Abstract
\nThis article analyzes the development status and financial capacity of small and medium-sized enterprises (SMEs) in Uzbekistan, with particular attention to the role of state credit guarantees as a risk-sharing instrument that expands access to bank finance. Using publicly available quantitative evidence for 2018–2025, we summarize (i) SME credit dynamics (outstanding loans) and (ii) guarantee-related support indicators and policy parameters, and then benchmark Uzbekistan’s approach against the U.S. SBA 7(a) guarantee model and EU portfolio guarantees (COSME/InvestEU via the EIF). Evidence indicates that SME lending in Uzbekistan expanded strongly through 2023 (nominal UZS), while guarantee schemes operated both as broad-based policy tools (national fund support) and as targeted facilities (e.g., rural guarantees in IFI programs). Cross-country comparison suggests that Uzbekistan’s key challenge is not the existence of guarantee instruments, but scaling them with transparent reporting, portfolio-level risk management, and additionality evaluation, consistent with advanced practices in the EU and U.S.
\n", "publication_date": "2026-02-28", "publisher": "Journal of science. Lyon", "resource_type": { "id": "publication-article", "title": { "de": "Zeitschriftenartikel", "en": "Journal article" } }, "rights": [ { "description": { "en": "The Creative Commons Attribution license allows re-distribution and re-use of a licensed work on the condition that the creator is appropriately credited." }, "icon": "cc-by-icon", "id": "cc-by-4.0", "props": { "scheme": "spdx", "url": "https://creativecommons.org/licenses/by/4.0/legalcode" }, "title": { "en": "Creative Commons Attribution 4.0 International" } } ], "subjects": [ { "subject": "SMEs; Uzbekistan; credit guarantees; state support; SME finance; SBA 7(a); COSME; InvestEU; portfolio guarantees" } ], "title": "FINANCIAL CAPACITY OF SMES IN UZBEKISTAN: THE IMPACT OF STATE CREDIT GUARANTEES" }, "parent": { "access": { "owned_by": { "user": "359715" }, "settings": { "accept_conditions_text": null, "allow_guest_requests": false, "allow_user_requests": false, "secret_link_expiration": 0 } }, "communities": { "default": "198af0a3-6af9-425f-8708-436b99b9f6d4", "entries": [ { "access": { "member_policy": "open", "members_visibility": "public", "record_submission_policy": "open", "review_policy": "open", "visibility": "public" }, "children": { "allow": false }, "created": "2022-06-09T12:28:52.098200+00:00", "custom_fields": {}, "deletion_status": { "is_deleted": false, "status": "P" }, "id": "198af0a3-6af9-425f-8708-436b99b9f6d4", "links": {}, "metadata": { "curation_policy": "", "page": "
The journal “Journal of science. Lyon” was founded in 2019, to promote scientific work in the world community and increase the scientific value of each article published in the journal.
\r\n\r\nThe procedure for the publication of materials:
\r\n\r\nThe journal “Journal of science. Lyon” was founded in 2019, to promote scientific work in the world community and increase the scientific value of each article published in the journal.
\r\n\r\nThe procedure for the publication of materials:
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