INTERNATIONAL JOURNAL OF ARTIFICIAL INTELLIGENCE
ISSN: 2692-5206, Impact Factor: 12,23
American Academic publishers, volume 05, issue 05,2025
Journal:
https://www.academicpublishers.org/journals/index.php/ijai
page 1984
ECONOMIC ANALYSIS OF FINANCING SMALL BUSINESSES AND PRIVATE
ENTREPRENEURSHIP IN UZBEKISTAN
Jumanova Zilola Tuychiyevna
University of Science and technology
Department of Economics
Email:
Annotatsiya:
Ushbu maqolada kichik biznes va xususiy tadbirkorlikni moliyalashtirish
masalalari yoritilgan. O‘zbekiston Respublikasi hududlari bo‘yicha faoliyat yuritayotgan kichik
biznes va xususiy tadbirkorik sub’eklarini moliyalashtirishni iqtisodiy tahlil qilinib ilmiy taklif
va amaliy tavsiyalar berilgan.
Tayanch so‘zlar:
YaIM, YaHM, iqtisodiy tahlil, investitsiya, kichik biznes, tadbirkorlik,
iqtisodiy baholash.
Аннотatsiя:
В данной статье рассматриваются вопросы финансирования малого бизнеса
и частного предпринимательства. Приведен экономический анализ финансирования
малого бизнеса и частных предпринимателей, действующих в регионах Республики
Узбекистан, научные предложения и практические рекомендatsiи.
Ключевые слова:
ВВП, ВРП, экономический анализ, инвестиции, малый бизнес,
предпринимательство, экономическая оценка.
Abstract:
This article discusses issues of financing small businesses and private
entrepreneurship. An economic analysis of financing small businesses and private entrepreneurs
operating in the regions of the Republic of Uzbekistan, scientific proposals and practical
recommendations are provided.
Key words:
GDP, GRP, economic analysis, investment, small business, entrepreneurship,
economic assessment.
INTRODUCTION
the role of small business and private entrepreneurship in achieving
high and stable economic growth and macroeconomic stability of the country's economy. The
role of loans provided by commercial banks in the development of small businesses and private
entrepreneurship is incomparable. Therefore, financing this field is one of the most pressing
issues of our time. Therefore, based on the gradual development of the banking system, it is
necessary to ensure its stability, find new solutions, increase the competitiveness of credit
institutions and banking control, as well as strengthen and protect the confidence of bank
depositors. and other creditors. In recent years, our country has been implementing large-scale
reforms aimed at creating a favorable business environment for doing business, strengthening
the rights and guarantees of business entities, developing corporate governance, actively
attracting foreign investment and providing comprehensive support to investors. .
Small business and private enterprise (SBI) occupies a central place as a driving force of
the economy around the world. In developed countries of the world, France, Italy, Japan,
Germany, the USA, the share of GDP in GDP is about 50-60 percent, and in Uzbekistan in
INTERNATIONAL JOURNAL OF ARTIFICIAL INTELLIGENCE
ISSN: 2692-5206, Impact Factor: 12,23
American Academic publishers, volume 05, issue 05,2025
Journal:
https://www.academicpublishers.org/journals/index.php/ijai
page 1985
2023 this figure will be 51.2 percent. The role of funding from this sector in the further
development of KBXT is incomparable. It is important to economically study how the volume
of loans allocated to the regions of our country is distributed.
As the President of the Republic of Uzbekistan Sh.M. Mirziyoyev noted: “World
experience shows that any country pursuing an active investment policy has achieved stable
growth of its economy. This is why investments are the driver of the economy; without
exaggeration, we can say that this is the heart of the economy by Uzbek standards. Along with
investments in various industries and sectors, regions will receive new technologies, advanced
experience, highly qualified specialists, and entrepreneurship will develop rapidly”[1]. In the
future, this will attract financing for the construction industry in the regions, as well as all other
industries, and will lead to an improvement in the well-being of the population as a result of
increased employment and cash income of the population. .
REVIEW OF LITERATURE ON THE SUBJECT
According to Mamut, microcredit operations of banks and non-bank credit organizations
should not be controlled by the Central Bank in order to develop the practice of microcredit to
small businesses [4] .
According to the conclusion of Nobel Prize laureate M. Yunus, when lending to small
businesses starting work, the main attention should be paid to the social effect of lending. After
expanding the financial capabilities of business entities, they cause an increase in demand for
loans at market rates [5] .
