Banks, guarantees, and war: how credit support for businesses works in Ukraine
23 January 16:09
In 2025, small and medium-sized businesses in Ukraine received UAH 35.4 billion in loans secured by state guarantees on a portfolio basis. These figures were released by the Ministry of Finance, according to "Komersant Ukrainian".
In total, 8,713 loans were issued to entrepreneurs during the year, of which 628 loans worth approximately UAH 3.4 billion were issued in December alone. The share of principal debt guaranteed by the state for December loans exceeded UAH 1.9 billion.
How the state guarantee instrument works
The portfolio-based state guarantee instrument has been in operation in Ukraine since December 2020. During this time, small and medium-sized businesses have received 52,312 loans totaling UAH 170.7 billion.
Thirty-three Ukrainian banks have joined the program, independently lending to businesses, with the state partially assuming the risks on the principal debt.
Current status of the portfolio
As of January 1, 2026, banks are servicing 21,589 loans totaling UAH 76.2 billion. Liabilities on the principal debt, partially secured by state guarantees, amount to UAH 34.9 billion, which is 54% of the total guarantee limit of UAH 64.5 billion.
Who lent the most
Large state-owned and systemic banks remain the most active participants in the program:
- PrivatBank — 13,939 loans worth UAH 18.8 billion (46% of the bank’s guarantee limit);
- Oschadbank — 3 , 179 loans worth UAH 12.2 billion (45% of the limit);
- Ukrgasbank — 1 , 000 loans worth UAH 10.3 billion (68% of the limit);
- FUIB — 748 loans worth UAH 8.9 billion (66% of the limit);
- Ukreximbank — 517 loans worth UAH 8.5 billion (55% of the limit).
In addition, Ukreximbank acts as a program agent, providing expert and advisory support to banks and entrepreneurs.
Where did the money go?
Most of the loans secured by state guarantees are serviced in the following sectors:
- agriculture — 3 ,753 loans worth UAH 25.5 billion;
- manufacturing — 4 ,959 loans worth UAH 23.7 billion;
- wholesale and retail trade, transport repair — 9 ,013 loans worth UAH 19.2 billion;
- transport and logistics — 1,099 loans worth UAH 2.2 billion;
- construction — 779 loans worth UAH 1.9 billion.
During the full-scale war, Ukrainian entrepreneurs received 47,162 loans with state guarantees worth UAH 160.2 billion. For many companies, this became a key source of working capital in conditions of high risk and limited access to financing.
The government has announced its intention to continue financing business support programs
In 2026, UAH 51.8 billion is earmarked for lending, mortgages, innovation development, and other instruments. The total public investment resource is expected to amount to UAH 111.5 billion, of which UAH 48 billion will come from the general fund and UAH 63 billion from grants and preferential loans from the special fund.
