EU4Business allots 3 mln euros in grants for Ukrainian micro-businesses

MOSCOW. Aug 10 (Interfax) - The European Union and Germany have allocated three million euros under the EU4Business initiative to provide grants to support the recovery of the activities of micro-entrepreneurs in Ukraine, Ukrainian media said, citing the Finance Ministry.

As part of this program, Ukrainian micro-businesses will be able to receive financial support of up to 4,000 euro through three authorized banks, such as state-owned Oshchadbank and PrivatBank and Lvov Bank, to implement measures to restore their business operations, the ministry said in a press release.

The funds can be spent on procuring equipment, raw materials and other supplies, on paying wages and the rent and on financing other urgent administrative expenses.

Micro-enterprises that can benefit from this program should have no more than nine employees and an annual income of up to two million euros, carry out their activities in the types of economic activity defined by the micro-grant program, have a positive credit history, have no debts to the budget of Ukraine, and have not received international technical assistance since February 1, 2022, it said.