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The Problems and Improvements in Lending to Small and Medium-Sized Businesses in Ukraine
Stoiko O. Y., Shubenko I. A.

Stoiko, Oleh Yа., and Shubenko, Inna A. (2025) “The Problems and Improvements in Lending to Small and Medium-Sized Businesses in Ukraine.” Business Inform 7:454–464.
https://doi.org/10.32983/2222-4459-2025-7-454-464

Section: Finance, Money Circulation and Credit

Article is written in Ukrainian
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UDC 336.77:658.14:334.722(477)

Abstract:
The purpose of the article is to examine the problematic aspects of lending to small and medium-sized enterprises (SMEs) in our country and to determine ways to improve it. It is found that the main creditors of SMEs are deposit corporations (excluding the National Bank of Ukraine): in 2024, the share of SME loans in the total volume of loans to business entities was 63.6%. It is determined that between 2019 and 2024, SME debt steadily increased, except in 2022, which was primarily due to a reduction in the issuance of new loans to entrepreneurs in the first year of the full-scale war. During the analyzed period, a positive trend was observed in issuing SME loans predominantly in the national currency, which minimizes currency risks and ensures the stability of the domestic financial system, especially under martial law conditions. It is further found that interest rates on loans for SMEs remain fairly high, although they are lower than the weighted average interest rate on new loans in the real sector of the economy. The necessity of State financial support for domestic small and medium-sized enterprises, particularly during wartime, has been substantiated. It has been determined that among the State business support programs, the most successful is the State program “Affordable Loans 5–7–9%,” due to its transparent procedures, the participation of nearly all domestic banks, and entrepreneurs’ willingness to work and grow under extremely challenging wartime conditions. It is determined that the program “Affordable Financial Leasing 5–7–9%” is primarily aimed at supporting micro and small enterprises. The important role of international financial institutions in financing domestic small and medium-sized businesses has been emphasized. Alternative models of lending to small and medium-sized enterprises (crowdfunding, P2P lending, microfinance, trade credit, rating platforms, opening a credit line) have been examined, taking into account their advantages and disadvantages. A SWOT analysis of SME lending in Ukraine under martial law has been conducted, considering the strengths and weaknesses of lending to entrepreneurs, potential opportunities, and real threats in the context of the Russian-Ukrainian war. Recommendations for improving the lending system for small and medium-sized enterprises in Ukraine have been proposed.

Keywords: SME lending, State business support programs, Entrepreneurship Development Fund, alternative sources of lending, business lending SWOT analysis.

Fig.: 2. Tabl.: 6. Bibl.: 13.

Stoiko Oleh Yа. – Candidate of Sciences (Economics), Associate Professor, Associate Professor, Department of Finance and Credit, Polissia National University (7 Staryi Blvd, Zhytomyr, 10008, Ukraine)
Email: [email protected]
Shubenko Inna A. – Candidate of Sciences (Economics), Associate Professor, Associate Professor, Department of Finance and Credit, Polissia National University (7 Staryi Blvd, Zhytomyr, 10008, Ukraine)
Email: [email protected]

List of references in article

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