22-23 years will be a period of funding crisis for small and medium-sized enterprises - Frank RG

There will be a decline in bank lending amidst the degradation of the economic environment, as well as accumulated problems, and thus a deterioration of payment discipline on the part of SMEs.

The only thing that can support lending is the continuation of SME financial support programs, which already overshadowed those at the beginning of this year during the spread of the coronavirus.

Public debt is not the answer, either. All is not well here: the high-yield bond (HYB) segment is all but dead. And while companies need to refinance, the question is whether the main investor in VDOs, an individual, will want to buy such bonds and, if so, at what premium.

For very small businesses, however, crowdfunding and direct borrowing remain, experts say.