RECEIVING DEVELOPMENT GRANTS FOR EXISTING BUSINESS

Receiving development grants for an existing business is important an opportunity to increase profit enterprises, expand granting services, improve quality products, as well as attract new one’s customers. By itself, a program grant provision is an additional tool for supporting and developing existing businesses in Ukraine, which promotes strengthening positions of enterprises on the market and reduces the bankruptcy of modern companies.

In 2023 Ukraine act the following grant programs for developing existing enterprises :

• 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 create or develop their own business for participants in hostilities, persons with disabilities as a result of war, and their family members.

The main stages of the procedure for obtaining a grant for the development of an existing business:

1. Choosing a grant program that is right for your business. Before applying for a grant, you should carefully study the requirements of the grant program to ensure that your business meets the criteria.
2. Preparation of necessary documents. These can be financial documents, a grant application, a business plan, etc.
3. Submitting a grant application. Once all the required documents are ready, the application should be submitted on the relevant website or sent to the given address.
4. Evaluation of applications. The commission that evaluates applications reviews all documents and evaluates them according to the criteria defined in the grant program.
5. Application review: If your application is selected, you will be invited to an interview where you can tell more about your business and show that you are able to execute your business plan.
6. Announcement of Results: After the interview, the results will be announced. If your application has been accepted, you can start working on your project with the received grant.
7. Reporting after receiving the grant. After receiving a grant for the development of an existing business, the beneficiary must report on the use of funds in accordance with the requirements of the grant program. Typically, reporting includes submitting financial statements, project performance reports, and other documents that may be required by a specific program. In case of violation of the terms of the grant, the beneficiary may be obliged to return the funds, as well as have problems with receiving grants in the future.

What are grants usually given for?

Grants for business development are targeted and can be used for :

• Financing the expansion of an existing business, acquisition or leasing of fixed assets, or capital investment in infrastructure to increase existing capacity.
• Starting a new business, financing the purchase or leasing of additional assets that will benefit the business through the introduction of new products or the provision of new services.
• Entering new markets, helping businesses to enter new markets that would be inaccessible without financing.
• Consulting services: payment for the services of professional development consultants who help define, develop, and implement growth strategies.
• Personnel development: financing of training for existing personnel in order to improve the quality of business processes.

What documents must be submitted to receive a grant?

To receive a grant, it is usually necessary to submit the following documents:

• Application for receiving a grant, filled out in accordance with the requirements of the grant program ;
• Business plan, in which it is necessary to describe the purpose and tasks of the project, its risks and prospects, development strategy, cost plan, and other details ;
• Financial documents, such as profit and loss statements, balance sheets, cash flow statements, etc .;
• Documents certifying the right to ownership or use of property that will be used for project implementation ;
• Copies of passports of project managers and other persons involved in project implementation ;
• Other documents may be requirements of a specific grant program.

If you are planning to apply for a grant for the development of your existing business, please contact our experienced specialists. They will provide you with professional advice and assistance in the process of obtaining a grant, as well as prepare all the necessary documents for this.