SME sentiment, lending and e-commerce: in focus at the EBA expert discussion

02/ 03/ 2026

As part of the Unlimit Ukraine project, the European Business Association has been surveying the sentiment of Ukrainian small and medium-sized enterprises for the ninth consecutive year. This year’s wave, conducted jointly with partners OLX Ukraine and UKRSIBBANK BNP Paribas Group, paints a clear picture: businesses have learned to operate amid uncertainty, are shifting towards digital channels, and primarily rely on their own resources. At the end of 2025, the SME Sentiment Index stood at 2.3 out of 5. This figure has remained unchanged for the second year in a row, indicating stabilisation but no tangible improvement in the business climate. By comparison, when the survey was first launched in 2017, the index stood at 3.2. Entrepreneurs have become more cautious in their outlook. The share of those expecting significant positive changes has decreased by 3.5%. Nearly 85% of respondents do not plan to expand their businesses in 2026. Among the key negative factors, businesses cite the war and attacks on the energy infrastructure (52% and 55% respectively). Rising prices, low consumer purchasing power, fiscal pressure and corruption also have a substantial impact. View the presentation Despite the overall labour shortage in the country, 49% of surveyed small business representatives do not report experiencing staffing shortages. At the same time, companies facing workforce gaps are seeking alternative solutions: 17% plan to increase salaries; 11% are considering hiring young specialists; 10% are engaging people of retirement age. Practical insights were shared by Iryna Koval, founder and CEO of BRAMMER, a company producing tactical evacuation equipment. Due to staff mobilisation, the company had to rebuild its team twice. It now actively recruits experienced specialists of retirement age and trains young people from vocational colleges, who demonstrate high motivation. Financial strategies among small businesses are becoming increasingly conservative. 47% of companies do not plan to raise external funding at all. Among those planning investments, the absolute majority (51%) intend to rely on their own resources. Only 12% of entrepreneurs plan to seek loans, and another 12% grants. Demand for grants has decreased by 9% compared to last year, partly due to the closure of certain international programmes and the reorientation of others. For its part, the banking sector remains ready to lend. Volodymyr Shevchenko, Head of Retail Sales Department at UKRSIBBANK BNP Paribas Group, noted that liquidity is sufficient and decision-making speed has significantly improved. Banks are making efforts to adapt their processes to meet client needs, including accelerating access to finance. However, uncertainty caused by the war remains a significant barrier for clients. Iryna Hubarets, Programme Oficer in Charge of Private Sector Development at the Delegation of the European Union to Ukraine, pointed out that the EU’s support focus is also evolving — from rapid grant assistance at the outset of the full-scale invasion to blended instruments. Under the Ukraine Facility, loans with a grant component (cashback) and guarantees are offered, making bank lending from Ukrainian partner banks more accessible to businesses. One of the most notable trends of 2025 has been the rapid digitalisation of sales channels. Marketplaces and social media have become the leading sales channels, while physical stores have lost their top position, declining by 15.7%. The share of businesses operating almost entirely through digital channels (90–100% of turnover) has increased by 5.5%. Meanwhile, 52% of respondents conduct 90–100% of their operations cashlessly. Oksana Skorobrekha, Head of Good Sales of the European Region at OLX, emphasised that an online presence has become highly cost-effective. Marketplaces enable small businesses to access a broad audience (for example, 24 million unique users per month on OLX), reduce rental and website development costs, and simplify logistics. The European Business Association sincerely thanks its project partners — OLX Ukraine and UKRSIBBANK BNP Paribas Group — for supporting the survey and jointly contributing to the development of small businesses within the Unlimit Ukraine initiative. Special thanks go to the event speakers for their in-depth insights, practical case studies and open dialogue about the real challenges faced by entrepreneurs.

At the end of 2025, the SME Sentiment Index stood at 2.3 out of 5. This figure has remained unchanged for the second year in a row, indicating stabilisation but no tangible improvement in the business climate. By comparison, when the survey was first launched in 2017, the index stood at 3.2.

Entrepreneurs have become more cautious in their outlook. The share of those expecting significant positive changes has decreased by 3.5%. Nearly 85% of respondents do not plan to expand their businesses in 2026. Among the key negative factors, businesses cite the war and attacks on the energy infrastructure (52% and 55% respectively). Rising prices, low consumer purchasing power, fiscal pressure and corruption also have a substantial impact.

View the presentation

Despite the overall labour shortage in the country, 49% of surveyed small business representatives do not report experiencing staffing shortages. At the same time, companies facing workforce gaps are seeking alternative solutions:

17% plan to increase salaries;
11% are considering hiring young specialists;
10% are engaging people of retirement age.

Practical insights were shared by Iryna Koval, founder and CEO of BRAMMER, a company producing tactical evacuation equipment. Due to staff mobilisation, the company had to rebuild its team twice. It now actively recruits experienced specialists of retirement age and trains young people from vocational colleges, who demonstrate high motivation.

Financial strategies among small businesses are becoming increasingly conservative. 47% of companies do not plan to raise external funding at all. Among those planning investments, the absolute majority (51%) intend to rely on their own resources. Only 12% of entrepreneurs plan to seek loans, and another 12% grants. Demand for grants has decreased by 9% compared to last year, partly due to the closure of certain international programmes and the reorientation of others.

For its part, the banking sector remains ready to lend. Volodymyr Shevchenko, Head of Retail Sales Department at UKRSIBBANK BNP Paribas Group, noted that liquidity is sufficient and decision-making speed has significantly improved. Banks are making efforts to adapt their processes to meet client needs, including accelerating access to finance. However, uncertainty caused by the war remains a significant barrier for clients.

Iryna Hubarets, Programme Oficer in Charge of Private Sector Development at the Delegation of the European Union to Ukraine, pointed out that the EU’s support focus is also evolving — from rapid grant assistance at the outset of the full-scale invasion to blended instruments. Under the Ukraine Facility, loans with a grant component (cashback) and guarantees are offered, making bank lending from Ukrainian partner banks more accessible to businesses.

One of the most notable trends of 2025 has been the rapid digitalisation of sales channels. Marketplaces and social media have become the leading sales channels, while physical stores have lost their top position, declining by 15.7%. The share of businesses operating almost entirely through digital channels (90–100% of turnover) has increased by 5.5%. Meanwhile, 52% of respondents conduct 90–100% of their operations cashlessly.

Oksana Skorobrekha, Head of Good Sales of the European Region at OLX, emphasised that an online presence has become highly cost-effective. Marketplaces enable small businesses to access a broad audience (for example, 24 million unique users per month on OLX), reduce rental and website development costs, and simplify logistics.

The European Business Association sincerely thanks its project partners — OLX Ukraine and UKRSIBBANK BNP Paribas Group — for supporting the survey and jointly contributing to the development of small businesses within the Unlimit Ukraine initiative. Special thanks go to the event speakers for their in-depth insights, practical case studies and open dialogue about the real challenges faced by entrepreneurs.