Norway, Germany donate EUR 2M for energy sustainability of Ukrainian small businesses
In December, Ukraine will receive EUR 2 million in grant funding from the governments of Norway and Germany to support energy sustainability of micro and small businesses.
This was reported by the Ministry of Finance of Ukraine, Ukrinform saw.
“The program to support energy sustainability of Ukrainian enterprises worth EUR 2 million in grants is a continuation of the Government’s systematic work to support small businesses and attract international funding for this purpose,” said Yuriy Drahanchuk, Deputy Minister of Finance for European Integration.
It is noted that under the terms of the program, entrepreneurs will be able to receive funds for the purchase of energy-efficient production equipment, equipment for autonomous energy sources and power storage. Also, 10% of the funds can be directed to installing and maintaining such equipment.
Grant support under the program will be provided through four authorized banks: Ukrgasbank, Oschadbank, Sense Bank, and Bank Lviv.
Support will be provided in two areas: grants for micro-enterprises up to EUR 10,000 without mandatory combination with bank loans; grants for small businesses up to EUR 20,000 in combination with bank loans with the possibility of reimbursement of up to 40% of the loan debt.
According to Andriy Hapon, Chairman of the Board of the Entrepreneurship Development Fund, to participate in the program, businesses shall file an application through the "Financial Support Navigator" portal, noting performance indicators and electricity consumption estimates. He added that calculations and business plans are not required, since the rating system will automatically determine competition winners.
As reported, the project "Supporting the Energy Sustainability of Micro and Small Enterprises in Ukraine" will kick off in December 2024. The program is funded by the Government of Norway through the Norwegian Agency for Development Cooperation (NORAD), and the Government of Germany.