How SMEs assess access to finance in Ukraine – EBA and UKRSIBBANK survey

29/ 07/ 2025

UKRSIBBANK BNP Paribas Group, in collaboration with the European Business Association, has conducted a survey titled Access to Finance for SMEs. The survey involved sole proprietors representing micro, small, and medium-sized enterprises participating in the Unlimit Ukraine project. The findings reflect business demand for and access to financing, loan offers, grants, and the obstacles hindering investment attraction. The majority of small and medium-sized enterprises in Ukraine currently require financing. In particular, 59% expressed interest in long-term financing – for example, to purchase equipment, vehicles, or for other investment purposes. Additionally, 40% require short-term funding, such as overdrafts or credit limits, to support ongoing operations. PRESENTATION Only a small proportion of entrepreneurs (19% for long-term, and 5% for short-term) anticipate needing extra financing after the war ends. Notably, only 9% of respondents stated they do not need any additional resources. Despite strong demand, access to finance from the banking system remains a significant barrier for Ukrainian entrepreneurs. A total of 38% of respondents believe it is currently difficult to obtain credit, while a further 14% see lending as entirely inaccessible. Only 6% reported having access to multiple opportunities and offers from banks. The main barriers to finance include: High interest rates – cited by 67% of respondents Collateral requirements – a barrier for 43% of entrepreneurs Complicated application procedures – 31% Lack of suitable financial products – 26% Other notable challenges include insufficient awareness of available opportunities (13%), insufficient volumes of financial products (15%), and poor credit histories (16%). Additional constraints mentioned by respondents include age-based discrimination in financing, as well as limited access for businesses operating near frontline areas. Among the survey participants, 60% are not currently engaged in foreign trade. Of those involved, 17% engage in both imports and exports, 12% export only, and 11% import only. When choosing a bank for foreign trade operations, entrepreneurs prioritise reputation and reliability, speed of transaction approvals, attractive offers, service convenience and quality, pricing policy, and transparency. When selecting banking products, most entrepreneurs (83%) are interested in unsecured loans. However, only 18% are unconditionally ready to provide collateral. A majority (52%) are willing to offer partial collateral, while 30% are entirely unwilling. Despite their stated need for funding, 44% of businesses are not currently utilising any specific credit programmes. Among those that are, the most popular are working capital loans – 25%, government “5-7-9%” programme – 21%, unsecured overdrafts – 17%, credit card limits – 16%. Other types of loans, such as for equipment, vehicles, or commercial real estate, are less common. Over a third of businesses (38%) do not use external funding at all. Of those that do, the majority attract relatively small amounts: 26% secure between $10,000–50,000 annually, and 18% up to $10,000. Only 6% obtain over $100,000. Among the current financial products used by entrepreneurs, loans dominate – used by 54% of respondents. Grants have been received by 32%. Other instruments such as leasing (7%), bank guarantees (10%), tender guarantees (7%), letters of credit (5%), and collection services (2%) are used far less frequently. Survey respondents believe grant programmes should currently focus on start-ups or new business lines, staff training and development, recovery support, working capital replenishment, export-oriented industries, innovation, and digitalisation. A significant issue is the low level of awareness about documentary instruments such as bank and tender guarantees, letters of credit, and collection services: 62% of respondents do not understand how they work. Consequently, 82% do not use them at all. Only 10% use bank guarantees, 7% use tender guarantees, 5% use letters of credit, 2% use collection, and just 1% use bill avalisation. According to respondents, documentary instruments are most frequently used for tenders, working capital financing, foreign trade, and contracts without prepayment. This area has development potential: 25% of businesses have needs that could be addressed through such instruments but are currently financed through other means. Almost half (45%) of companies operate without deferred payments, opting to pay immediately. Among those that do use deferrals, the most common terms are 15–30 days (21%) and up to 14 days (20%). Longer terms (over 30 days) are used by 13% of respondents. In most businesses (56%), only 1–24% of contracts involve deferred payments. Notably, 44% of businesses report that 90–100% of such payments are made on time. Entrepreneurs are keen on digitalising banking services: 68% would prefer to apply for loans online – 47% via internet banking, and 21% via mobile app. Only 15% prefer visiting a branch, and 18% would opt for a hybrid approach (online application, in-branch signing). To simplify access to finance, entrepreneurs believe the following would help lower interest rates – 74%, removal of collateral requirements – 60%, simplified document submission – 57%, tailored financial offers – 50%. Businesses are most interested in the following loan programmes this year: Working capital loans – 43% Programmes by international institutions (EBRD, EIB, etc.) – 33% Government “5-7-9%” programme – 31% Unsecured overdrafts – 26% Equipment purchase loans – 20% It is important to note that 24% of entrepreneurs do not plan to take out loans in 2025. Regarding ESG (Environmental, Social, Governance) principles, which assess a company’s environmental, social, and governance impact for sustainable development, around 33% of companies are partially implementing them, while 28% consider them foundational to their operations. However, 23% of respondents lack sufficient understanding of ESG, 9% do not apply these principles, and 6% are not yet applying them but are interested in the topic. Olena Ero. Head of the Unlimit Ukraine project of the European Business Association. The survey results show that Ukrainian entrepreneurs have a strong demand for finance but face significant barriers, such as high interest rates and collateral requirements. Low awareness of documentary instruments highlights important areas for financial product development. Supporting SME growth in Ukraine requires coordinated efforts from banks, the government, and educational initiatives focused on lowering barriers, developing flexible products, and improving entrepreneurs’ financial literacy. Andrii Kashperuk. Deputy Head of the Board for Retail Business, UKRSIBBANK BNP Paribas Group. Ukrainian businesses are demonstrating remarkable resilience. Despite the full-scale war, entrepreneurs are seeking growth opportunities and launching new ventures. The interest in financing recorded by our joint study with the EBA is evidence that business believes in the future, sustains the economy, and strengthens the country. As a bank with international expertise and shareholders like BNP Paribas Group and the EBRD, it’s vital for us to understand these sentiments and needs to offer relevant solutions. UKRSIBBANK has the tools to support businesses, and we are open to partnerships to help entrepreneurs move forward. For reference: The survey was conducted from 22 May to 9 June 2025 and involved 110 participants from the Unlimit Ukraine project of the European Business Association (individual entrepreneurs). Of the respondents, 29% have been in business for less than 5 years, 20% for 5–10 years, 32% for 10–20 years, and 19% for more than 20 years. 49% of respondents belong to Group 3 of sole proprietors, 37% to Group 2. 40% are based in Kyiv and the Kyiv region. The study partner is UKRSIBBANK BNP Paribas Group.

