analysis of the features and advantages of each program is presented. The study also explores the involvement of second-tier banks in financing SMEs and the operational mechanism of the entrepreneurship support program funded by the National Fund of the Republic of Kazakhstan in the manufacturing sector. The purpose of the study is to develop recommendations for further improving state support measures for SMEs in Kazakhstan’s manufacturing sector, based on an analysis of existing support mechanisms. Based on the research findings, specific applied recommendations were developed to improve entrepreneurs’ access to financial instruments, including preferential bank loans and the guarantee provided by the «Damu» Fund, and to reduce the barriers and obstacles to obtaining these instruments.