SMEs are increasingly borrowing more money: What are businesses directing their investment capital toward?

Ukrainian bankers claim that small and medium-sized businesses (SMEs) have started to take out slightly more loans this year. All types of lending reflect how the country’s economy is evolving amid the war. “Business invests in what works, what generates income and allows growth even in tough times”, experts say.

The largest portion of loans under joint programs is in motor vehicles, with a 35% share. This primarily includes trucks, trailers, and commercial vehicles for passenger and freight transportation. The second most significant category is production equipment, with 30% of the total loan volume. These loans are used for items that include machine tools, automated lines, and equipment for processing metal, wood, plastic, and more. This group of loans experienced the most growth in 2025, largely due to increased orders for dual-purpose goods.

About 20% of SME loans are for agricultural machinery. A separate category of lending involves investments in the service sector, which accounts for around 15% and has remained stable over the past two years.