Ukrainian Economy Ministry: Small, medium-sized businesses could receive export development grants of up to 40,000 euros

MOSCOW. June 21 (Interfax) - The Ukrainian Economy Ministry, together with the European Union and the German government, have launched a new grant program worth 480,000 euros as part of which 12 small and medium-sized businesses would be able to receive funding of up to 40,000 euros for the development of their own exports, Ukrainian media outlets said with a reference to the ministry's press service.

According to the press service, Ukrainian small and medium-sized businesses working in the processing industry sectors such as food, consumer goods, machine engineering, construction, furniture production, the creative industry, namely, fashion, design and so on, as well as other industries with export and innovative potential, could take part in the program.

It is expected that as part of the project, 12 selected participants would receive a grant of up to 40,000 euros each and also take part in group and individual expert consultations, networking sessions and other activities to help identifying and eliminating the processes blocking the businesses' path to export and innovative development.

An application for the grant program can be submitted on the project's website until 11:59 p.m. on June 25, 2024.

"Since the start of the crisis, the EU4Business program provided almost eight million euros to Ukrainian micro and small companies. [...] Through this grant program, we aim to help Ukrainian businesses overcome the consequences of the crisis, access finance, find new markets, and improve the business environment in Ukraine," Henrik Huitfeldt, head of the public finance, business support and social policies section at the EU Delegation to Ukraine, said.

As reported, the grant program for small and medium-sized businesses worth 480,000 euros is part of the EU4Business international cooperation program aimed at restoring small and medium-sized companies, making them more competitive and bringing them to an international scale. The European Union and the German government are financing it, and it is implemented by the Deutsche Gesellschaft für Internationale Zusammenarbeit GmbH federal company. The Global Compact Network Ukraine civic association is their partner in the program's implementation in the country.