Financial and Credit Foundations of Enterprise Development in the Context of Ukraine’s Reconstruction

Abstract

Abstract. The article examines the theoretical, methodological, and applied aspects of financial and credit support for enterprise development in the context of Ukraine’s economic reconstruction. It is substantiated that the full recovery of the business sector requires a comprehensive architecture of financial and credit support that combines international grant assistance, state-subsidized lending programs, resources of international financial institutions, commercial bank lending, and alternative sources of financing. It has been established that, as a result of the full-scale invasion, enterprises have faced an unprecedented set of financial barriers, including a shortage of own capital and collateral due to the destruction of assets, an abnormally high cost of credit resources, war-related risks limiting creditors’ risk appetite, disruptions in financial infrastructure in affected regions, and acute information asymmetry between enterprises and creditors. The author’s classification of sources of enterprise financing in the reconstruction context is proposed according to five groups, with a detailed analysis of access conditions and target categories of enterprises. A comparative analysis of seven credit instruments that are applied or may be applied to finance recovery is carried out, ranging from the «5-7-9%» program and EBRD loans to microcrediting and guarantee funds, with an assessment of interest rates, maturities, advantages, and limitations of each. Five key financial barriers to enterprise development and the corresponding instruments for overcoming them are systematized, taking into account the specifics of the wartime and post-war environment. A comprehensive KPI system for monitoring the effectiveness of financial and credit support for the reconstruction of the business sector is developed, covering six groups of measurements: accessibility of financing, effectiveness of state programs, attraction of foreign financing, enterprise recovery, employment and social effect, and financial stability of the banking system. Methodological recommendations for improving the state’s financial and credit policy in order to accelerate the recovery of the business sector in the context of European integration are formulated.