Financing SMEs and Entrepreneurs 2020

An OECD Scoreboard

Report

Financing SMEs and Entrepreneurs

22 April 2020

48. Ukraine

Key facts on SME financing

SMEs prevail in the Ukrainian economy, accounting for 99.98% of the total business population (both legal enterprises and individual entrepreneurs). SMEs employ almost 81% of the labour force and generate 65% of total sales. Most SMEs belong to the trade sector (26.16%), agriculture (14.19%) and industry (11.82%)

In the wake of the economic crisis of 2014, employment and value added among SMEs have shown growth since 2016. Over all sectors and regions, employment in SMEs increased by 1%. The recovery continued in 2017 and 2018.

Today, the state policy is focussing specifically on SMEs, particularly on the financing of SMEs. This is evidenced by the approval of the Strategy for Small and Medium-sized Enterprise Development in Ukraine (hereafter - SME Development Strategy) in 2017 and of the Action Plan for Implementing the Strategy of SME Development in Ukraine (hereafter - Action Plan) in 2018. The access of SMEs to finance is one of the key priorities of these two programmes, which will run until 2020.

In Ukraine, banks play an important role in financing SMEs. There are fourteen banks operating on the market that actively provide services to SMEs at the national level and eight at the regional level. However, indicators on the size of the banking system only became available recently (the National Bank of Ukraine started to publish data on credit and credit rates by borrower size on 23 November 2017).1 That is, it is possible to analyse the dynamics only in a short-term perspective for now.

Results from the survey on SME lending conditions conducted by the National Bank of Ukraine show that businesses’ demand for credit is growing. In particular, an increase is predicted for SME lending, as well as for short-term and national currency loans for businesses.2

At the same time, according to another survey conducted by the European Business Association in 2018, 52% of respondents indicated that credits are “expensive” and difficult to obtain. Only 19% of respondents considered that credits are accessible.3

The main driver for demand is businesses’ need for working capital, which they are mostly unable to cover with their own funds. Additionally, banks indicate an increase in the approval of SMEs’ credit applications and a gradual easing of lending standards for SMEs. Financial institutions expect further growth in the demand for all types of business loans. The most optimistic predictions concern SME loans.4

In 2018, new SMEs loans accounted for 33% of total new business lending.

State banks as well as commercial banks in Ukraine have a range of financial and consulting services which target SMEs specifically. These include bank guarantees, blank credits for SMEs of all sizes, bill avalization, receipt of new and used transport vehicles, machinery and equipment, etc.

The following trends in Ukrainian SMEs financing can be outlined: financing of firms in the agricultural sector, financing of innovative enterprises, regional financial support programmes, state financial support programmes and international support programmes through Ukrainian banks. In particular, measures include the compensation of agricultural equipment costs, credit secured with future harvests, investment financing, energy efficiency loans, lines of credit without collateral, structured trade financing, etc.

Emphasis is being placed on the financing of innovative enterprises and start-ups. Thus, different ministries have established funds that aim at encouraging inventions and scientific approaches in business ventures. The funds introduce grants and financing mechanisms after the company has gone through competitive selection. Furthermore, regional programmes play an important role in SMEs’ financing.

Most state programmes focus on themes such as financial support at the start of the business, support for agricultural companies, tax and duty privileges, and “green tariffs”.

International support programmes, which are implemented through Ukrainian banks, provide credit funds to Ukrainian SMEs that meet the programme’s requirements. Usually, the programmes targets entrepreneurs in rural areas and SMEs that operate in strategic sectors (agriculture, forestry and fisheries, manufacturing, hospitality, provision of electricity, gas and steam). The international support programmes involves the provision of a grant and targeted programmes by donor organisations.

While international financing is usually less costly than bank financing, most international donor programmes take the availability of transparent information and reporting into account, which the majority of SMEs lack.5

