Ukraine records a business boom despite the war, but challenges remain.

One in six Ukrainian entrepreneurs started their current business after the start of the full-scale war. As well, 66% of them had no previous business experience, according to the Mastercard SME Index 2024 study.

Among the main challenges noted by entrepreneurs are the need for business development financing and the lack of orders and sales markets. Also, 20% of enterprises indicate a lack of personnel as an operational impediment. However, Ukrainian businesses have proven flexible and look for ways to support and grow their operations. 27% have participated in grant programs through the state or other organizations.

Ukrainian entrepreneurs call export development one of the main scaling strategies, with 16% already selling their goods or services abroad, and another 40% plan to enter foreign markets. The most popular countries for export were Poland (32%), Germany (22%), the US (16%), Lithuania, and Italy (13% each).

Over the past year, 88% of entrepreneurs have noticed an increase in demand among Ukrainians for products from Ukrainian manufacturers.