Abstract
This paper analyzes how concessional loans expand financing opportunities for small businesses and examines the criteria for evaluating their economic effectiveness. Drawing on international experience, it distinguishes between the volume of credit allocated and the actual performance of a program. It proposes a joint assessment of financial additionality, fiscal costs, borrower sustainability, and the transition to market-based credit. The main conclusion is that the effectiveness of preferential support can be assessed objectively when it is targeted at a specific financial constraint and when its duration and performance criteria are defined in advance.
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