F. Allen and D. Gale recognize the existence of two systems for financing the activities of
small and medium-sized businesses - a system based on the activities of banks and a system
based on financial markets, and emphasize that the first system is relatively important [6] .
S.N. Sayfullaev [9, 10, 11, 12, 13, 14, 15] socio-economic aspects of the development of
small businesses and private entrepreneurship, problems in the field and ways to overcome
them, financial support for small businesses, support mechanisms are being studied.
RESEARCH METHODOLOGY
During the study, forms of financing of small businesses and private enterprises were
comparatively and critically analyzed, special attention was paid to sources of financing and the
real amount of income. The article compares the scientific and theoretical views of economists
on this issue, while loans and microloans provided by banks to KBHT subjects are divided into
separate groups at the regional level. The subjects of the study were KBXT.
ANALYSIS AND RESULTS
The development of KBHT is one of the necessary conditions for the sustainable
development of the economy of Uzbekistan. At the same time, further development of the
activities of small businesses, further increase in their role and importance in the socio-
economic development of the country gives rise to the need to improve the system of financing
their activities. At this point, it should be recognized that world economists have focused on
improving the practice of financing the activities of small businesses in different periods. At
this point, we consider it appropriate to emphasize that a system for financing the activities of
KBXT has been formed in the Republic of Uzbekistan. This system includes state support for
the process of financing small businesses, the structure of supporting exports of small
businesses, as well as the practice of lending to the activities of these entities by banks and non-
bank credit organizations.
Therefore, at present, domestic small businesses are faced with acute problems of
solvency and financial stability. Increasing the efficiency of investment activities by ensuring
INTERNATIONAL JOURNAL OF ARTIFICIAL INTELLIGENCE
ISSN: 2692-5206, Impact Factor: 12,23
American Academic publishers, volume 05, issue 05,2025
Journal:
https://www.academicpublishers.org/journals/index.php/ijai
page 1986
the quality of investment decisions is one of the supporting mechanisms that normalize the
activities of any enterprise and its recovery from the crisis.
Among the stages of investment activity of a small enterprise, the following three basic
rules can be distinguished: making a decision to invest, making investments and choosing a
newly created object of investment activity.
By dividing KBHT subjects into micro, small, medium and large categories, and districts
and cities into 5 categories, a targeted system of entrepreneurship support was created . That is
why the President of our country, on September 4, 2023, “On additional measures to increase
the role and share of microfinance services in the development of entrepreneurship” No. PQ-
292 to support entrepreneurship, indicated that work on [2] will continue at a rapid pace.
Systemic measures are being implemented in such areas as comprehensive support for the
development of the CBHT sector at the regional level, its financial support, as well as
increasing its share in GDP, GNI, and creating a favorable climate. business environment.
However, it cannot be said that the development processes of KBHT are steadily growing in all
regions of our republic.
Figure 1. Share of small business and private entrepreneurship in GDP, %
[17]
The increase in the share of small businesses and private entrepreneurship in GDP is the
result of reforms carried out to increase the volume of products they produce. By the way, in
recent years (2010 – 2023), the share of KBXT in GDP has decreased by 9.6 percent and in
2023 will be 51.2 percent (Figure 1).
Therefore, it is necessary to further improve and increase the efficiency of the
organizational and economic mechanisms for the development of the CFTS in the regions,
strengthening their role in foreign economic activity, and make full use of the opportunities to
increase the income of the population. population by providing employment, developing CFTS
subjects at different levels in the regions. It is important to evaluate factors and trends using
modern statistical methods and develop regional development strategies.
