OCDE - Financing SMEs and Entrepreneurs 2026 - Ucrania de 2026

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FINANCING SMES AND ENTREPRENEURS 2026: UKRAINE © OECD 2026

Key facts on SME financing Despite the devastating impact of the large-scale Russian aggression, the Ukrain ian economy continues to demonstrate resilience. The war has led to a range of interconnected problems and challenges faced by businesses, including the destruction of energy, transport, and other critical i nfrastructure, as well as the production facilities of certain enterprises; the continuous outflow of population fro m the country, which further destabilises the labour market and restrains domestic demand; logistical diffic ulties; and other issues. Taken together, these factors significantly complicate business planning and suppress economic activity. Nevertheless, thanks to a high level of adaptability to challenging conditions and systematic financial support from international partners, the Ukrainian economy continued to recover in 2024, albeit at a slower pace than in 2023. In 2024, GDP grew by 2.9%, compared to 5.5% in 2023. The lack of sufficient capital continues to be one of the main challenges con straining business development. This is compounded by a relatively weak domestic market and limited opportuniti es to expand exports. At the same time, lending is becoming an increasingly important source of business financing. Steady growth in bank lending to SMEs was observed throughout 2024. Currently, business demand for hryvniadenominated loans is at its highest level since 2021. This trend is supported by improved lending conditions, particularly lower interest rates. The quality of the loan portfolio has also improv ed, with the share of nonperforming loans showing a declining trend. The revival of bank corporate lending has significantly reduced the need for state-subsidised loans. Nevertheless, the Government continues to implement the preferential business lending prog ramme “5-7-9%,” launched in 2020. Currently, lending under this programme is carried out in the following priority areas: financing business entities in critical sectors of the economy, particularly manufacturing an d agricultural production; reconstruction of fixed assets destroyed as a result of military aggression; support for businesses operating in

launched in 2020. Currently, lending under this programme is carried out in the following priority areas: financing business entities in critical sectors of the economy, particularly manufacturing an d agricultural production; reconstruction of fixed assets destroyed as a result of military aggression; support for businesses operating in areas where hostilities are or were taking place; financing of enterprises engaged in ener gy services and the construction and installation of energy generation facilities, among others. The prac tical implementation of the state financial support programme is carried out through the integration of its priority conditions into banks’ own lending products. Ukraine2 

FINANCING SMES AND ENTREPRENEURS 2026: UKRAINE © OECD 2026

Table 1. Scoreboard for the Ukraine Indicator Unit 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Debt Outstanding business loans, SMEs UAH billion 445 447 435 456 476 462 492 521 Outstanding business loans, total UAH billion 271 460 482 520 597 626 716 809 807 837 845 874 761 737 774 772 757 820 Share of SME outstanding loans % of total outstanding business loans 52.65 51.19 57.23 61.83 61.47 59.76 65.02 63.52

Share of SME outstanding loans % of total outstanding business loans 52.65 51.19 57.23 61.83 61.47 59.76 65.02 63.52 New business lending, total UAH billion 627 724 685 958 1 079 1 121 1 330 1 231 1 213 1 446 1 686 2 283 2 719 2 823 3 247 2 224 1 859 2 003 New business lending, SMEs UAH billion 687 810 802 1142 737 761 1 053 Share of new SME lending % of total new lending 30.07 29.78 28.42 35.18 33.15 46.57 52.58 Outstanding short-term loans, SMEs UAH billion 201 217 215 244 276 262 264 266 Outstanding long-term loans, SMEs UAH billion 244 231 220 211 199 200 228 254 Share of short-term SME lending % of total SME lending 45.23 48.40 49.49 53.61 58.01 56.57 53.62 51.13 Government loan guarantees, SMEs UAH billion 3.6 28.4 31.4 33.1 Government guaranteed loans, SMEs Thousands issued 4.2 16.7 18.9 21.8 Interest rate, SMEs % 17.44 17.65 13.97 11.74 15.20 18.50 17.23

