Young entrepreneurs will have access to grants of up to UAH 150,000 to start their own businesses under the programme ‘Own Business’. This was announced by Yuliia Svyrydenko, First Deputy Prime Minister of Ukraine, Minister of Economy of Ukraine, during the event Second Anniversary of the Own Business Grant Programme.

Young entrepreneurs under the age of 25 will benefit from grants of up to UAH 150,000 with an obligation to register as a sole entrepreneur. At the same time, they will not be required to create jobs.

"As a Government, we are constantly improving the programme ‘Own Business’. Today, we are launching grants for young people: entrepreneurs under the age of 25 will be eligible to receive up to UAH 150,000 against the obligation to register as a sole proprietor without creating jobs. And in three years, such an entrepreneur will then have access to another grant from the State - under the Own Business programme on general terms in the amount of up to UAH 250,000 and the obligation to create at least 2 jobs," told Yuliia Svyrydenko.

The Government has also expanded the categories of grant recipients under the Own Business programme. Now, wives and husbands of fallen soldiers can receive grants of up to UAH 500,000.

In addition, the Government has added wine producers and entrepreneurs operating in the area of active hostilities to the list of grant recipients. Another innovation is that entrepreneurs are now allowed to lease water bodies and and purchase aquaculture for their breeding.

Yuliia Svyrydenko said that the Ministry of Economy was currently developing several innovations that would help businesses attract even more grant funds for development. Firstly, the amount of grant support is to be doubled from UAH 250,000 to UAH 500,000 if four or more jobs are created. Secondly, the Government plans to allow all categories of entrepreneurs to receive a grant of UAH 250,000 again three years after receiving the first grant. These innovations are currently under development.

In total, over the two years of the Own Business programme, entrepreneurs have received 20,000 grants for business development worth UAH 4.6 billion from the Government. As a result, they have created more than 38,000 new jobs.

"Entrepreneurs from Kyiv, Lviv and Rivne regions are the most active in using the opportunities of the Own Business programme. We can also see the active participation of women. There are more women winners than men. We are working to create the conditions for everyone who wants to do business to have this opportunity,’ said Yuliia Svyrydenko.

According to her, in April 2023, a grant programme for female and male veterans, their wives and husbands was launched. Since then, more than a thousand winners have been selected and will receive UAH 480 million. They have already created almost 2,000 new jobs.

This year, we have launched another grant programme called ‘Create’ as part of Own Business. It is aimed at women who are owners or managers of manufacturing and processing companies, with a focus on innovation and development of relevant business areas. The first wave of winners has now been selected and will receive up to USD 15,000.

Government grant support for business is part of the Government's Made in Ukraine policy. It includes about two dozen programmes to stimulate production, attract investment in the real sector and develop non-resource exports. In total, about UAH 45 billion will be allocated from the budget this year.

If entrepreneurs need advice on how to join a particular support programme, they can contact any of the 24 Made in Ukraine offices in a number of regions. They can get any information there, both online and in person.

Background information

The programmes for providing grants to combatants, people with war-related disabilities and their families to set up or develop their own businesses are part of the Ministry of Economy of Ukraine's Work Without Barriers project. It is being carried out to implement the National Strategy for Creating a Barrier-Free Environment in Ukraine until 2030. The initiative was launched by the First Lady of Ukraine, Olena Zelenska. A temporary advisory body, the Barrier-Free Council, was formed under the Cabinet of Ministers to create a barrier-free environment.