Veterans to receive UAH 21M in grants for business development

Forty-seven applicants for the Own Business grant program will receive UAH 21 million from the government to launch or develop their business, bringing the number of veterans who have already received such grants to 454.

This was reported by the Deputy Minister of Economy, Tetiana Berezhna, Ukrinform reports with reference to the ministry’s press service.

"Forty-seven veterans and their spouses were recognized as winners of the fifth wave of the veteran component of the Own Business program this year. The government invests in launching or scaling up their business through grants worth UAH 21 million. In total, 454 veterans and members of their families have already received a positive decision on grants for a total amount of UAH 200 million since the program was conceived," said Berezhna.

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According to the deputy minister, a third of these entrepreneurs will open new companies and others will develop existing businesses. A thousand new jobs will be created in the process.

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Among the 47 winners of this year's fifth wave of grant applications are 27 combatants and 20 family members of veterans. Thirty-seven winners received a grant of up to UAH 500,000, and 10 – up to UAH 250,000.

Most of grant recipients are based in Ivano-Frankivsk, Sumy, Ternopil, and Cherkasy regions. The most popular areas in which the recipients plan to develop their business are wholesale and retail trade, temporary accommodation and catering, processing industry, agriculture, and other services.

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As reported, under the terms of the program, former combatants or persons with war-related disabilities, as well as their spouse, can receive the following grants: UAH 250,000 – for a veteran, provided one job is created; UAH 500,000 – for a veteran’s spouse, provided two jobs are created; UAH 1 million – for a veteran with entrepreneurial experience, registered as a sole trader for at least three years, provided that four jobs are created, at least two of which will be occupied by veterans.

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Grants in the amount of UAH 500,000 and UAH 1 million are provided under the condition of 70/30 co-financing with the recipient. Grant applications are submitted through the Diia platform of government e-services, along with a business plan.