FINANCIAL SOURCES OF UKRAINIAN ENTREPRENEURSHIP SUSTAINABILITY IN THE CONDITIONS OF UNCERTAINTY

Abstract

This article is devoted to the analysis of the financial support of entrepreneurship in conditions of economic uncertainty problems. Identified reasons for the low level of business sector lending in the pre-war period. The purpose of this article is to analyze the problematic aspects of financial support for entrepreneurship in the conditions of economic and political uncertainty, to justify the need to include the financial market to ensure the stability of SMEs in the conditions of post-war recovery. Therefore, the question arises of finding sources of financial support for the sustainability of SMEs under conditions of permanent uncertainty. Peculiarities of financial support of the business sector in Ukraine during the active phase of the Russian-Ukrainian war of 2022-23 were studied. Classified financial challenges of the business sector in the conditions of martial law. It has been established that the biggest limitations to the recovery of small and medium-sized businesses are the lack of financial resources caused by the low level of household demand, the unavailability of credit funds and equity capital, and organizational problems in the grant funds using. An analysis of regulatory changes and state financial support measures for business entities was carried out. The dynamics and cost of lending by banks to small, medium and micro enterprises during 2021-2023 were studied. The inadequacy of measures to support creditors and borrowers to ensure the financial stability of small and medium enterprises was substantiated. Additional tools for external financial support of entrepreneurship are proposed, taking into account the effective global experience of countries that were in conditions of external shocks of instability. There is a justified need to stimulate the financial market to ensure the financial stability of the business sector in the conditions of post-war recovery. It is about overcoming the accumulated imbalances of the money market, namely: the short-term and high cost of resources, as well as the dominance of the government bond market.