Current Trends in Enterprise Lending in Ukraine Under Wartime Challenges

Анотація

Lending to enterprises is an important part of ensuring the financial support of economic entities, maintaining their liquidity, financing working capital, and promoting investment development. In the context of the ongoing full-scale war, access to bank resources becomes even more crucial for businesses, as loan turns into one of the key tools for adapting to military, logistical, energy, and macroeconomic challenges. Despite the existence of research on banking lending and its transformation under unstable conditions, the issues of current trends in lending to enterprises in Ukraine, its structural parameters, sectoral focus, time characteristics, and the role of government support remain insufficiently explored. The aim of this study is to assess the current state of lending to enterprises in Ukraine, analyze its volumes, structure, and main development trends, as well as to identify key problems and prospects for bank financing of economic entities. The study used methods of theoretical generalization, comparative analysis, statistical and structural-dynamic analysis, as well as tabular and graphical data presentation. The information base consisted of official statistical and analytical materials from the National Bank of Ukraine, the Ministry of Finance of Ukraine, the Entrepreneurship Development Fund, and the research work of domestic scholars. It was found that the non-financial corporations sector maintained a leading position in the structure of the banking system’s loan portfolio; however, the share of loans provided to enterprises in GDP generally had a downward trend, indicating a weakening role of bank lending in financing the real sector of the economy. A high level of sectoral concentration of loan resources was identified, mainly focused on trade, manufacturing, and agriculture. The predominance of short- and medium-term loans was proved, with a relatively low share of long-term financing. It has been determined that the dynamics of interest rates on new loans have been shaped by monetary policy parameters, lending risk, and overall macroeconomic uncertainty. A slowdown in the relative flow of new loan resources to the business sector has also been observed. The important role of the «Affordable Loans 5–7–9%» program in maintaining businesses’ access to bank resources and supporting lending activity has been highlighted. The study’s results can be used to substantiate measures aimed at expanding enterprises’ access to loan resources, and improving mechanisms.

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