SOCIAL ENTERPRISE FINANCING MODELS: CHALLENGES AND OPPORTUNITIES IN UKRAINIAN REALITIES

Abstract

The subject of the present study is the models of financing social enterprises in the national economy of Ukraine under the conditions of institutional transformation and military challenges. Methodology. The methodological basis of the research incorporates a range of analytical approaches, including system and comparative analysis, SWOT analysis, institutional analysis, and case study method. These methods were employed to facilitate an objective assessment of the financing practices of social enterprises. The objective of the present study is to categorise the prevailing models of financing social enterprises, to identify the key challenges to their implementation in Ukraine, and to propose the potential for adapting international financial instruments to the domestic institutional and economic environment. The results of the study demonstrate that the current financing landscape in Ukraine is characterised by short-term, fragmented models, including donor grants, internal self-financing (bootstrapping), crowdfunding, and partially available microfinance. State-supported mechanisms and impact investment instruments remain underdeveloped. Prospective directions include blended finance models, social impact bonds, public-social-private partnerships (PSPP), and targeted fiscal incentives. Conclusion. The development of sustainable financing models for social enterprises in Ukraine is predicated on the institutional recognition of social entrepreneurship as a legal-economic phenomenon. This recognition is to be accompanied by the creation of an enabling regulatory environment, the establishment of national standards for measuring social impact, and the integration of public-private investment tools. It is asserted that social enterprises have the potential to act as drivers of inclusive economic recovery, especially in post-war and crisis contexts. However, this potential can only be realised if financing models are supported by coherent policy, multi-level co-operation, and the engagement of both domestic and international stakeholders. These transformations are imperative not only for ensuring financial viability, but also for embedding social entrepreneurship into the broader strategic framework of national economic resilience and long-term development.