Indicator	Unit	2007	2008	2009	2010	2011	2012	2013	2014	2015	2016	2017	2018
Debt
Outstanding business loans, SMEs	UAH billion	..	..	..	..	..	..	..	..	..	..	443	445
Outstanding business loans, total	UAH billion	271	460	482	520	597	626	716	809	807	837	845	874
Share of SME outstanding loans	% of total outstanding business loans	..	..	..	..	..	..	..	..	..	..	52.42	50.86
New business lending, total	UAH billion	627	724	685	958	1 079	1 121	1 330	1 231	1 213	1 446	1 407	2 011
New business lending, SMEs	UAH billion	..	..	..	..	..	..	..	..	..	..	..	678
Share of new SME lending	% of total new lending	..	..	..	..	..	..	..	..	..	..	..	33.74
Outstanding short-term loans, SMEs	UAH billion	..	..	..	..	..	..	..	..	..	..	200	215
Outstanding long-term loans, SMEs	UAH billion	..	..	..	..	..	..	..	..	..	..	243	230
Share of short-term SME lending	% of total SME lending	..	..	..	..	..	..	..	..	..	..	45.12	48.34
Interest rate, SMEs	%	..	..	..	..	..	..	..	..	..	..	..	17.35
Interest rate, large firms	%	..	..	..	..	..	..	..	..	..	..	..	17.70
Interest rate spread	%	..	..	..	..	..	..	..	..	..	..	..	-0.35
Non-bank finance
Venture and growth capital	UAH billion	..	..	..	0.020	0.024	0.059	0.089	0.039	0.132	0.088	0.259	0.337
Venture and growth capital (growth rate)	%	..	..	..	..	20.00	145.83	50.85	-56.18	238.46	-33.33	194.32	30.08
Leasing and hire purchases	UAH billion	12	8	2	3	9	9	25	6	5	10	13	22
Factoring and invoice discounting	UAH billion	0	1	2	6	7	12	10	24	17	17	31	48
Other indicators
Bankruptcies, all businesses	Number of subjects of entrepreneurial activity	..	..	..	..	..	9 540	7 168	6 098	6 292	6 007	4 920	4 075
Bankruptcies, all businesses (growth rate)	%	..	..	..	..	..	..	-24.86	-14.93	3.18	-4.53	-18.10	-17.17

Source: See Table 48.3.

SMEs in the national economy

SMEs prevail in the Ukrainian economy, accounting for 99.98% of the total business population (both legal enterprises and individual entrepreneurs).

After a significant drop in GDP in 2014 and 2015 (6.6 and 9.8 percent respectively) and a strong growth in consumer prices (by 24.9 and 43.3 percent respectively), 2016 showed visible signs of recovery and positive economic trends. This includes growth in GDP, capital investment, and direct foreign investment volumes (equity), as well as a slowdown in consumer prices.

SMEs in Ukraine are a dominant social and economic power, which, among other things, provide jobs to the vast majority of employees and account for more than half of country’s production output (SMEs employed almost 81% of labour force and generated 65% of total sales). Most SMEs belong to the trade sector (26.16%), agriculture (14.19%) and industry (11.82%).

SMEs account for a significant part of all enterprises operating in Ukraine. According to Ukrstat, in 2017 1 804 660 SMEs (both legal companies and individual entrepreneurs) operated in Ukraine, which accounts for 99.98% of the total business population. It is worth mentioning that 81% of economic players are registered as individual entrepreneurs. The majority of SMEs are micro-enterprises (96.26%).

SMEs contribute significantly to the domestic economy, creating almost 62.6% of value added (at cost of production) and contributing to 28% of domestic exports.6 In 2017, SMEs employed about 6 580 100 people, i.e. 80.83% of all employees in Ukraine. Most SMEs are concentrated in the trade sector (26.16%), whereas the share of employees is equal to 22% of the total active population in this sector.

In 2017, SMEs’ capital investments in tangible assets amounted to 62% of all tangible investments among enterprises, i.e. an 11 percentage point increase since 2014.7 SME’s capital investments in intangible assets increased by 79% since 2014.

Class size	Number of enterprises	% Share
Micro	1 737 082	96.23
Small	52 324	2.90
Medium	15 254	0.85
Large	399	0.02

Source: Ukrstat. SME lending.

Since 2010, total outstanding business lending (loans granted to the business sector) has been following an upward trend, except in 2014 and 2015 where it experienced a decline. As mentioned previously, SME finance statistics were only made available recently, which is why the trend can only be analysed from a short-term perspective. Since the end of 2017, it has seen a modest increase of 0.4%.

In 2018, outstanding business loans to SMEs accounted for 50.86% of total outstanding business loans. This means that SME sectors play an important role in business lending.

Overall, according to NBU’s survey, large companies have the highest need for credit and the wide majority of large companies rely on credit. This is particularly the case for companies which operate in the manufacturing industry and are exclusively involved in export.