Table 1
Share of small businesses and private entrepreneurship in the volume of investments in
fixed assets by region, %
[17]
Regions
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Republic
of
Uzbekistan
28.5 31.9 35.3 32.7 35.4 40.3 40.9 38.1 38
44.3 46
45.6 47.9
Republic
of
Karakalpakstan 33
26.7 53.9 17.9 12.3 12.2 17.4 36
28.4 35.3 35
29.8 26.7
INTERNATIONAL JOURNAL OF ARTIFICIAL INTELLIGENCE
ISSN: 2692-5206, Impact Factor: 12,23
American Academic publishers, volume 05, issue 05,2025
Journal:
https://www.academicpublishers.org/journals/index.php/ijai
page 1987
Andijan
45
43.9 41
47.2 52.1 58
60.9 63.9 57.7 61.7 59.8 56.1 59
Bukhara
12.8 18.3 16.7 19.4 21
24.9 17.7 11.6 28.1 50.7 39.1 35.2 45.1
Jizzakh
50.1 47.7 47.6 38.9 44
62.9 60.8 60.1 45.1 64.9 78.1 68.9 72.1
Kashkadarya
23.3 18
15.1 14.1 13.9 19
21.4 14.4 12.6 30.5 17.9 25.7 26.9
Navoi
12.7 22.6 23
24.8 27
33.2 22.2 26
14.3 16.6 31.5 39.5 42.8
Namangan
40.7 54.2 55.5 51.9 39.7 49.6 55.7 50.5 37.3 52.2 70.6 66.3 65.2
Samarkand
42.7 49.7 50.8 48.2 57.5 65.7 65.2 65.3 59.8 61
62.6 56.2 60.5
Surkhandarya
31.8 33.6 40.9 37.7 45.1 54.6 56.3 38.6 39.6 73.3 42.9 47.7 49.5
Syrdarya
31
25.6 29.9 29.1 25.7 37.4 44.9 48.5 54.2 54.5 42.8 55.3 76.5
Tashkent
25.9 28.2 38.7 29.2 36.2 36.8 42.4 45.8 39.5 41.7 38.9 48.4 36.8
Fergana
37.5 40.4 41.1 33.8 42.3 57.9 55.3 55.2 54.3 63.6 62
60.5 62
Khorezm
55.5 47.4 49.5 32.9 45.8 59.8 64.6 57.5 48.9 60.7 63.1 55.6 52.4
Tashkent
highway
32.8 36.1 38.3 49.2 56.4 58.2 51.8 52.2 53.6 39.8 43.1 39.7 41.6
The results of an economic analysis of the activities of small businesses and private
entrepreneurship show that investments are distributed unevenly across the regions of this
sector. In 2022, the share of KBHT in the total volume of investments in fixed assets in our
republic amounted to 47.9 percent, and in terms of regions, the regions below the republican
indicator are the Republic of Karakalpakstan (26.7), Kashkadarya (26.9), Navoi (42.8 ). ,
Tashkent (36.8), Tashkent city (41.6) percent. We see that other regions exceed the republican
indicator (Table 1).
CONCLUSIONS AND SUGGESTIONS
Investments are of great importance in the development of the industrial sector of our
country. the widespread use of international experience in regional development through
investment, the implementation of state policy aimed at the wider use of internal resources for
the economy, a positive solution to existing shortcomings and problems are pressing issues of
our time.
In order to increase the efficiency of investment policy in the regions of our country,
ensure a favorable investment environment and further increase the influx of foreign capital, it
is necessary to implement the following measures in the main areas:
- In order to further increase foreign investment for the development of CBHT, it is
necessary to improve the provision of the legal framework that ensures their effective operation
and strengthen mutual cooperation relations;
- strengthening the possibility of free operation of small joint ventures created in our
country and access to foreign markets;
- introduction of internal and external investments, evenly distributed across all regions,
for the sustainable development of the regions. Also to familiarize investors with information
about the potential and broad opportunities of the regions and develop a mechanism for creating
greater interest and inclination towards them.
List of used literature:
1. O‘zbekiston
Respublikasi
Prezidenti
Shavkat
Mirziyoevning
Oliy
Majlisga
Murojaatnomasi. //Xalq so‘zi, 2018 y. 29 dekabr.
INTERNATIONAL JOURNAL OF ARTIFICIAL INTELLIGENCE
ISSN: 2692-5206, Impact Factor: 12,23
American Academic publishers, volume 05, issue 05,2025
Journal:
https://www.academicpublishers.org/journals/index.php/ijai
page 1988
2. O‘zbekiston Respublikasi Prezidentining “Tadbirkorlik faoliyatini rivojlantirishda
mikromoliya xizmatlarining o‘rni va ulushini oshirish bo‘yicha qo‘shimcha chora-tadbirlar
to‘g‘risida”gi PQ-292-son Qarori. Toshkent sh., 2023 yil 4 sentyab.
3. O‘zbekiston Respublikasi Prezidentining “Oilaviy tadbirkorlikni rivojlantirish dasturlari
doirasida aholining biznes tashabbuslarini qo‘llab-quvvatlashni yangi bosqichga olib
chiqishga doir qo‘shimcha chora-tadbirlar to‘g‘risida”gi PQ-39-son Qarori. Toshkent sh.,
2023 yil 31 yanvar.
