Ukrainian business to receive EUR 7.5M in support from European Commission

This is said in a statement released by the Ukrainian Economy Ministry’s press service, Ukrinform reports.

“The European Commission has already announced two grant proposals aimed at supporting Ukrainian entrepreneurs. The initiatives are jointly called ‘ReadyForEU’ and have a total budget of EUR 7.5 million,” the report says.

In particular, according to the ministry’s press service, the Business Bridge initiative with a budget of EUR 4.5 million will provide financial support to Ukrainian SMEs (including displaced companies registered in Ukraine that are now working with the EU) affected by the war. The aim of the proposal is to establish a Consortium of business support organisations that will select up to 1,500 Ukrainian SMEs focused on growth and sustainable development to receive direct support of up to EUR 2,500.

This support will cover the costs of researching the European market to find partners, legal, organisational or financial advice on setting up a new business or adapting an existing one, advice on intellectual property rights, attending European exhibitions and fairs, etc.

Another initiative, Erasmus for Young Entrepreneurs – Ukraine, with a budget of EUR 3 million, will allow new Ukrainian entrepreneurs to gain business experience in European countries through the existing Erasmus for Young Entrepreneurs programme. Up to 430 new Ukrainian entrepreneurs will benefit from this opportunity.

Such initiatives under the EU’s Single Market Programme will help Ukrainian entrepreneurs find new business partners in the EU and enter new markets. At the same time, it is another opportunity for European businesses to strengthen business ties with Ukraine, invest in Ukrainian business projects, and contribute to Ukraine’s recovery.

The European Union’s Single Market Programme is a financial support programme, with a budget of EUR 4.2 billion, which is designed for 7 years (from 2021 to 2027). Ukraine will participate in such components of the Programme as strengthening the competitiveness and sustainability of small- and medium-sized enterprises (about EUR 1 billion), as well as the creation and dissemination of high-quality European statistics (about EUR 546 million).

The European Union’s Single Market Programme is a EUR 4.2 billion financial support programme designed for 7 years (2021-2027). Ukraine will participate in such components of the Programme as strengthening the competitiveness and sustainability of small and medium-sized enterprises (about EUR 1 billion), as well as the production and dissemination of high-quality European statistics (about EUR 546 million).