Ukrainian Banks Tighten Loan Requirements for Small Businesses

In the third quarter of 2026, Ukrainian banks became less likely to approve loan applications for companies, raising rates and collateral requirements, according to a survey by the National Bank of Ukraine published on October 21. In July, banks planned to simplify lending conditions for small and medium-sized businesses, but the situation changed in the fall. Demand for loans from small enterprises did not increase, and lending conditions worsened. For the first time since the beginning of 2023, banks did not record an increase in demand in this segment, and the share of approved applications decreased. Further tightening of requirements is expected in the fourth quarter, especially for large companies. The increase in rates is linked to the rise in the NBU's key rate, which has been 16% per annum since the end of July due to rising inflation. Despite the worsening market conditions, the state program

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