Government guaranteed loans, SMEs Thousands issued 4.2 16.7 18.9 21.8 Interest rate, SMEs % 17.44 17.65 13.97 11.74 15.20 18.50 17.23 Interest rate, large firms % 15.54 14.09 8.69 7.39 13.76 16.96 13.11 Interest rate spread Percentage points 1.90 3.56 5.27 4.35 1.44 1.54 4.12 Non-bank finance Venture and growth capital UAH billion 61.2 75.9 100.3 121.6 148.7 173.3 202.9 232.2 225.6 257.2 296.2 338.7 407.8 526.8 530.2 590.2 675.5 Venture and growth capital (growth rate) % 24.01 32.22 21.20 22.34 16.51 17.07 14.43 -2.83 14.01 15.19 14.32 20.40 29.19 0.65 11.32 11.44 Leasing and hire purchases UAH billion 11.7 7.8 2.2 3.5 8.7 9.4 24.9 6.1 5.0 9.8 13.0 22.2 26.2 26.1 39.8 12.3 21.7 23.6

Factoring and invoice discounting UAH billion 0.5 1.4 1.5 6.4 6.8 11.7 10.0 23.5 16.6 16.9 31.4 48.1 56.5 84.8 72.4 46.7 67.0 59.3 Other indicators Bankruptcies, all businesses Number of subjects of entrepreneurial activity 9 540 7 168 6 098 6 292 6 007 4 920 4 075 3 260 3 173 3 319 3 404 3 603 3 652 Bankruptcies, all businesses (growth rate) % -24.9 -14.9 3.18 -4.53 -18.1 -17.2 -20 -2.67 4.60 2.56 5.85 1.36

Source: See Table 2. 3

FINANCING SMES AND ENTREPRENEURS 2026: UKRAINE © OECD 2026

Macroeconomic and financing conditions The post-pandemic recovery was disrupted by Russia ’s large-scale aggression in Ukraine. Significant labour and financial resources have been redirected towards the war effort, while major indu strial centres and agricultural lands have been occupied. Between February 24, 2022, and July 20 25, the Office of the United Nations High Commissioner for Human Rights recorded 49,431 civilian casualties in Ukraine: 13,883 killed and 35,548 injured. The actual scale of harm inflicted on the civilian population, both in terms of casualties and infrastructure damage, is likely considerably higher, as many reports of such harm, particularly from the early stages of the invasion, cannot be verified due to the volume of reports and the lack of access to affected areas.

