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How to get a grant to create your own business

The government has launched a program of micro-grants in the amount of UAH 50 thousand to 250 thousand for every Ukrainian willing to start their own business or develop an existing enterprise and create additional jobs. 

Financing can be provided to citizens, micro-business entities or small businesses, natural persons who:

  • do not conduct their economic activities in the temporarily occupied territory, in the territory of the russian federation or belarus;
  • are not sanctioned;
  • are not bankrupt;
  • do not have debts to the budget;
  • were not prosecuted for a corruption offense;
  • do not work at other enterprises.

To participate, entrepreneurs need to develop a business plan in a standard form (link here) and submit it together with the application through the Diia Portal. The application is assessed by experts of Oschadbank JSC within 10 days. Experts also assess the entrepreneur’s credit history and registration documents.

After that, the participants are checked by the State Employment Service and interviewed at a local employment center. The service, based on the bank’s assessment as well as the interview assessment, makes a decision to provide micro-grants to those who scored the highest total number of points.

The amount of the micro-grant is determined according to the recipient’s request, but is no less than 50,000 Ukrainian hryvnias and taking into account the number of jobs that the entrepreneur undertakes to create: 150 thousand Ukrainian hryvnias if the entrepreneur creates one job and 250 thousand Ukrainian hryvnias for two jobs.

Funds are transferred to the recipient’s bank account. An entrepreneur can use the grant for:

  • purchase of equipment (which is subjected to the alienation ban until the terms and conditions of the grant are fulfilled);
  • purchase of feedstock and materials;
  • rental fee for non-residential premises (makes no more than 25% of the micro-grant amount);
  • equipment leasing (except cars, motorcycles, other personal vehicles)

Also, in the framework of the program, the participant can receive a loan of up to UAH 2.5 million at 0% which will be secured by a pledge of property purchased at the expense of the micro-grant.

A mandatory condition of the micro-grant agreement is the creation and retention of jobs for 3 years, depending on the amount of the micro-grant, as well as the payment of the micro-grant amount in the form of taxes, fees and single social contribution. 

If these requirements are not met, the recipient is obliged to refund the difference between the amount of the micro-grant received and the payments actually effected.

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