UKRSIBBANK BNP Paribas Group, in collaboration with the European Business Association, has conducted a survey titled “Access to Finance for SMEs.”
The survey involved sole proprietors representing micro, small, and medium-sized enterprises participating in the Unlimit Ukraine project.
The findings reflect business demand for and access to financing, loan offers, grants, and the obstacles hindering investment attraction.

The majority of small and medium-sized enterprises in Ukraine currently require financing. In particular, 59% expressed interest in long-term financing – for example, to purchase equipment, vehicles, or for other investment purposes. Additionally, 40% require short-term funding, such as overdrafts or credit limits, to support ongoing operations.

PRESENTATION

Only a small proportion of entrepreneurs (19% for long-term, and 5% for short-term) anticipate needing extra financing after the war ends. Notably, only 9% of respondents stated they do not need any additional resources.

Despite strong demand, access to finance from the banking system remains a significant barrier for Ukrainian entrepreneurs. A total of 38% of respondents believe it is currently difficult to obtain credit, while a further 14% see lending as entirely inaccessible. Only 6% reported having access to multiple opportunities and offers from banks.

The main barriers to finance include:

High interest rates – cited by 67% of respondents
Collateral requirements – a barrier for 43% of entrepreneurs
Complicated application procedures – 31%
Lack of suitable financial products – 26%
Other notable challenges include insufficient awareness of available opportunities (13%), insufficient volumes of financial products (15%), and poor credit histories (16%).

Additional constraints mentioned by respondents include age-based discrimination in financing, as well as limited access for businesses operating near frontline areas.

Among the survey participants, 60% are not currently engaged in foreign trade. Of those involved, 17% engage in both imports and exports, 12% export only, and 11% import only. When choosing a bank for foreign trade operations, entrepreneurs prioritise reputation and reliability, speed of transaction approvals, attractive offers, service convenience and quality, pricing policy, and transparency.

When selecting banking products, most entrepreneurs (83%) are interested in unsecured loans. However, only 18% are unconditionally ready to provide collateral. A majority (52%) are willing to offer partial collateral, while 30% are entirely unwilling.

