Tools for the Promotion of Small and Medium Enterprises in the Context of Regional Development

Small and medium enterprises (SMEs) are the basis of the developed countries that’s why their support and development are key priorities of economic development of successful countries. Their importance is due to a significant contribution to GDP and population employment, high innovation activity, resistance to economic crisis and the ability to quickly adapt to new economic conditions. Essential role of SMEs in socio-economic development of the state shows that existing problems in the sector should be quickly solved by creating necessary conditions for targeted stimulation of SMEs in regional market space. The formation of regional economic development requires the establishment of SMEs as a valuable entity and strengthening of its market positions in a competitive environment. The need to create an effective system of financial support for SMEs, to improve tax system, information, personnel and innovative potential, which regulates business, is conditioned by the role of this sector in socio-economic development. The trend of decline in GDP in Ukraine in recent years is conditioned by insufficient attention paid by the state to small and medium enterprises, underestimation of their role and significance, and lack of information about best practices of the use of tools to support and stimulate SMEs. Therefore, the problem of the development of SMEs and entrepreneurship remains a pressing one both in economic and social dimensions.