35,548 injured. The actual scale of harm inflicted on the civilian population, both in terms of casualties and infrastructure damage, is likely considerably higher, as many reports of such harm, particularly from the early stages of the invasion, cannot be verified due to the volume of reports and the lack of access to affected areas. In addition, about one-third of the population has been displaced, either internal ly or abroad. According to the UN, around 7 million people, mostly women and children, have left the country. According to the World Bank’s Rapid Damage and Needs Assessment (RDNA4), as of December 31, 2024, the physical damage i nflicted on buildings and infrastructure by the war amounted to USD 176.1 billion. Production capacity has been further impaired by additional disruptions in supply chains, the blockade of seaports, and a large-scale electricity shortage. As a result, in 2022 , the first year of Russia ’s large-scale aggression, GDP contracted by 28.8%. In 2023, thanks to the economy ’s high adaptability and international financial support, the recovery was quite dynamic, GDP growth already reached 5.5%. In 2024, these factors continued to play a role; however, the pace of recovery slowed, and GDP grew by 2.9%. According to preliminary estimates by the Ministr y of Economy, over the first seven months of 2025 GDP grew by 0.9% (according to the State Statistic s Service’s operational estimate, real GDP in Q1 2025 increased by 0.9% compared to Q1 2024). Among the mos t affected sectors is industry, reflecting the high concentration of heavy industry in combat zones, as we ll as agriculture. Less affected sectors include services, particularly the IT sector, which is largely located ou tside conflict areas and has been able to adapt relatively easily to wartime conditions due to growing demand for digital solutions, including from the state. Output in the construction sector is supported by the completion of unfinished projects and reconstruction efforts. In addition, activity in the defence industry continues to expand, while consumerhas been able to adapt relatively easily to wartime conditions due to growing demand for digital solutions, including from the state. Output in the construction sector is supported by the completion of unfinished projects and reconstruction efforts. In addition, activity in the defence industry continues to expand, while consumeroriented sectors, such as retail trade, maintain operations thanks to the gradual recovery of consumer demand. These trends are reflected in strengthening business confidence and are reinforced by a stable energy situation and government support programmes. Exports have benefited from greater trade openness with the European Union and the resumption of agricultural exports through seaports. The improvement in the economic situation has also enc ouraged more refugees to return. Nevertheless, private consumption remains subdued due to declining employment a nd relatively high inflation (the current level of inflation reflects the destructive consequences of ho stilities on Ukrainian territory, which significantly reduces the effectiveness of traditional monetary tools to curb it, since the main drivers of domestic inflation are not only economic but also exceptional, war-induced factors). 2024 saw mounting inflationary pressures, with consumer inflation reaching 12% year-on-year. The main drivers of inflation were high production costs (rising prices for electricity, logist ics, and raw materials, along with growing labour costs) and supply constraints (a poor harvest in 2024 due to drought, combined with growing export volumes, reduced the domestic supply of certain agricultural products) . Inflation peaked in May 2025, accelerating to 15.9% year-on-year, but has since begun to ease, standing at 14.1% in July 2025. Overall, thi s downward price trend is expected to conti nue thanks to the gradual “exhaustion” of excessive cost pressures, along with prudent monetary and fiscal policies. Public finances remain under severe strain. Since all domestic revenues are fully allocated to defence spending, civil government expenditures remain critically dependent on external financial assistance. In such extraordinarily difficult conditions, the Government and the National Bank must constantly balance the need to stimulate economic growth, finance the budget deficit, curb inflation, ensure currency stability, and build up reserves.4 

civil government expenditures remain critically dependent on external financial assistance. In such extraordinarily difficult conditions, the Government and the National Bank must constantly balance the need to stimulate economic growth, finance the budget deficit, curb inflation, ensure currency stability, and build up reserves.4 

FINANCING SMES AND ENTREPRENEURS 2026: UKRAINE © OECD 2026

SMEs in the national economy SMEs play an exceptional role in Ukraine’s economic recovery. As of early 2024, SMEs accounted for 99.97% of all registered business entities and provided about 82.2% of jobs created in the bu siness sector. In 2023, SMEs generated 70.5% of the country ’s GDP. Although this figure is slightly lower than in 2022 (72.4%), it is higher than before the full-scale invasion (66.1%), which demonstrates the high resil ience of SMEs during wartime and their ability to adapt to difficult external circumstances. Taking into account the need to support and develop SMEs, the Government has approved the Strategy for the Recovery, Sustainable Development, and Digital Transformation of Small and Medium-Sized Enterprises until

2027. Its goal is to improve state policy in the field of SME developmen t and support as a key sector of the national economy under the conditions of the full-scale armed aggression of the Russian F ederation against

Ukraine. SME lending In 2024, lending to small and medium-sized enterprises (SMEs) became one of the most dynamic segments of Ukraine’s financial market. Following a moderate recovery in 2023, the banking sec tor shifted to an active expansion of corporate lending, with SMEs remaining a key driver of this process. The v olume of net hryvniadenominated business loans increased by more than 20 per cent in 2024, w hile demand for financing reached its highest level since the end of 2021. At the same time, the financial condition of SMEs attracting debt capital improved significantly. A substantial share of corporate borrowers demonstrated strong solvency, their debt burden remained at a sustainable level,

