Финансиране и устойчивост на българските МСП (2020–2025)
Financing and Resilience of Bulgarian SMEs (2020–2025)

Author(s): Dobrin Ivanov
Subject(s): Economy, Business Economy / Management
Published by: Институт за икономически изследвания при Българска академия на науките
Summary/Abstract: The paper aims to analyse access to finance and the financial resilience of SMEs in Bulgaria over 2020–2025, a period affected by successive crises — pandemic, energy, and inflationary. The study is based on empirical data from a national sociological survey of SMEs, identifies key challenges in securing financing, and proposes policies to support the sustainable development of SMEs under crisis conditions. The methodology includes a structured questionnaire for standardised interviews with SMEs across sectors, sizes, and regions. The results reveal substantial challenges in SME access to finance during crises, with predominant reliance on internal sources and bank loans, alongside liquidity strains and constraints on adaptability to shocks. Resilience is influenced by factors such as sectoral specificity and markets, underscoring the need to diversify sources of capital. The conclusions highlight the need for integrated policies to strengthen financial stability, including recommendations for more accessible financial instruments and strategies to deal with shocks.

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