How Ukrainian businesses

thrive during war.

Report from Payoneer

Following its 2022 ‘Business in Times of War’ report, Payoneer carried out a follow-up study with more than 2,300 Ukrainian small to medium sized businesses (SMBs) across multiple industries including IT, manufacturing, education, agriculture, and others, to understand how they are maintaining, and even growing, their businesses one year on.

  • The war greatly impacted on the plans of Ukrainian SMBs, with 77% saying it impacted their plans a great deal, and a further 20% saying it impacted them a little. Only 3% of Ukrainian businesses say they were not impacted by the war.

  • 69% of businesses now have all staff based in Ukraine. 25% of Ukrainian still have some staff based outside Ukraine.

  • 56% of businesses are planning to maintain their current market position. Moreover, 30% of them aim to grow and scale their businesses in the coming year, despite the ongoing turmoil and immense challenges.

  • 36% of Ukrainian businesses are planning on hiring more staff this year, slightly less than their expected plan in last year’s survey (38%).

  • 77% of businesses are still unaware of governmental support programs.

  • 44% of businesses have enough of their own resources to pursue their business goals.

  • Financial investment is the most important element required for Ukrainian SMBs to achieve their business goals. This remains a consistent requirement as reported in our last report.

  • 50,382 businesses have received over UAH 154 billion thanks to the Affordable Loans 5-7-9% program. But 56% of SMBs still lack enough resources of their own to pursue their business goals.

  • International donors also provide financial support, such as EU4Environment program and the USAID Competitive Economy Program. However, only 23% know about international or state sponsored support programs and even less (19%) turned to them for help. 

See more numbers in the images!

So proud of our businesses and hope they will thrive even more in future!

More Articles

The Future of Freelance: 3 Main Trends

We will talk about 3 main future trends in freelance!

International Safer Internet Day: Tips for Freelancers

In this article we will tell about the most important measures for the safety of a freelancer on the Internet and provide practical recommendations.

Soft Skills in Freelance: How to Stand Out from the Competitors

In this article we tell about how to stand out among competitors and build a successful freelancing career!

TOP 8 AI Tools for Freelancers In 2024

Find out about top AI tools that will help to make your work easier, more efficient and to save your time!

Everything about freelance for beginners and how to start on Upwork

In this post, we collected answers to all the questions about freelancing for beginners with a list of useful articles on Upwork at the end!

How To Optimize Your Upwork Profile: Key Steps and Useful Tips

Read today's post about optimizing your Upwork profile. It will be useful for both beginners and experienced freelancers

The Difference Between Remote & Distributed Teams: Pros and Cons

Remote and distributed teams may appear synonymous. But it’s important to understand the difference if you want to choose the right for you!

Upwork Uplook 2023: New Features and Launches This Year

Did you already see Upwork Uplook 2023? Read are the most interesting updates from the last year in our post!

Autumn 2023 Recap: Etcetera Highlights!

Another season flew by, and Etcetera's team gathered traditionally to discuss our results and plans! Read more in the post!

8 Rules How To Write Cover Letter on Upwork

Are you sending out proposal after proposal with very low response rate? Check if you are following these easy tips in Cover Letter on Upwork

7 Challenges in Managing Remote Teams And How To Solve Them

Managing remote teams is complex. Here are the 7 main challenges you may encounter and pro tips from Etcetera PM Elen 11 years of experience.

Health Insurance for Digital Nomads [Comparison of 8 Providers]

We’ve compared health insurance for digital nomads, so you can evaluate costs, features, benefits and choose the right coverage for you!