its highest level since the end of 2021. At the same time, the financial condition of SMEs attracting debt capital improved significantly. A substantial share of corporate borrowers demonstrated strong solvency, their debt burden remained at a sustainable level, and default rates returned to the levels observed in 2021. As a result, businesses gained improved access to working capital, their dependence on state financial support programmes declined, and recovery and modernisation projects intensified, including increa sed SME investment in energy resilience and energy self-sufficiency. At the same time, state and international credit guarantee schemes continue to pl ay an important role. By partially covering banks’ credit risks, these instruments enable lending to a br oader range of enterprises. According to estimates by the National Bank of Ukraine (NBU), approximately one quarter of performing hryvniadenominated business loans are already covered by portfolio guarantees. In addition, Ukraine’s international reserves reached a record-high level of USD 43.8 billion at the end of 2024. This is expected to contribute to exchange rate stability, a reduction in macroeconomic risks, and further growth in business lending. Credit conditions According to all key financial indicators, the availability of financial resources for businesses in 2024 was better than in 2023. Lending conditions for SMEs also improved substantially during the year. This improvement was driven by the gradual decline in market lending rates followi ng the easing of the NBU’s monetary policy, the strengthening financial position of SME borrowers, lower c redit risks, the high liquidity of the banking sector, and increased competition among banks. An important factor supporting the further improvement of lending conditions is the high level of banki ng sector liquidity, which indicates the availability of sufficient resources to finance bu sinesses. At the same time, banks’ funding base continues to expand owing to growth in deposits. In 2024, hryvnia-denominated corporate deposits 5

FINANCING SMES AND ENTREPRENEURS 2026: UKRAINE © OECD 2026

funding base continues to expand owing to growth in deposits. In 2024, hryvnia-denominated corporate deposits 5

FINANCING SMES AND ENTREPRENEURS 2026: UKRAINE © OECD 2026

increased by 19 per cent, household deposits grew by 12 per cent, and the total v olume of hryvnia deposits reached UAH 1.9 trillion. Nevertheless, the ongoing war remains the principal factor constraining further improve ments in lending conditions. Russia’s continuing full-scale invasion increases risks for both banks and businesses and limits the scope for credit expansion. Given the persistently elevated wartime risks, the prerequisites for a full return to pre-war lending conditions are not yet in place. Government policy response In 2024, within the framework of the “Affordable Loans 5 -7-9%” programme, more than 25,000 contracts were signed for a total amount of UAH 94.7 billion, of which the largest volumes we re issued for: working capital replenishment, UAH 23 billion; manufacturing enterprises, UAH 23.7 billion; loans in areas of military risk – UAH 21.9 billion; investment loans , UAH 20 billion. Thus, although the share of loans provided under the “5 -7-9%” preferential business lending programme in the total credit portfolio somewhat decreased in 2024, the programme nevertheless remains an effective instrument of state financial support for business entities. The implementation of the state grant programme for non-repayable financial support to businesses, “eRobota,” also continues. This government programme consists of several components, differing in their objectives and grant conditions. In addition to addressing business financing challenges, the pr ogramme contributes to other goals, including job creation, increased contributions to the social insurance fund, boosting business activity in regions close to the frontline, and supporting population groups requiring inclusion (such as youth and women’s entrepreneurship). For example, the most prominent component of the “eRobota” project is the “Vlasna sprava”

goals, including job creation, increased contributions to the social insurance fund, boosting business activity in regions close to the frontline, and supporting population groups requiring inclusion (such as youth and women’s entrepreneurship). For example, the most prominent component of the “eRobota” project is the “Vlasna sprava” grant programme, under which, since 2022, 29 000 entrepreneurs have received micro-grants totalli ng more than UAH 7 billion. According to the Ministry of Economy, this has enabled the creation of over 52 000 jobs and generated approximately UAH 9 billion in additional tax revenues and contributions to the social insurance fund.t At the same time, the Government continues to develop this programme, improving both t he grant allocation mechanism (e.g., expanding the network of partner banks through which state grants are provided) and focusing on the needs of specific categories of entrepreneurs (such as separate grant conditions for y outh or creative industry entrepreneurs), as well as achieving social and other important objectives (e.g., grants for establishing and developing private kindergartens). Thus, although the budget of this state programme remains modest relative to the scale of the national economy, given its effectiveness, the Governme nt plans to further increase the volume of grants provided to businesses. Another important component of the “eRobota” programme is the provision of grants for the establishment or development of processing enterprises in specific priority industrial sectors. Th is programme aims to shift the national economy away from a raw material orientation towards increasing the production of finished goods with higher added value. Grants can be provided for the acquisition of both fixed prod uction assets and intangible assets, as well as for applied research and scientific-technical (experimental) developments, thereby enhancing the innovative component of the economy. Since the launch of this programme component in 2022, more than 1 000 grants totalling about UAH 5.3 billion have been provided to manufacturing enterprises. In addition, the Government continues to design and implement other mechanisms of business financing. For instance, a state programme of preferential lending for defence industry producers, introduc ed at the end of

