The article discusses the impact of social contracts on the development of entrepreneurial activity in Russia. Social contracts provide low-income citizens with financial assistance and opportunities for self-sufficiency through starting their own business or professional retraining. Thus, the aim of the study is to analyze the effectiveness of social contracts and to develop recommendations for their improvement, which are an important instrument of social support for initiative citizens in the transition to self-sufficiency and improvement of their financial situation. The article considers the tools of social contracts support, reveals the advantages and disadvantages of such contracts. The high social significance of such contracts as drivers of economic growth of any state is emphasized, as through the implementation of such contracts new jobs are created, small and medium-sized businesses are actively developed, the unemployment rate is reduced, positively affecting the overall development of the country’s economy. Taking into account the importance of social contracts as drivers of growth of the Russian economy, the article suggests ways to improve the efficiency of social contracts realization, the structure of the business model of small business within the social contract is developed. Also, to improve the efficiency of social contracts implementation the international experience and the possibility of its adaptation to Russian conditions are considered.