OBTAINING GRANTS TO CREATE YOUR OWN BUSINESS

Obtaining grants to create your own business is an important step for the development of new enterprises in Ukraine. They can help provide financial support to entrepreneurs who are looking for capital to start their businesses or develop existing ones.

As of 2023, the following grant programs exist in Ukraine:

• To create or develop your own business;
• To create or develop horticulture, berry growing, and viticulture;
• To create or develop a greenhouse economy;
• To create or develop a processing enterprise;
• To implement a startup, including in the field of IT;
• For training in IT specialties;
• To create or develop their own business for participants in hostilities, persons with disabilities as a result of war, and their family members.

What is the procedure for obtaining a grant?

The procedure for obtaining a grant may differ depending on the specific program and the body that provides it. However, the general algorithm of actions for obtaining a grant to create your own business involves the following steps:

1. Choose the grant program that best suits your business idea. In Ukraine, there are many grant programs from various state and non-state organizations aimed at the development of entrepreneurship and innovation. Read the terms and conditions of the program and the documents you need to submit.
2. Prepare a business plan. A business plan is a detailed description of your business that contains information about the idea, market, competition, sales strategy, financial indicators, and other important aspects. Most grant programs require the submission of a business plan.
3. Register on the grant program website and submit an application. To do this, you will need to fill out a form with basic information about you and your company, as well as add a business plan and other documents required by the program.
4. Pass the selection. Once you have submitted your application, the program organizers will conduct a selection process and select the winners. You may be invited to an interview or offered to make a presentation of your business.
5. Get a grant. If your application is successful, you will be notified of the receipt of the grant and the terms of its use.
6. Implement your business and report on the use of the grant. Most grant programs provide not only for receiving funding but also oblige grant recipients to report on the use of the received funds. Therefore, after receiving the grant, you will need to start implementing your business and keep records of the finances spent on this project.

Who finances the grants?

Grant providers are usually: non-profit public organizations (NGOs) and state structures, including foreign ones. For example, the government, relevant ministry, and EU Representation in Ukraine. There may also be a combination of funding from NGOs and government structures.

In which areas are grants usually given?

Grants usually give preference to business ideas that have a positive social impact, for example :

• To create new jobs and ensure employment of persons with disabilities.
• Support of not too profitable businesses with a cultural or social component, such as art schools, festivals, and museums.
• Support for educational courses for combatants and their families.
• For the development of the ecological sphere and for the support of agriculture, which provides the population with food products.

What documents are required to receive a grant?

• Grant application ;
• Business plan of the project ;
• Copies of documents confirming the right to engage in activities that are planned to be developed ;
• Documents confirming the experience and qualifications of project participants ;
• Financial statements of the enterprise for the last year ;
• Documents confirming the investment attractiveness of the project.

It should be noted that this is only a general list of documents that may be needed to receive a grant. Before applying for a grant, you should familiarize yourself with the conditions of a specific program and check which documents need to be sent.

If you need help with obtaining a grant for your own business in Ukraine, you can contact our experienced specialists. They will gladly provide you with quality advice on this matter and prepare the necessary package of documents for receiving a grant.