Program lending as an instrument of state stimulation of the agrarian sector

Program lending is one of the key instruments of state regulation and financial support for the agro-industrial complex, ensuring the sustainable development of agriculture and strengthening the country’s food security. In the context of structural transformations in the agrarian sector, the effectiveness of existing targeted financing mechanisms, taking into account regional specifics, becomes particularly significant. The objective is to substantiate priority directions of the management system for concessional investment in agrarian business under conditions requiring increased investment attractiveness of the sector, expanded access of agricultural producers to borrowed funds, and growth of economic stability of the agrarian sector. Methods include content analysis of regulatory legal acts in considering the institutional foundations of credit programs, statistical data on the volume and structure of concessional investments to assess the dynamics of distribution of financial resources among economic entities, and monitoring of the state of agroindustrial production in studying institutional, budgetary, and organizational constraints of state support measures. Results – the main problems reducing the effectiveness of targeted lending ser vices are identified, including lengthy approval periods, limited monetary limits, seasonality of farmers’ incomes, insufficient level of process digitalization, low borrower awareness, and imperfection of credit risk control methods. Proposals are substantiated to simplify investment support procedures, increase the number of guarantee instruments, introduce a unified digital platform, online monitoring, and stimulate lending at the processing stage, as well as in supply chains of the agro-industry. Conclusions – the role of social-entrepreneurial corporations as regional operators of program lending is emphasized, along with the need to diversify funding sources, expand borrower coverage, and support innovative projects

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