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A quarter of small businesses in Ukraine have already exhausted their financial resources

14/ 03/ 2022
  According to the EBA Unlimit Ukraine survey, 24% of SMEs have already exhausted their financial resources. However, a third of respondents, namely 32%, say that their financial resilience will last several months, while for another 22% is just one month. Also, 9% of respondents expect to hold out financially for another half a year, and only 5% – for a year or more if it is still not possible to resume operations. Thus, 42% of small businesses do not operate at all, 31% have suspended their operations with plans for resumption in the future, 14% have limited the geography of activities, 13% continue to work in full, 13% have gone online, 4% plan to close their business Despite limited resources, business owners try their best to support their employees. Almost a third, namely 27% continue to pay wages in full, another 8% pay extra money or salary in advance. Besides, 29% of entrepreneurs surveyed took additional measures to support their employees by providing material and psychological assistance, evacuation and shelter. Business owners tend to help employees at their own expense. However, 21% reported not being able to pay wages, another 19% were forced to cut pay, 17% introduced unpaid leave, and 8% resorted to staff reduction. Also, 51% of the SMEs are going to apply for state aid of UAH 6,500, and 19% either do not plan to do so or are not eligible for the payment. Small businesses are also actively involved in helping the army and territorial defense groups. The vast majority of respondents, namely 67% help financially, 26% provide services, 24% supply products, 10% - medicines, 9% - means of protection/defense. Another 18% of companies support their employees, who are currently defending the country. Entrepreneurs also join the information resistance, volunteer, provide transport, and support displaced persons and refugees. For reference: The survey was conducted from March 11 to 14 among SME representatives participating in the  Unlimit Ukraine. Altogether, 156 entrepreneurs took part in the survey. Unlimit Ukraine is a small business and microbusiness development platform created on the basis of the European Business Association. The project provides comprehensive support for small and microbusinesses through educational events and consultations, participation in special projects, diagnostics of business problems, and discussion of issues relevant to it. 

According to the EBA Unlimit Ukraine survey, 24% of SMEs have already exhausted their financial resources. However, a third of respondents, namely 32%, say that their financial resilience will last several months, while for another 22% is just one month. Also, 9% of respondents expect to hold out financially for another half a year, and only 5% – for a year or more if it is still not possible to resume operations.

Thus, 42% of small businesses do not operate at all, 31% have suspended their operations with plans for resumption in the future, 14% have limited the geography of activities, 13% continue to work in full, 13% have gone online, 4% plan to close their business

Despite limited resources, business owners try their best to support their employees. Almost a third, namely 27% continue to pay wages in full, another 8% pay extra money or salary in advance. Besides, 29% of entrepreneurs surveyed took additional measures to support their employees by providing material and psychological assistance, evacuation and shelter. Business owners tend to help employees at their own expense.

However, 21% reported not being able to pay wages, another 19% were forced to cut pay, 17% introduced unpaid leave, and 8% resorted to staff reduction.

Also, 51% of the SMEs are going to apply for state aid of UAH 6,500, and 19% either do not plan to do so or are not eligible for the payment.

Small businesses are also actively involved in helping the army and territorial defense groups. The vast majority of respondents, namely 67% help financially, 26% provide services, 24% supply products, 10% – medicines, 9% – means of protection/defense. Another 18% of companies support their employees, who are currently defending the country. Entrepreneurs also join the information resistance, volunteer, provide transport, and support displaced persons and refugees.

For reference:

The survey was conducted from March 11 to 14 among SME representatives participating in the  Unlimit Ukraine. Altogether, 156 entrepreneurs took part in the survey.

Unlimit Ukraine is a small business and microbusiness development platform created on the basis of the European Business Association. The project provides comprehensive support for small and microbusinesses through educational events and consultations, participation in special projects, diagnostics of business problems, and discussion of issues relevant to it. 

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