- UAH 2.8 billion in new loans: Ukrainian SMEs secured 559 state-guaranteed portfolio loans in January 2026, supporting working capital and investment needs.
- UAH 79.3 billion outstanding: A total of 20,711 active loans are now being serviced under the portfolio guarantee program across 28 banks.
- 56% of guarantee capacity used: Principal liabilities of UAH 34 billion remain below the UAH 60.5 billion cap, leaving headroom for further lending in 2026.
- Regional lending concentration: Kyiv, Dnipropetrovsk, and Lviv oblasts account for over 6,100 loans worth UAH 23.5 billion, underscoring their role as key economic hubs.
- Supportive for agribusiness liquidity: Expanded access to guaranteed credit is neutral to slightly bullish for Black Sea agricultural trade capacity and logistics.
Market Update
Ukrainian small and medium-sized enterprises obtained 559 new portfolio-based loans backed by state guarantees in January 2026, totaling approximately UAH 2.8 billion, according to the Ministry of Finance of Ukraine. These loans help sustain business activity amid ongoing macroeconomic and geopolitical challenges.
As of February 1, 2026, 28 commercial banks were servicing 20,711 active loans under the portfolio guarantee program, with aggregate disbursements reaching UAH 79.3 billion. The principal liabilities partially covered by state guarantees amounted to UAH 34 billion, or 56% of the UAH 60.5 billion guarantee ceiling, signaling significant remaining capacity for additional lending.
Since the program’s launch in December 2020, Ukrainian authorities have supported 52,891 loans totaling more than UAH 182.6 billion to micro, small, and medium-sized businesses. This underscores the program’s role as a structural pillar of domestic credit provision during wartime and recovery.
Regional Lending Breakdown
Lending is concentrated in several key economic regions. Kyiv continues to lead in program utilization, followed by large industrial and agricultural centers in central and western Ukraine.
| Region | Active Loans (units) | Total Volume (UAH billion) |
|---|---|---|
| Kyiv | 2,488 | 11.4 |
| Dnipropetrovsk oblast | 1,809 | 6.2 |
| Lviv oblast | 1,816 | 5.9 |
| Total (Top 3) | 6,113 | 23.5 |
Kyiv accounts for 2,488 active loans totaling UAH 11.4 billion, reflecting the capital’s concentration of service, trade, and industrial SMEs. Dnipropetrovsk oblast, a major industrial and grain production hub, holds 1,809 loans worth UAH 6.2 billion. Lviv oblast follows closely with 1,816 loans totaling UAH 5.9 billion, highlighting the resilience and activity of western Ukraine’s business sector.
Impact on Agribusiness and Black Sea Trade
Access to working capital remains essential for Ukrainian agricultural producers managing seasonal cash-flow gaps, input purchases, freight procurement, and storage costs. The portfolio guarantee program is a critical liquidity channel for agribusinesses operating under tight margins and disrupted logistics.
With only 56% of the guarantee ceiling currently utilized, the program retains substantial headroom to finance additional borrowing through the 2026 production and export cycle. This should help stabilize supply chains, particularly in regions such as Dnipropetrovsk oblast, where grain production and associated logistics are central to Black Sea export flows.
Overall, the sustained expansion of state-guaranteed lending is neutral to slightly bullish for Black Sea agricultural trade capacity, supporting grain procurement, handling, and transport despite ongoing operational risks.
Source: Market Data
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