Investment lending for small and medium-sized businesses in Ukraine under martial law: challenges and prospects

Анотація

Introduction. The article analyzes the financial and credit levers supporting investment lending for small and medium-sized businesses (SMBs) in Ukraine under martial law. In particular, it examines the "Affordable Loans 5-7-9" program, mechanisms of state guarantees, and refinancing, as well as their role in ensuring the stability and development of SMBs during the war. Special attention is paid to assessing the current state and problems of bank investment lending to SMBs, as well as the development of effective monetary-credit instruments to stimulate this process. The purpose of the article is to study the current state and problems of bank investment lending to small and medium-sized businesses in Ukraine under martial law, as well as to identify effective monetary-credit instruments and financial levers to activate it. Methodology: General scientific methods of cognition are used in the research process, namely: methods of analysis and synthesis to assess the current state of investment lending to SMBs; comparison – to analyze the effectiveness of various financial and credit mechanisms; content analysis – to assess the impact of state programs and mechanisms on the stability and development of SMBs; generalization – to formulate recommendations for improving financial and credit support. Results: It has been proven that the implementation of state support programs, such as "Affordable Loans 5-7-9," has significantly contributed to the stabilization and development of small and medium-sized businesses under martial law. Additionally, the development and implementation of long-term refinancing programs by the National Bank of Ukraine for state banks, the establishment of a development bank based on JSC "Ukrgasbank," and the introduction of a guaranteed debt mechanism for banks raising funds on international capital markets have substantially enhanced the possibilities of financing investment projects. Proposed ways to modernize existing state programs supporting investment lending take into account the need to develop infrastructure, ensure energy independence, and strengthen the military-industrial complex.

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