Ministry of Economy and Western NIS Enterprise Fund agree on USD 100,000 to fund microgrants for businesses

The Ministry of Economy and the Western NIS Enterprise Fund have signed a Memorandum of Cooperation envisaging the provision of USD 100,000 to finance the Government’s Vlasna Sprava (Own Business) programme under the Ministry’s eRobota project, which enables Ukrainians to receive microgrants to start or develop a business. The document was signed by Yuliia Svyrydenko, First Deputy Prime Minister and Minister of Economy of Ukraine, and Jaroslawa Z. Johnson, President and CEO of the Western NIS Enterprise Fund.

“Grants are one of the most effective tools to support businesses, especially now, during the war. Last summer, the Government launched a number of grant programmes, the most popular of which is the Vlasna Sprava programme, which allows Ukrainians to receive a microgrant of up to UAH 250,000 to start or develop their business. By providing financial support to micro and small businesses, we not only stimulate economic growth, but also increase employment as entrepreneurs create new jobs. In particular, microgrant recipients created 8,000 jobs last year. We are grateful to our partners for contributing to the funding of the grant programme, which will promote entrepreneurship and accelerate Ukraine’s economic recovery,” said Yuliia Svyrydenko.

According to Jaroslawa Z. Johnson, President and CEO of the Western NIS Enterprise Fund, supporting the Vlasna Sprava programme under the Ministry of Economy’s eRobota project is an important step for WNISEF in developing entrepreneurship in Ukraine. The microgrants will help people take the first step towards starting their own business and provide additional opportunities for the development of innovative projects. The cooperation between WNISEF and the Ministry of Economy of Ukraine is expected to be a catalyst for change in the country’s economy and will contribute to the sustainable development of small and medium-sized enterprises in Ukraine.

The Vlasna Sprava programme offers the opportunity to receive a microgrant of UAH 50,000 to UAH 250,000 to start or develop a business. The grant is conditional on the creation of 1-2 new jobs, depending on the size of the grant. Both existing entrepreneurs and people with no experience can receive a microgrant. Grant applications can be submitted through the Diia portal.

Entrepreneurs can use the grant to purchase equipment, raw materials and supplies, rent premises and vehicles necessary for the implementation of their business project, purchase licensed software and pay for marketing and advertising services.

In 2022, 3,300 applicants received microgrants totalling UAH 777 million under the Vlasna Sprava programme. In 2023, the budget for the programme is UAH 1.8 billion, which will allow 10,000 microgrants to be awarded.

For reference

Western NIS Enterprise Fund (WNISEF) is a USD 285 million regional fund, a pioneer in Ukraine and Moldova with 28 years of successful experience in investing in small and medium-sized companies. WNISEF was funded by the U.S. Government via the U.S. Agency for International Development (USAID). Since its inception, WNISEF’s cumulative investments total over USD 188 million to 136 companies employing around 26,000 people and made it possible to unlock USD 2.3 billion for companies in Ukraine and Moldova.

In 2015 WNISEF has launched a USD 35 million legacy program focused on export promotion, local economic development, impact investing and economic leadership. WNISEF is funding innovative, high-impact, reform focused programs and aims to support Ukraine and Moldova at this critical period by developing sound economic policy and leadership.