THE AVAILABILITY OF FINANCIAL SOURCES TO SMALL AND MEDIUM-SIZED ENTERPRISES FROM NON-BANKING INSTITUTIONS IN THE REPUBLIC OF NORTH MACEDONIA

This paper examines the challenges and perspectives of SMEs in North Macedonia. The study was conducted through a survey for small and medium-sized enterprises in the country, which revealed significant challenges in access to finance, skilled labor, high taxes, administrative burdens, and limited market access. These challenges hinder the growth and development of SMEs, thereby affecting their contribution to the country's economy. Despite the challenges, small and medium-sized enterprises in North Macedonia represent a significant potential for growth and development, which is seen in their contribution to GDP and the country's employment. To address the challenges faced by SMEs, the government and other stakeholders must prioritize measures that reduce the tax burden on SMEs, simplify administrative procedures, provide export subsidies, invest in transport infrastructure, and explore alternative financing options. Investing in education and training programs tailored to the needs of SMEs will help address the skills gap and increase productivity. The study recommends that the government use opportunities such as the country's strategic location to attract foreign investment, promote trade and create favorable conditions for small and medium enterprises. Small and medium-sized enterprises in North Macedonia face significant challenges, but they represent significant potential for growth and development.