With regards to the currency, small companies which operate in the construction industry often prefer to receive loans in the national currency, while large manufacturing companies which are involved in export-import transactions mostly require loans in a foreign currency.8

Credit conditions

According to NBU’s survey, the main factors which influence the postponement of firms’ decision to apply for credit are as follows: high interest rates (top factor), collateral requirements, documentation process, availability of other sources of financing, significant fluctuations of exchange rate (UAH to foreign currency) and uncertainty in the ability to meet liability requirements.

In 2018, the interest rate for SME loans was 17.3%, while the interest rate for large companies was 17.7%.9

Alternative sources of SME financing

According to the public report on the activities of the national commission which regulates financial service markets, for the last two years and despite the decrease in the number of financial market players, there has been a constant growth in key development indicators. In addition, the report shows that the main consumers of financial services are individual entrepreneurs and SMEs.

In Ukraine, the main players of the non-banking financial services market are financial companies, insurance companies, credit unions, pension funds and pawnshops. In 2018, total assets of the above-mentioned institutions amounted to UAH 187.3 billion.10 Insurance payments totalled 34.9 UAH billion, factoring: UAH 28.1 billion, provided loans: UAH 38.6 billion and leasing value contracts: UAH 17.7 billion.11

The Ukrainian investment market is growing steadily, and the total volume of venture investments in Ukrainian IT companies has reached USD 336.9 million, which is almost one and a half times more than last year’s figure. The number of venture capital deals has also increased. In 2017, 89 deals were made, whereas by the end of 2018 their number totalled 115.12

2017 was a remarkable year for private equity investments. In previous years, the average number of deals did not exceed 3-4, whereas in 2017 the total number of deals was 14, with investment volumes at USD 126.7 million.13

Other indicators

Data on bankruptcies and non-performing loans is available for all businesses (with no distinction between SMEs and other firms). For all firms, the share of non-performing loans was 53% (51% of loan in national currency and 55% of loans in foreign currency).14 Since 2015, the number of bankruptcies has been decreasing.

Government policy response

State support to SMEs involves:15

The provision of financial products and SME support programmes via state banks
Regional SME support programmes
A support for SMEs agriculture industry
International donor programmes
International donor programmes with bank partners
Government programmes supporting innovation
Financial support for the unemployed wishing to start a new business

SME support programmes from state banks

Today, the following state banks of Ukraine provide a number of financial and consulting products to SMEs.16 These include the State’s programmes supporting the agricultural sector financially.

The public joint-stock company “State Savings Bank of Ukraine” (Oschadbank) . The founder of the Bank is the State, via Ukraine’s Cabinet of Ministers.17 This bank offers the following credit programmes to SMEs: replenishment of current assets, purchase of vehicles and equipment, overdraft, loan secured by deposit and bank guarantees.
The State Export-Import Bank of Ukraine (JSC UKREXIMBANK), also a public joint-stock company, is owned entirely by the Cabinet of Ministers of Ukraine (the Government).18 This bank offers the following credit programmes for SMEs: financing of the agricultural sector, financing of operational activity, loans secured by deposit, investment financing (fixed-asset financing), the “Belarus import” credit programme, the state energy savings programme, leasing, etc.
JSB UKRGASBANK: 95% of the Bank’s share capital belongs to the State of Ukraine, represented by the Ministry of Finance of Ukraine.19 This bank offers the following credit programmes for SMEs: financial support for SMEs’ investment projects, deposit-secured loans for SMEs, modernisation of lighting systems for SME, vehicles for SMEs, the “Overdraft for SMEs” credit scheme, and the “Current assets for SMEs” loan programme.
JSC CB PRIVATBANK – the State represented by the Ministry of Finance of Ukraine is the sole shareholder of the bank, owning 100% of the Bank’s shares. The bank implements the KUB project (Country of Successful Business), whose mission is to renew the country’s economy through the development of SMEs, lift entrepreneurship to new level and create new workplaces for Ukrainians who want to work for themselves and for their country. Participants of the programme are those who want to start a small business and entrepreneurs who want to expand their business. The programme offers loans for entrepreneurs and legal entities.

Regional SME support programmes

There is a positive experience of SME support on a regional level in the form of entrepreneurship development programmes resting on regional budgets, district budgets and local government budgets.

