A grant for business

Grant programs for starting your own business are one of those solutions that help young entrepreneurs attract additional funds for the implementation of their business plans and ideas.

And that is why they are popular today. In this informative article, the lawyers of the "Prikhodko and Partners" law office will explain what should be understood by the grant program for business and what actual tenders are available in 2024.

What is a business grant?

The grant program for business should be understood as providing financial support for young entrepreneurs and legal entities that have been working for a long time in the economic market for the development of their business projects.

Usually, such programs are aimed at stimulating innovative products and solutions for various industries of the respective country, creating new jobs.

It is worth noting that business grants can be provided both by international organizations and by the governments of individual countries (so-called state grants).

In addition, in the vast majority of programs, the funds received do not need to be returned.

What actual business grant programs exist in 2024?

1. Grant program from Finnpartnership for Finnish-Ukrainian business projects. This grant is aimed at providing financing for the following purposes, namely: long-term business partnership, pilot projects related to an international organization, support projects, and technical and economic justification of investment projects.

It is worth noting that potential applicants for the grant program can be:

• enterprises registered in Finland;
• if companies are registered abroad, 20% of their assets must belong to Finland;
• state institutions and non-governmental organizations registered in Finland;
• scientific research institutions, cooperatives operating in Finland.

The minimum grant funding is 15,000 EUR, and the maximum is 400,000 EUR. Applications can be submitted during the current year.

2. Grant for agricultural processing enterprises from USAID. It is designed to facilitate the access of micro, small, and medium agricultural enterprises to the world's leading technologies, knowledge from foreign specialists, and foreign markets.

Applicants who meet the following requirements can participate in the grant program:

• micro, small, and medium-sized agricultural enterprises that have been conducting their economic activities on the territory of Ukraine for at least 1 year;
• enterprises that have a certain product or service that is sold on the Ukrainian market or exported to other countries;
• enterprises, the ultimate owners of which are women, participants in hostilities and their family members, citizens with disabilities, IDPs, and youth under the age of 29 or persons over the age of 60.

It should be noted that in order to participate in the program, it is necessary to have an already formed team of employees and founders of the enterprise who are interested in the continuous development of their company (at least 2 people). A total of 20 enterprises will be selected.

The deadline is 19:00, July 26, 2024.

Do you still have questions about current business grant programs in 2024? In such a situation, contact the specialists of the Prikhodko and Partners law office.

Our lawyers will advise you on all popular grant programs for businesses that exist in Ukraine because they have many years of experience in this field and know all the problematic aspects of obtaining financial assistance through grants. Don't delay and apply!