Government introduces six grant programs to support business in wartime

Government introduces six grant programs to support business in wartime

Full-scale russian invasion has put a major blow to Ukrainian economy, therefore, on June 10, the Cabinet of Ministers presented a new wartime economic strategy that will lay the foundation for postwar reconstruction of Ukraine. To date, the strategy includes six non-repayable grant programs for small and medium-sized enterprises that are aimed at creating jobs through business support, public procurement, construction, lending and employment of the unemployed. These programs also include non-repayable grant aid to small and medium-sized enterprises, support for Ukrainian manufacturers, construction of new infrastructure facilities.

Program 1: non-repayable microgrants to start your own business. Applications will be submitted via Diia application in the form of a business plan, which will be considered by independent appraisers-entrepreneurs. In addition, there is a possibility to take a soft loan for such business activity under “5-7-9%” loans program.

Program 2: non-refundable grants for the purchase of equipment for the development of processing enterprises (woodworking, furniture production, clothing or accessories production, building materials production, agri-processing, etc.).

Program 3: non-refundable grant for a typical project of a modular greenhouse of 2 hectares with public and private co-financing (partial state compensation of the cost of greenhouses).

Program 4: grants for planting new orchards and berries with public and private co-financing. The aim is to plant up to 10 thousand hectares of new orchards.

Program 5: The Ukrainian Startup Fund will buy back start-up shares. The target audience is start-up IT entrepreneurs who have an idea to create a technology startup and are looking for funding at the stage of test design model. The program provides for money allocation solely on development, recruiting, modeling and initial funding processes. The program budget per year is UAH 10 billion. Priority will be given to export-oriented companies.

Program 6: IT educational grants for 60,000 Ukrainians.

In total, these six grant programs can become a real driver of economy growth. According to Prime Minister Denys Shmygal, “We count that these programs will assist small and medium-sized enterprises and motivate people to stay and work for our victory now, as well as to build strong Ukraine in the future.”

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