Notably, local government has developed entrepreneurs financial support programmes. These include partial compensation of the amount of loan (excluding interest) provided that new jobs are created; compensation of loan payment for SMEs which implement investment projects; partial compensation of interest rates on loans from the state bank for the implementation of investment projects.20

SME support in agriculture industry

The Ministry of Agrarian Policy and Food of Ukraine offers the following (among other) financial support programmes in the agricultural sector:21

Partial compensation of agricultural machinery and equipment – State programme on the partial compensation of costs of agricultural machinery by for domestic producers22
Regional programmes for the development of agriculture23
Financial support programmes targeting agricultural producers and farmers (via state banks)

International donor programmes

In 2015, Ukraine became an associated member of the Horizon 2020 European Union Research and Innovation Framework Programme. This membership provided the Ukrainian participants with the same status as their European partners, and also offered the opportunity to influence the shaping of the Programme itself.

Horizon 2020 is the largest European Union funding framework for science and innovation with a total budget of around EUR 80 billion for 2014-2020.

The SME Instrument, which operates within the Industrial Leadership component, enables companies and other types of research and innovation organisations to access financial instruments such as loans, guarantees, counter-guarantees, partial financing, etc.

Research centres, universities, public-private partnerships, special-purpose projects and joint ventures can also benefit from the instrument.

Support is provided mainly to innovative institutions (sometimes microenterprises), especially at the start-up stage or when they enter into new markets.

Within the framework of this instrument, funding and technical assistance are provided within the 3rd phase:

Phase 1: Concept and feasibility assessment (grant of EUR 50 000 and training)

Financing is provided for studying and assessment of the technical feasibility and commercial potential of an innovative breakthrough in the sector. This can comprise risk assessment, market research, or intellectual property management of a new product, service, or new application of existing technology.

Phase 2: Innovation project (grant of EUR 1-3 million for 70% of funding and training

Funding is provided to innovative projects backed up by a strategic business plan and feasibility study (which may, but not necessarily, be implemented within Phase 1 of the project funded through the SME Instrument). In exceptional cases, funding can sometimes be available for projects that are more research-oriented than innovation-oriented. This should be indicated in the relevant contest theme.

Phase 3: Commercialisation (risk financing – private / public)

Support for investment readiness, help with access to risk financing and clients, as well as services of the European Enterprise Network will help business-commercialisation of innovations following Phase 2.

New opportunities for Ukrainian innovation businesses and organizations were provided. This was possible due to the participation of Ukraine in the EU Horizon 2020 and Ministry’s of Education and Science of Ukraine membership fees payment. EUR 2 550 000 were attracted by 13 innovative enterprises.

The amount of financing allocated to specific enterprises for the development of working prototypes, products and their promotion in international markets are as follows:

11 innovative enterprises and organizations received funding under the Phase 1, up to EUR 50 000, for a total of EUR 550 000;
2 innovative enterprises and organizations received funding under the Phase 2, up to EUR 1 000 000.

Also, by approval of an order of the Ministry of Education and Science dated 13 March, 2015, No. 285, a network of national contact points (NCPs) and regional contact points (RCPs), were established to provide business information on the possibilities offered by Horizon 2020. This includes consultations of potential participants from the idea to project implementation and assistance in finding partners. They operate mainly through universities and research institutions and are distributed according to different competitive directions of the Horizon 2020 programme. All consultations are free of charge.

International donor programmes with bank-partners

The German-Ukrainian Fund (GUF) is a financial institution, the foundations of which were laid down in 1996 as part of the implementation of the programme of Federal Republic of Germany “TRANSFORM” to support the reform process in Ukraine. The founders of NUF are: National Bank of Ukraine (50%) and the Ukrainian Government represented by the Ministry of Finance of Ukraine (50%).

The mission of GUF is financial support for SMEs in Ukraine by loan provision through bank partners to invest in fixed and current assets.24

The following programmes are offered by GUF through Ukrainian banks partners:

