INTERNATIONAL PROGRAMS: CATALYZING ACCESS TO FINANCE AND SUPPORT FOR SMALL AND MEDIUM-SIZED ENTERPRISES IN THE REPUBLIC OF NORTH MACEDONIA

Abstract

This abstract explores the pivotal role of international programs in enhancing access to finance and fostering support mechanisms for small and medium-sized enterprises (SMEs) in the Republic of North Macedonia. Against the backdrop of a dynamic global economy, SMEs serve as engines of growth and innovation, yet often face significant hurdles in accessing financial resources and support networks. In North Macedonia, these challenges are compounded by factors such as limited access to capital, inadequate infrastructure, and regulatory complexities. International programs offer a multifaceted approach to address these obstacles, providing avenues for financial assistance, technical expertise, and networking opportunities. By leveraging partnerships with international organizations, development agencies, and financial institutions, North Macedonia has been able to bolster its SME sector and create an enabling environment for entrepreneurship and economic development. Key initiatives such as grants, loans, capacity-building workshops, and mentorship programs have facilitated SME growth and sustainability. Moreover, initiatives focusing on digitalization, market access, and innovation have empowered SMEs to compete in the global marketplace. However, while international programs have yielded significant benefits, challenges remain in ensuring equitable access and sustainability. Addressing issues of bureaucratic inefficiencies, enhancing coordination among stakeholders, and promoting inclusivity are critical for maximizing the impact of these programs. Through a comprehensive analysis of the landscape of international programs and their impact on SMEs in North Macedonia, this abstract underscores the importance of continued collaboration, innovation, and policy coherence in fostering a vibrant ecosystem for SME development. Ultimately, by harnessing the potential of international programs, North Macedonia can unlock new opportunities for growth, prosperity, and socio-economic advancement. The main purpose of this research is to explain and present other possible sources of financing that are available to small and medium-sized enterprises, as well as access to them, that is, an analysis of the national development programs to support the financing of SMEs and international financial support programs of SMEs, those support and development programs that are available to small businesses in the Republic of North Macedonia, as well as their effects and utilization, will be developed. However, there is a necessity in implementing further activities to support the SME sector in terms of strengthening the institutional, regulatory and operational environment in which they operate. Overall, the SME sector still has room to be supported and encouraged to increase their overall contribution to the economy. In this research, a survey was conducted in a number of bank branches in the period from February 10, 2024 to March 20, 2024 and and presented results from the same.