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Vorozhbitova Krystyna

Chief Accountant

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 Since the beginning of 2020, the government, together with other state institutions, has introduced a program to support Ukrainian business through the issuance of affordable loans at rates of five to nine percent (the so-called 5-7-9 program). Today, based on the analysis of the peculiarities of issuing such loans, we will consider the procedure of attracting additional funds for your business.

 First of all, it should be noted that the program provides for two areas:

  • Reduction of interest rates on loans (carried out by compensating the difference in interest rates by the state bank). In this case, the interest rate on the loan will depend on the amount of annual revenue of the entity and the number of newly created jobs. If you submit all the necessary documents and with a positive decision of the bank, your business can raise an additional one and a half million hryvnias at 5.7 or 9 % per annum. At the same time, the bank’s commission is also limited to one percent of the loan body for the entire term.
  • Providing loan guarantees, if micro and small businesses do not have enough property for collateral.

 If the first direction has been in force for several months and a significant number of loans have been issued, the second direction is only being introduced, for which the Verkhovna Rada of Ukraine only voted on August 25, 2020 for Bill 3659 (on amendments to the State Budget of Ukraine).

 The bill provides for the possibility of providing state guarantees for micro, small and medium-sized businesses in the amount of up to five billion hryvnias on a portfolio basis this year. The condition for providing guarantees is compliance with the rule:

the guarantee does not exceed eighty percent of the total amount of debt to the bank and for a particular loan.

 In the event that the bill enters into force, it will be a significant support for businesses that, for various reasons, do not have the property to secure a loan. This is also a positive factor, as banking practice shows frequent situations of careful issuance of overdrafts and raising requirements for collateral.

In order to get a loan under the first mechanism you need:

  • Contact the bank branch;
  • Provide financial statements for the previous year (for the past four quarters) / declaration for the year for individual entrepreneurs;
  • Provide a clearly designed and detailed business plan;
  • An interesting fact is that the state provides free training for entrepreneurs on the relevant portal (program “From knowledge to money”).
  • An important aspect of lending is your credit history or the credit history of your company.

Remember: the better the credit history and the progressive business plan – the more likely you are to get a loan on favorable terms!

 If you have difficulties in obtaining a loan or need help in developing a business plan for your company, contact the law firm “Prikhodko and Partners”, our accountants and lawyers will provide you with quality advice and professional assistance.

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