Micro-lending. Borrowers: individual entrepreneurs, SMEs. Purpose: financing of production, services, agriculture, trade (only for individual entrepreneurs and microenterprises).25
Programme on refinancing measures to support the credit system in the agricultural sector. Borrowers: individual entrepreneurs, SMEs. Purpose: Financing of production, service, agriculture, trade (only for individual entrepreneurs and microenterprises).26
Programme on lending of MSMEs of Ukraine for prioritized sectors. This programme offers grace lending conditions for companies operating in selected industries which are considered as prioritised and strategically important for NUF. Borrowers: individual entrepreneurs and SMEs. Purpose: agriculture, food industry, hospitality, green tourism, restaurants and catering, textile, energy efficiency, import substitution, labour productivity and job creation in underdeveloped regions.27
Programme on financial support of investment programmes of SMEs for priority sectors. This Programme is developed within a Project “SME Support” which is implemented under a Loan and Grant Agreement signed on 12 December, 2012 between the Cabinet of Ministers of Ukraine (represented by Ministry of Finance, KfW) and GUF to finance fixed and current assets. SME financing will be provided in national currency under the German-Ukrainian Fund’s currency risk compensation as a creditor by funds of the European Commission for the project "SME Financing in the Eastern Partnership - Stage II" provided by KfW. Borrowers: individual entrepreneurs, microenterprises, SMEs. Purpose: financing of production, agriculture, hospitality, energy-efficiency projects.28
Programme on interest rate compensation for SMEs in Kyiv. On September 21^st 2017, by the decision of the Kyiv City Council No.46 / 3053, the Regulation on financial and credit support for SMEs in the city of Kyiv was approved. Financial support in accordance with the Regulation is provided to SMEs in the city of Kyiv in the form of a compensation of 50% of interest rates on loans provided by GUF partner banks. The purpose of the programme is to improve the access of Kyiv's SME to financing investment projects by reducing interest rates. Borrowers: SMEs, residents of Ukraine, registered in Kyiv. Purpose: purchase of equipment; modernisation of technological process; purchase, construction and reconstruction of premises. Valid purposes exclude the replenishment of the borrower’s current assets.29
Programme on partial rates compensation on loans for SMEs in the Ternopil region. The Ternopil Regional State Administration (hereinafter referred to as the Ternopil Regional State Administration), together with the German-Ukrainian Fund (hereafter - GUF) for the implementation of the Strategy for the Development of Small and Medium-Sized Enterprises of the Ternopil region for 2016-2020 introduced the Procedure for using the funds provided for in the regional budget for a partial reimbursement of interest rates on bank loans for SMEs (hereafter - the Programme). The purpose of the Programme is to improve the access of SMEs in the Ternopil region to financial resources by reducing the interest rate by 50%. Compensation of interest rates for SMEs will be provided through loans financed from its capital by the German Government through loans from the German Government through the German KfW Development Bank and the EU4Business Initiative to compensate foreign currency losses on SME loans. Borrowers: SMEs. Purpose: purchase, modernization of equipment, reconstruction of premises.30
Programme on the renewal of financial investment projects of SMEs in Eastern Ukraine (implemented within a component 2.2 “Economic recovery and development of MSME. “Access of MSME to finance”. Agreement “EU Support of Eastern Ukraine” between the Ukrainian government and the European Union dated 8 December, 2017). The purpose of the "FinancEast" programme is to re-finance the investment projects of SMEs that are registered or under the control of the Government of Ukraine in the territories of Donetsk and Lugansk regions through banks and leasing companies (Institutions-partners). Participation in the "FinancEast" Programme is allowed for MSMEs which have passed the procedures for evaluating the financial condition, approved by the partner agencies and agreed by the GUF.31

Government innovation support programmes

Ukrainian SME Development Strategy implies Dimension 6 which is “Improvement of competitiveness and innovation potential of small and medium entrepreneurship”. The Ukrainian government lays strong emphasis on innovation support programmes. The following state programmes can be outlined:

- The State Invention Incentive Fund: the project envisages the introduction of a financing mechanism for the creation and further use (commercialization) of inventions, developments, useful models and other results of intellectual and creative activity.32

- National Research Foundation: the Government established a national research fund which will provide science grants starting in 201933. The Foundation will provide grant support for both fundamental research in the natural, technical, social and human sciences, as well as applied research and development in the priority areas of science and technology development.34

- Ukrainian Start-up Fund: Ukrainian Start-up Fund which will be one of the key tools to support new industrial ideas in the segment of micro- and small enterprises and individual entrepreneurs.35