4. Mamut M.V. Mikrofinansirovanie: novыe vozmojnosti finansovokreditnoy sistemы.//
Bankovskoe delo. – Moskva, 2009. - № 4.– S. 96 - 99.
5. Muxammad Yunus, Alan Joli. Sozdavaya mir bez bednosti: sotsialnыy biznes i buduщee
kapitalizma. Per. s angl. – M.: Alpina Pablisherz, 2010. – 307 s.
6. Allen F., Gale D. Comparing Financial Sestems. – Cambridge, Mass: MIT Press, 2000. – P.
42.
7. Berkinov B.B. Oilaviy tadbirkorlik salohiyatini oshirish yo‘llari. Monografiya. – T.,2019 y.
21b.
8. Alimardonov I.M. Kichik biznes sub’ektlarini moliyalashtirishning ayrim dolzarb
masalalari. //Iqtisodiyot va innovatsion texnologiyalar. 5-son, sentyabr-oktyabr, 2017 yil 3
b.
9. RM Eshdavlatovich, SS Nosirovich, GS Baxodirovich, KS Elamanovich. Improving The
Benthofauna In The Fishery As An Indicator Of The Ecological Condition Of The Water
Bodies.
Int.
J.
of
Aquatic
Science,
2021.
https://scholar.google.com/citations?view_op=view_citation&hl=ru&user=-
6eluLQAAAAJ&citation_for_view=-6eluLQAAAAJ:u5HHmVD_uO8C
10. SN Sayfullaev. PANDEMIYa ShAROITIDA OILAVIY TADBIRKORLIKNI
MOLIYaVIY QO‘LLAB-QUVVATLAShNI STATISTIK O‘RGANISh. Arxiv nauchnыx
issledovaniy,
2022.
https://scholar.google.com/citations?view_op=view_citation&hl=ru&user=-
6eluLQAAAAJ&citation_for_view=-6eluLQAAAAJ:UeHWp8X0CEIC
11. SS Nosirovich, Kichik biznes va xususiy tadbirkorlikga kiritilgan investisiyalarni statistik
baholash. Oriental renaissance: Innovative, educational, natural and social sciences, 2021.
https://scholar.google.com/citations?view_op=view_citation&hl=ru&user=-
6eluLQAAAAJ&citation_for_view=-6eluLQAAAAJ:d1gkVwhDpl0C
12. Xujakulov X.D., Sayfullaev S.N. Innovason iqtisodiyot sharoitida kichik biznes va xususiy
tadbirkorlik rivojlanishini statistik baholash. “O‘zbekiston statistika axborotnomasi” ilmiy
elektron
jurnali.
2020,
1-son.
https://scholar.google.com/citations?view_op=view_citation&hl=ru&user=-
6eluLQAAAAJ&citation_for_view=-6eluLQAAAAJ:IjCSPb-OGe4C
13. Sayfullaev S.N. Hududlarni innovason rivojlanishida kichik biznes va xususiy tadbirkorlik
faoliyatini panel tahlili asosida ekonometrik modellashtirish. “Moliya” ilmiy jurnali, 2023.
2-son.
https://scholar.google.com/citations?view_op=view_citation&hl=ru&user=-
6eluLQAAAAJ&citation_for_view=-6eluLQAAAAJ:5nxA0vEk-isC
14.
Sayfullayev S.N. Statistical analysis of the status and development of small
entrepreneurship in Uzbekistan //SAARJ Journal on Banking & Insurance Research. –
2020.
–
T.
9.
–
№.
4.
–
S.
91-96.
https://scholar.google.com/citations?view_op=view_citation&hl=ru&user=-
INTERNATIONAL JOURNAL OF ARTIFICIAL INTELLIGENCE
ISSN: 2692-5206, Impact Factor: 12,23
American Academic publishers, volume 05, issue 05,2025
Journal:
https://www.academicpublishers.org/journals/index.php/ijai
page 1989
15. Sayfullaev, S. (2023). Statisticheskaya otsenka i prognozirovanie predprinimatelskoy
aktivnosti na territoriyax respubliki Uzbekistan. Mejdunarodnыy byulleten prikladnoy
nauki
i
texnologiy,
3(5),
237–244.
Polucheno
s
https://researchcitations.com/index.php/ibast/article/view/1369.
16. O‘zbekiston Respublikasi Markaziy banki ma’lumotlari //
cbu.uz.
17. O‘zbekiston Respublikasi Prezidenti huzuridagi statistika agentligi ma’lumotlari //
stat.uz.
