The Organisation for Economic Co-operation and Development (OECD) has published its Ukraine country note on financing small and medium-sized enterprises (SMEs), finding that access to credit improved in 2024 despite continued wartime constraints. Net hryvnia-denominated business loans increased by more than 20%, financing demand reached its highest level since the end of 2021 and lower interest rates supported lending. Outstanding SME loans reached UAH 521 billion, representing 63.5% of total outstanding business loans. The revival in commercial lending reduced businesses’ reliance on subsidized credit, although government and international support remained central to risk sharing. Ukraine’s Affordable Loans 5-7-9% program signed more than 25,000 contracts totaling UAH 94.7 billion in 2024, while portfolio guarantees covered about one-quarter of performing hryvnia-denominated business loans. The OECD identified the war as the main barrier to further credit expansion and a return to prewar lending conditions, with capital shortages, infrastructure damage and weak domestic demand continuing to constrain SMEs.
2026-09-21OECD
Organisation for Economic Co-operation and Development finds Ukrainian SME lending strengthened in 2024 despite wartime risks
The OECD found that Ukrainian SME financing improved in 2024, with stronger loan demand, lower rates and more than 20% growth in net hryvnia-denominated business lending. Outstanding SME loans reached UAH 521 billion, while the Affordable Loans 5-7-9% program provided UAH 94.7 billion through more than 25,000 contracts. Wartime risks remain the principal constraint on further credit expansion.