Figure 48.1. Trends in SME and Entrepreneurship finance in Ukraine

Indicator	Definition	Source
Debt
Outstanding business loans, SMEs	Loans granted to SMEs, which are related to other financial corporations, non-financial corporations, individual entrepreneurs (outstanding amounts at end of period)	National Bank of Ukraine
Outstanding business loans, total	Loans granted to the corporate sector (outstanding amounts at end of period)	National Bank of Ukraine
New business lending, total	New loans granted to the corporate sector	National Bank of Ukraine
New business lending, SMEs	New loans granted to SMEs, which are related to other financial corporations, non-financial corporations, individual entrepreneurs	National Bank of Ukraine
Outstanding short-term loans, SMEs	Short-term loans (original maturity up to 1 year) granted to SMEs, which are related to other financial corporations, non-financial corporations, individual entrepreneurs (outstanding amounts at end of period)	National Bank of Ukraine
Outstanding long-term loans, SMEs	Long-term loans (original maturity more than 1 year) granted to the corporate sector (outstanding amounts at end of period)	National Bank of Ukraine
Interest rate, SMEs	Interest rates on new loans granted to SMEs, which are related to other financial corporations, non-financial corporations, individual entrepreneurs	National Bank of Ukraine
Interest rate, large firms	Interest rates on new loans granted to the large companies	National Bank of Ukraine
Interest rate spread	The difference between the interest rates on new loans granted to SMEs and the interest rates on new loans granted to large enterprises which are related to other financial corporations, non-financial corporations, individual entrepreneurs (for the last month of the period)	..
Non-bank finance
Venture and growth capital	Total capital invested (seed, round A, Round B, Growth, other)	Ukrainian Venture Capital and Private Equity Association
Leasing and hire purchases	Article 1 of the Law of Ukraine "On financial leasing" (https://zakon.rada.gov.ua/laws/show/723/97-%D0%B2%D1%80) 1. Financial leasing (hereinafter - leasing) is a type of civil law relations arising from a financial lease agreement. 2. Under a financial lease agreement (hereinafter referred to as a leasing agreement), the lessor obligates to acquire ownership of the item from the seller (supplier) in accordance with the specifications and conditions established by the lessee and transfer it to the lessee for use for a specified period of not less than one year for the established fee (leasing payments)	National commission for the state regulation of financial services markets
Factoring and invoice discounting	..	National commission for the state regulation of financial services markets
Other indicators
Bankruptcies, all businesses	Subjects of entrepreneurial activity which were under the bankruptcy procedure (data is presented excluding Autonomous Republic of Crimea and city Sevastopol)	Ministry of Justice of Ukraine

Notes

← 1. National Bank of Ukraine. Access: https://bank.gov.ua/control/uk/publish/article?art_id=59167546&cat_id=62193190

← 2. National Bank of Ukraine. Access: https://bank.gov.ua/control/uk/publish/article?art_id=74308521&cat_id=55838

← 3. European Business Association. Access: https://eba.com.ua/wp-content/uploads/2019/02/Indeks-nastroyiv-malogo-biznesu_2019.pdf

← 4. National Bank of Ukraine. Access: https://bank.gov.ua/control/uk/publish/article?art_id=74308521&cat_id=55838

← 5. Financial pulse. Access: http://finpuls.com/ua/banking/reviews/news/Zakordon-nam-dopomozhe-Dzherela-fnansuvannya-MSB-CHastina-2.htm

← 6. Value added at cost of production is a gross operating income taking into account subsidies on production and excluding indirect taxes.

← 7. Capital investments – investments in new or existing tangible and/or intangible assets purchased or taken into financial leasing or created for its own use with an operational life of more than one year, intangible assets (copyrights, licenses, patents, goodwill, construction costs for further resale)

← 8. National Bank of Ukraine. Access: https://bank.gov.ua/doccatalog/document?id=85931490

← 9. Weighted average for 2018.

← 10. As of 30 September 2018.

← 11. For 9 months of 2019.

← 12. Ukrainian Venture Capital and Private Equity Association: http://uvca.eu/en/news/uvca-has-presented-overview-of-the-ukrainian-investment-market

← 13. Ukrainian Venture Capital and Private Equity Overview 2017 https://inventure.com.ua/upload/library/UVCA%20-%20Ukrainian%20Venture%20Capital%20and%20Private%20Equity%20Overview%202017.pdf

← 14. National Bank of Ukraine. Access: https://bank.gov.ua/control/uk/publish/article?art_id=34661442&cat_id=34798593 (as of 1^st of June 2019)

← 15. Public organization. Institute for Tax Reforms: https://ngoipr.org.ua/blog/derzhavna-pidtrymka-malogo-ta-serednogo-pidpryyemnytstva/

← 16. Ministry of Economic Development and Trade of Ukraine. Access: http://www.me.gov.ua/Documents/Detail?lang=uk-UA&id=aba8ec4d-7a97-4b6c-9065-22aae227d6d7&title=BankivskiProduktiTaProgramiDopomogiMalomuISerednomuPidprimnitstvu

← 17. State Savings Bank of Ukraine. Access: https://www.oschadbank.ua/en

← 18. Ukreximbank. Access: https://www.eximb.com/eng/home/

← 19. Ukrgasbank. Access: https://www.ukrgasbank.com/en/about/