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 35.4 billion hryvnia in loans backed 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 over the course of the year, of which 628 loans totaling approximately UAH 3.4 billion were issued in December alone. The principal amount 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 effect in Ukraine since December 2020. During this time, small and medium-sized businesses have received 52,312 loans totaling 170.7 billion UAH.
Thirty-three Ukrainian banks have joined the program, providing loans to businesses independently, while the state assumes part of the risk on the principal debt.
As of January 1, 2026, banks are servicing 21,589 loans totaling UAH 76.2 billion. Principal debt obligations, partially secured by state guarantees, amount to UAH 34.9 billion —this is 54% of the total guarantee limit of UAH 64.5 billion.
Who Lended the Most
The most active participants in the program remain large state-owned and systemic banks:
- PrivatBank — 13 , 939 loans totaling UAH 18.8 billion (46% of the bank’s guarantee limit);
- Oschadbank — 3 , 179 loans totaling UAH 12.2 billion (45% of the limit);
- Ukrgasbank — 1 , 000 loans totaling 10.3 billion UAH (68% of the limit);
- FUIB — 748 loans totaling UAH 8.9 billion (66% of the limit);
- Ukreximbank — 517 loans totaling UAH 8.5 billion (55% of the limit).
In addition, Ukreximbank acts as the program’s agent, providing expert and advisory support to banks and entrepreneurs.
Where the money went
The largest number of loans secured by state guarantees are serviced in the following sectors:
- agriculture — 3 ,753 loans totaling 25.5 billion UAH;
- manufacturing — 4 ,959 loans totaling 23.7 billion UAH;
- wholesale and retail trade, vehicle repair — 9 ,013 loans totaling 19.2 billion UAH;
- transport and logistics — 1 ,099 loans totaling 2.2 billion UAH;
- construction — 779 loans totaling 1.9 billion UAH.
During the full-scale war, Ukrainian entrepreneurs received 47,162 state-guaranteed loans totaling 160.2 billion UAH. For many companies, this became a key source of working capital amid high risks and limited access to financing.
In 2026, UAH 51.8 billion is allocated for loans, mortgages, innovation development, and other instruments. Total public investment resources are expected to amount to UAH 111.5 billion, of which UAH 48 billion will come from the general fund, and UAH 63 billion will consist of grants and preferential loans from a special fund.
