Improving the financing of public microfinance organizations based on asset securitization

Volgograd Institute of Management – Branch of the Russian Presidential Academy of National Economy and Public Administration, Volgograd, Russia The article presents an analysis of the current state of the market of state microfinance organizations of the Russian Federation. The socio-economic role of state microfinance organizations is defined, which consists in performing the functions of a participant in the national guarantee system for supporting small and medium-sized enterprises (SMEs), including in terms of providing microloans to SMEs and organizations that form the infrastructure for supporting SMEs focused on solving regional problems. The main problems of heterogeneity of financing of state microfinance organizations related to the heterogeneity of the level of economic development of territories and the different levels of interest of regional authorities in the development of SMEs in the region are identified. The use of an adapted multi-originator securitization platform is proposed in order to attract financing from the capital market through the issuance of debt obligations through the mediation of the Joint-Stock Company Federal Corporation for the Development of Small and Medium-Sized Enterprises (JSC Corporation SME).