Despite their stated need for funding, 44% of businesses are not currently utilising any specific credit programmes. Among those that are, the most popular are working capital loans – 25%, government “5-7-9%” programme – 21%, unsecured overdrafts – 17%, credit card limits – 16%. Other types of loans, such as for equipment, vehicles, or commercial real estate, are less common.

Over a third of businesses (38%) do not use external funding at all. Of those that do, the majority attract relatively small amounts: 26% secure between $10,000–50,000 annually, and 18% up to $10,000. Only 6% obtain over $100,000.

Among the current financial products used by entrepreneurs, loans dominate – used by 54% of respondents. Grants have been received by 32%. Other instruments such as leasing (7%), bank guarantees (10%), tender guarantees (7%), letters of credit (5%), and collection services (2%) are used far less frequently.

Survey respondents believe grant programmes should currently focus on start-ups or new business lines, staff training and development, recovery support, working capital replenishment, export-oriented industries, innovation, and digitalisation.

A significant issue is the low level of awareness about documentary instruments such as bank and tender guarantees, letters of credit, and collection services: 62% of respondents do not understand how they work. Consequently, 82% do not use them at all. Only 10% use bank guarantees, 7% use tender guarantees, 5% use letters of credit, 2% use collection, and just 1% use bill avalisation.

According to respondents, documentary instruments are most frequently used for tenders, working capital financing, foreign trade, and contracts without prepayment.

This area has development potential: 25% of businesses have needs that could be addressed through such instruments but are currently financed through other means.

Almost half (45%) of companies operate without deferred payments, opting to pay immediately. Among those that do use deferrals, the most common terms are 15–30 days (21%) and up to 14 days (20%). Longer terms (over 30 days) are used by 13% of respondents. In most businesses (56%), only 1–24% of contracts involve deferred payments. Notably, 44% of businesses report that 90–100% of such payments are made on time.

Entrepreneurs are keen on digitalising banking services: 68% would prefer to apply for loans online – 47% via internet banking, and 21% via mobile app. Only 15% prefer visiting a branch, and 18% would opt for a hybrid approach (online application, in-branch signing).

To simplify access to finance, entrepreneurs believe the following would help lower interest rates – 74%, removal of collateral requirements – 60%, simplified document submission – 57%, tailored financial offers – 50%.

Businesses are most interested in the following loan programmes this year:

Working capital loans – 43%
Programmes by international institutions (EBRD, EIB, etc.) – 33%
Government “5-7-9%” programme – 31%
Unsecured overdrafts – 26%
Equipment purchase loans – 20%

It is important to note that 24% of entrepreneurs do not plan to take out loans in 2025.

Regarding ESG (Environmental, Social, Governance) principles, which assess a company’s environmental, social, and governance impact for sustainable development, around 33% of companies are partially implementing them, while 28% consider them foundational to their operations. However, 23% of respondents lack sufficient understanding of ESG, 9% do not apply these principles, and 6% are not yet applying them but are interested in the topic.

Olena Ero Head of the Unlimit Ukraine project of the European Business Association

The survey results show that Ukrainian entrepreneurs have a strong demand for finance but face significant barriers, such as high interest rates and collateral requirements. Low awareness of documentary instruments highlights important areas for financial product development. Supporting SME growth in Ukraine requires coordinated efforts from banks, the government, and educational initiatives focused on lowering barriers, developing flexible products, and improving entrepreneurs’ financial literacy.

Andrii Kashperuk Deputy Head of the Board for Retail Business, UKRSIBBANK BNP Paribas Group

Ukrainian businesses are demonstrating remarkable resilience. Despite the full-scale war, entrepreneurs are seeking growth opportunities and launching new ventures. The interest in financing recorded by our joint study with the EBA is evidence that business believes in the future, sustains the economy, and strengthens the country. As a bank with international expertise and shareholders like BNP Paribas Group and the EBRD, it’s vital for us to understand these sentiments and needs to offer relevant solutions. UKRSIBBANK has the tools to support businesses, and we are open to partnerships to help entrepreneurs move forward.

For reference:

The survey was conducted from 22 May to 9 June 2025 and involved 110 participants from the Unlimit Ukraine project of the European Business Association (individual entrepreneurs). Of the respondents, 29% have been in business for less than 5 years, 20% for 5–10 years, 32% for 10–20 years, and 19% for more than 20 years. 49% of respondents belong to Group 3 of sole proprietors, 37% to Group 2. 40% are based in Kyiv and the Kyiv region. The study partner is UKRSIBBANK BNP Paribas Group.