Crowdlanding as an alternative tool for overcoming barriers to SME financing in the context of the formation of an efficient economy

The proposed article is devoted to the analysis of crowdlanding as an alternative mechanism for attracting debt financing for small and medium–sized businesses in the context of current challenges and trends. Based on the macroeconomic analysis, it is illustrated that a sharp rise in the cost of borrowed funds (in 2025 loans for SMEs reached 30%), a decrease in the availability of preferential programs and an increased tax burden in 2026 created the prerequisites for a «paralysis of investment activity» in the small business sector. Compression of traditional bank lending (decrease in the growth rate of the portfolio to 1.7%, against 16.6% a year earlier) This is combined with a reduction in direct financial support from the state (by 43%). The transition to targeted incentives for enterprises correlates with the transformation of the national project «Small and medium–sized enterprises and support for individual Entrepreneurship initiatives» from 2025 into a federal one, implemented in accordance with the national project «Efficient and Competitive Economy» and requires entrepreneurs to search for alternative financing configurations.In this regard, crowdlanding, which provides loans through digital platforms (JetLend, VDelo, Stream, etc.), is considered as a tool that corresponds to the logic of an «efficient economy»: it does not require budget expenditures, provides quick access to capital (48 hours application evaluation) and does not dilute ownership control (unlike equity financing).