Results of the Business development fund’s activities in 2025

In 2025, the Business Development Fund (BDF) continued to play a pivotal role in Ukraine’s system of state support for micro, small, and medium-sized enterprises (MSMEs), ensuring access to finance amid the full-scale war and persistent economic challenges. Through a broad portfolio of state and internationally supported programs, the Fund contributed to business continuity, resilience, and recovery across key sectors of the economy.

During the year, the BDF implemented 21 MSME support programs financed from state and local budgets and supported by international partners. Priority areas included processing industries, agribusiness, energy recovery, and energy efficiency. Under state financing programs, entrepreneurs received 31,909 concessional loans and leasing instruments totaling UAH 106.8 billion. In addition, 1,501 loans amounting to UAH 1.9 billion were provided under international credit programs, while 447 grants totaling UAH 211.8 million were awarded through international financial support initiatives.

Portfolio-based state guarantees remained a critical instrument for expanding access to finance. In 2025 alone, more than 8,000 state-guaranteed loans totaling UAH 32 billion were issued to MSMEs. Cumulatively, over five years, this mechanism has facilitated 52,000 loans worth UAH 170 billion, significantly enhancing credit availability for Ukrainian businesses.

International cooperation remained a cornerstone of the Fund’s activities. In partnership with the Ministry of Finance of Ukraine, the BDF mobilized financial support from key international financial institutions, including the World Bank and KfW, and implemented strategic projects such as ARISE, RISE, and the SME Resilience Facility (SMERF). In addition, cooperation with the Council of Europe Development Bank was initiated, paving the way for the launch of a new micro-entrepreneur financing program in 2026.

Looking ahead, the establishment of the National Development Institution in January 2026, based on the BDF, will mark an important step in strengthening Ukraine’s development finance architecture and supporting long-term economic recovery and growth.