1 000 grants totalling about UAH 5.3 billion have been provided to manufacturing enterprises. In addition, the Government continues to design and implement other mechanisms of business financing. For instance, a state programme of preferential lending for defence industry producers, introduc ed at the end of 2024, aims not only to improve business financing but also to strengthen the country’s defence capability. The procedure for providing state guarantees on a portfolio basis is approved by the Resolution of the Cabinet of Ministers of Ukraine dated July 14, 2021 No. 723 "Some issues of providing sta te guarantees on a portfolio basis". The purpose of providing guarantees on a portfolio basis is to support mi cro, small and medium-sized businesses in Ukraine by simplifying access to bank financing for enterprises. S tate guarantees on a portfolio basis are provided to banks participating in the programme that meet the requireme nts of Resolution 723, according to their applications, provided that there is a free balance of the stat e guarantee limit in the state6 

FINANCING SMES AND ENTREPRENEURS 2026: UKRAINE © OECD 2026

budget for the relevant year. Due to state guarantees on a portfolio basis, participating bank s have the opportunity to independently form a portfolio of loans, the obligations of which are partially secured by a state guarantee on a portfolio basis (up to 50-80% of the principal debt obligations for the loan portfolio and up to 7080% for each a separate loan). The presence of such a state guarantee enables participating banks to relax the requirements for other security for borrowers to receive loans. JSC "Ukreximbank" is designated by the Ministry of Finance as an agent under this programme. Another programme, which is playing an important role in support of SMEs is the state programme Affordable Loans 5–7–9%, which was launched in February 2020. This programme is implemented by the Government of Ukraine through the Business Development Fund (which is under the mandate of the Mi nistry of Finance). During the first years of the full-fledged war, this programme had been the primary driver of the provision of

Loans 5–7–9%, which was launched in February 2020. This programme is implemented by the Government of Ukraine through the Business Development Fund (which is under the mandate of the Mi nistry of Finance). During the first years of the full-fledged war, this programme had been the primary driver of the provision of credit financing to businesses. Today role of the programme is decreasing, as l oans on business terms are reviving. Business Development Fund also provides its own credit guarantee s distinct from guarantees on a portfolio basis. As credit risk remains key for banks, the NBU has launched a resilience assessment of the banks and banking sector to determine the actual quality of the loan portfolio and to assess the potential capital needs. This year (2025), 21 largest banks will undergo the assessment. The banks with identified needs for a capital increase will draw up action plans for capital recovery. Figure 1. Trends in SME and entrepreneurship finance in the Ukraine

Source: See Table 2.

