Business and Government Discussed Access to Financing for War-Affected Enterprises

17/ 07/ 2026

Despite government support programs and the gradual recovery of the economy, access to new bank financing remains one of the key challenges for many businesses that have suffered war-related losses or continue operating in frontline regions. Even economically viable companies often face difficulties in securing loans due to heightened war-related risks, hindering the restoration of production, implementation of investment projects, and overall business development. To address these challenges, the Southern Ukrainian Office of the European Business Association, together with the EBA Ukraine Recovery Committee, held an online working meeting on 16 July with representatives of the Ministry of Economy, Environment and Agriculture of Ukraine, the National Bank of Ukraine, including the Financial Stability Department, the Banking Regulation Methodology Department, and the Integrated Banking Supervision Department, as well as member companies of the European Business Association. Participants discussed the current challenges of lending to businesses operating under wartime conditions and explored possible ways to improve financial support mechanisms. During the meeting, the Ministry of Economy presented the latest updates to state business support programs. In particular, it highlighted improvements to the financing mechanism for the restoration of destroyed or damaged assets, including an increase in the maximum financing limit to UAH 150 million, as well as the further development of war risk insurance instruments, which may in the future be taken into account by banks when assessing loan applications. Representatives of the Ministry of Economy also noted that they continue to monitor the regional dynamics of the state Affordable Loans 5-7-9% program and have recorded a gradual increase in lending volumes, including in frontline regions. At the same time, they emphasized that while the government can create favourable lending conditions and reduce risks, it has no legal authority to oblige banks to finance specific borrowers. Representatives of the National Bank of Ukraine stressed that credit risk assessment remains the responsibility of each individual bank. At the same time, the regulator has already introduced a number of wartime regulatory relaxations, including the provisions of Resolution No. 23, which allow banks to use projected business performance indicators and apply more flexible approaches to credit risk assessment. The NBU also reported that lending to businesses operating in high-risk regions has shown positive growth over the past year and is gradually approaching the levels observed in other regions of Ukraine. Particular attention during the discussion was devoted to the practical challenges faced by large enterprises operating in frontline and de-occupied territories. During the discussion, EBA member companies highlighted the difficulties large businesses face in obtaining new financing despite fulfilling their existing credit obligations. Participants emphasized that the full-scale war has significantly affected companies financial performance and that creditworthiness assessments should better reflect the realities of wartime operations. They also noted that the introduction of new EU quotas on metallurgical products creates additional challenges for exporters, requiring them to diversify export markets and secure additional financing. Participants also shared practical experience in restoring business operations after losing a significant part of their production facilities due to hostilities. Despite substantial losses, independent demining efforts, restoration of production, and increasing exports, companies continue to be assessed by banks under approaches developed for peacetime conditions. In this regard, participants proposed introducing a dedicated approach to assessing the creditworthiness of companies operating in frontline and de-occupied territories that are restoring production, preserving jobs, maintaining export capacity, and contributing tax revenues. EBA member companies also stressed the need to make the regulatory environment more adaptive to wartime conditions. Participants proposed jointly developing systemic solutions with the Ministry of Economy, Environment and Agriculture of Ukraine, the National Bank of Ukraine, and the banking sector to ensure a more balanced and equitable distribution of war-related risks between the state, financial institutions, and businesses. Following the discussion, representatives of the National Bank of Ukraine and the Ministry of Economy, Environment and Agriculture of Ukraine confirmed their readiness to review the proposals developed by the business community, analyse them, and continue a professional dialogue. The parties agreed to continue working together to identify balanced solutions that will support economic resilience, business recovery, and the sustainable development of Ukraines frontline regions.

To address these challenges, the Southern Ukrainian Office of the European Business Association, together with the EBA Ukraine Recovery Committee, held an online working meeting on 16 July with representatives of the Ministry of Economy, Environment and Agriculture of Ukraine, the National Bank of Ukraine, including the Financial Stability Department, the Banking Regulation Methodology Department, and the Integrated Banking Supervision Department, as well as member companies of the European Business Association. Participants discussed the current challenges of lending to businesses operating under wartime conditions and explored possible ways to improve financial support mechanisms.

During the meeting, the Ministry of Economy presented the latest updates to state business support programs. In particular, it highlighted improvements to the financing mechanism for the restoration of destroyed or damaged assets, including an increase in the maximum financing limit to UAH 150 million, as well as the further development of war risk insurance instruments, which may in the future be taken into account by banks when assessing loan applications.

Representatives of the Ministry of Economy also noted that they continue to monitor the regional dynamics of the state “Affordable Loans 5-7-9%” program and have recorded a gradual increase in lending volumes, including in frontline regions. At the same time, they emphasized that while the government can create favourable lending conditions and reduce risks, it has no legal authority to oblige banks to finance specific borrowers.

Representatives of the National Bank of Ukraine stressed that credit risk assessment remains the responsibility of each individual bank. At the same time, the regulator has already introduced a number of wartime regulatory relaxations, including the provisions of Resolution No. 23, which allow banks to use projected business performance indicators and apply more flexible approaches to credit risk assessment. The NBU also reported that lending to businesses operating in high-risk regions has shown positive growth over the past year and is gradually approaching the levels observed in other regions of Ukraine.

Particular attention during the discussion was devoted to the practical challenges faced by large enterprises operating in frontline and de-occupied territories.

During the discussion, EBA member companies highlighted the difficulties large businesses face in obtaining new financing despite fulfilling their existing credit obligations. Participants emphasized that the full-scale war has significantly affected companies’ financial performance and that creditworthiness assessments should better reflect the realities of wartime operations. They also noted that the introduction of new EU quotas on metallurgical products creates additional challenges for exporters, requiring them to diversify export markets and secure additional financing.

Participants also shared practical experience in restoring business operations after losing a significant part of their production facilities due to hostilities. Despite substantial losses, independent demining efforts, restoration of production, and increasing exports, companies continue to be assessed by banks under approaches developed for peacetime conditions. In this regard, participants proposed introducing a dedicated approach to assessing the creditworthiness of companies operating in frontline and de-occupied territories that are restoring production, preserving jobs, maintaining export capacity, and contributing tax revenues.

EBA member companies also stressed the need to make the regulatory environment more adaptive to wartime conditions. Participants proposed jointly developing systemic solutions with the Ministry of Economy, Environment and Agriculture of Ukraine, the National Bank of Ukraine, and the banking sector to ensure a more balanced and equitable distribution of war-related risks between the state, financial institutions, and businesses.

Following the discussion, representatives of the National Bank of Ukraine and the Ministry of Economy, Environment and Agriculture of Ukraine confirmed their readiness to review the proposals developed by the business community, analyse them, and continue a professional dialogue. The parties agreed to continue working together to identify balanced solutions that will support economic resilience, business recovery, and the sustainable development of Ukraine’s frontline regions.