Business lending in Ukraine continues to recover, and banks are seeing a change in demand. Companies still use state-supported programs, but interest is increasingly moving toward combined products and market-based loans that finance liquidity, equipment, modernization and expansion.
National Bank data show that net hryvnia corporate loans grew in 2025, with small business lending also expanding. Trade, agriculture, food processing, machine building, logistics and energy remain among the most active borrowers. Many companies are still cautious, but demand for loans with an investment component is growing.
From liquidity to development projects
Working capital remains one of the most requested products. Credit lines allow borrowers to use only the amount they need within an approved limit, so interest is charged on the used portion rather than the entire ceiling. This makes the instrument suitable for seasonal purchases, inventory, payroll gaps and short-term liquidity management.
Investment loans have a different logic. They are used for equipment purchases, reconstruction, construction of facilities, energy modernization or production expansion. Banks usually expect the borrower to contribute its own funds, provide liquid collateral and present a credible business plan with profitability, cash flow and payback calculations.
In wartime, risk assessment is stricter. Banks look at location, exposure to shelling, logistics reliability, sector prospects and the financial history of the borrower. Projects in energy, industry and infrastructure may face additional scrutiny, but they also remain among the most important areas for economic resilience.
Hybrid financing is becoming more common. Banks combine market loans with state programs and guarantees from international institutions to reduce risk and offer better terms. For companies, this can make financing more realistic; for banks, it helps maintain portfolio quality.
The broader trend is personalization. Ukrainian banks increasingly assess not just the balance sheet, but the business model, sector strategy, investment purpose and resilience of cash flows. That makes credit less mechanical and more closely tied to how companies plan to grow despite uncertainty.