0 100 000 200 000 300 000 400 000 500 000 600 000 700 000 800 000 900 000 1000 000

A. SME loans and total business loans Annual, in UAH million Business loans, SMEs Business loans, total

0 50 000 100 000 150 000 200 000 250 000 300 000 2017 2018 2019 2020 2021 2022 2023 2024

B. Short and long-term business loans Annual, in UAH million Short-term business loans Long-term business loans

0 100 200 300 400 500 600 700 800

C. Venture and growth capital invested, Annual, in UAH million Venture and growth capital

0 2 000 4 000 6 000 8 000 10 000 12 000 201220132014201520162017201820192020202120222023 2024

D. Bankruptcies, Annual, number of bankruptcies Bankruptcies, total 7

0 2 000 4 000 6 000 8 000 10 000 12 000 201220132014201520162017201820192020202120222023 2024

D. Bankruptcies, Annual, number of bankruptcies Bankruptcies, total 7

FINANCING SMES AND ENTREPRENEURS 2026: UKRAINE © OECD 2026

Table 2. Sources and definitions of the Ukraine Scoreboard Indicator Definition Source Debt Outstanding business loans, SMEs Loans granted to SMEs, which are related to other financial corporations, nonfinancial corporations, individual entrepreneurs (outstanding amounts at end of period) National Bank of Ukraine Outstanding business loans, total Loans granted to the corporate sector (outstanding amounts at end of period) National Bank of Ukraine New business lending, total New loans granted to the corporate sector National Bank of Ukraine New business lending, SMEs New loans granted to SMEs, which are related to other financial corporations, non-financial corporations, individual entrepreneurs National Bank of Ukraine Outstanding short-term loans, SMEs Short-term loans (original maturity up to 1 year) granted to SMEs, which are related to other financial corporations, non-financial corporations, individual entrepreneurs (outstanding amounts at end of period) National Bank of Ukraine Outstanding long-term loans, SMEs Long-term loans (original maturity more than 1 year) granted to the corporate sector (outstanding amounts at end of period) National Bank of Ukraine Interest rate, SMEs Interest rates on new loans granted to SMEs, which are related to other financial corporations, non-financial corporations, individual entrepreneurs National Bank of Ukraine Interest rate, large firms Interest rates on new loans granted to the large companies National Bank of Ukraine Interest rate spread The difference between the interest rates on new loans granted to SMEs and the interest rates on new loans granted to large enterprises which are related to other financial corporations, non-financial corporations, individual

National Bank of Ukraine Interest rate, large firms Interest rates on new loans granted to the large companies National Bank of Ukraine Interest rate spread The difference between the interest rates on new loans granted to SMEs and the interest rates on new loans granted to large enterprises which are related to other financial corporations, non-financial corporations, individual entrepreneurs (for the last month of the period) .. Non-bank finance Venture and growth capital Total capital invested (seed, round A, Round B, Growth, other) Ukrainian Venture Capital and Private Equity Association Leasing and hire purchases Article 1 of the Law of Ukraine "On financial leasing" (https://zakon.rada.gov.ua/laws/show/723/97-%D0%B2%D1%80)

1. Financial leasing (hereinafter - leasing) is a type of civil law relations arising from a financial lease agreement.

2. Under a financial lease agreement (hereinafter referred to as a leasing agreement), the lessor obligates to acquire ownership of the item from the seller (supplier) in accordance with the specifications and conditions established by the lessee and transfer it to the lessee for use for a specified period of not less than one year for the established fee (leasing payments) National commission for the state regulation of financial services markets Factoring and invoice discounting .. National commission for the state regulation of financial services markets Other indicators Bankruptcies, all businesses Subjects of entrepreneurial activity which were under the bankruptcy procedure (data is presented excluding Autonomous Republic of Crimea and city Sevastopol) Ministry of Justice of

Ukraine

References https://bank.gov.ua/ua/news/all/zvit-pro-finansovu-stabilnist-cherven-2024-roku https://bank.gov.ua/ua/news/all/zvit-pro-finansovu-stabilnist-gruden-2024-roku https://bank.gov.ua/ua/news/all/richniy-zvit-natsionalnogo-banku-ukrayini-za-2024-rik8 

https://bank.gov.ua/ua/news/all/zvit-pro-finansovu-stabilnist-gruden-2024-roku https://bank.gov.ua/ua/news/all/richniy-zvit-natsionalnogo-banku-ukrayini-za-2024-rik8 

FINANCING SMES AND ENTREPRENEURS 2026: UKRAINE © OECD 2026

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