The article considers the relationship of social capital, institutional and interpersonal trust, and entrepreneurial activity on the data of the Arkhangelsk Oblast. The authors, following R. Putnam, analyti-cally distinguish two types of social capital — bonding and bridging. The level of the former is measured by interpersonal trust indices, while the latter is measured by general and institutional trust indices. Based on the analysis of the sociological survey results, conducted by the authors of the article, it is shown that the level of bonding capital, based on trust in the nearest social environment, is quite high in the Arkhangelsk Oblast, but there is a shortage of bridging capital that based on trust in public institutions and civil solidarity. It is shown that the deficit of bridging social capital, associated with a low level of trust in institutions, increases the transaction costs of market agents like entrepreneurs, which negatively affects the implementation of the region's entrepreneurial potential. Thus, it is proved that the amount of social capital is a key non-economic factor that reduces the investment rating and entrepreneurial activity indicators in the region against the backdrop of low dynamics of gross regional product and population incomes and increasing government spending to stimulate small and medium-sized businesses.