The author discusses SME activities in Russian regions with account of the innovative development of the Russian Federation federal subject. Russian Regional Innovative Index (RRII) developed by the National Research University “Higher School of Economics” was used as an integral indicator of regional innovative development. The ranks of Russian federal subjects were compared by RRII and its constituent components, as well as main indices of SME activities. The analysis results allow us to draw the conclusion that there is a medium positive correlation between the indices of SME activities in a region and regional innovative development.