EN
The article concerns issues connected with local finance and local economic development. The dissertation is based on the assumption that the existing system of stimulating economic development by local communities is not effective. The authoress indicates methods, financial instruments and local initiatives which enable to create a system of support being an actual answer to the needs of local entrepreneurship. The paper presents some instruments applied to stimulate local business through upgrading the level of innovations. The models of stimulation economic development shown in this article are based on research conducted in Zachodniopomorskie Region. These models are knowledge - based solution being the right answer to challenges posed by contemporary times.