Veterans, their family members will receive grants from UAH 250,000 to UAH 1 mln to start business – Economy Ministry

The Own Business program provides for veterans and their family members to receive a grant to start a business, project participants will receive grants worth a total of UAH 550 million, the website of the Ministry of Economy of Ukraine reported on Thursday.

"Since the start of the veteran component of the Own Business program, 1,159 veterans and their family members have already become its winners. They will receive grants to start or develop their businesses for a total of UAH 550 million. Most grant recipients (57%) are combat veterans, 43% of winners are their spouses. Most often, under this program, they take a grant of up to UAH 500,000," said Deputy Minister of Economy of Ukraine Tetiana Berezhna.

The largest part of investments is aimed at developing business in the processing industry, as well as in the sphere of wholesale and market trade. By implementing their business projects, entrepreneurs will create more than 2,000 jobs in all regions of the country, the department reports.

According to the terms of the program, combatants or persons with disabilities as a result of the war, as well as their spouses, can receive the following grants:

– up to UAH 250,000, up to UAH 500,000 and up to UAH 1 million – for a veteran when creating one, two and four jobs, respectively;

– up to UAH 250,000 and up to UAH 500,000 – for the spouse of a veteran when creating one and two jobs, respectively.

When receiving a grant from UAH 500,000 to UAH 1 million, the veteran must be registered as an individual entrepreneur for at least three years. In addition, such a grant is provided with co-financing with the recipient in a ratio of 70/30, that is, the grant recipient must invest 30% of his own funds in his business, 70% will be provided by the state in the form of a grant.

Applications for a grant are submitted through the Diia portal along with a business plan. The program is administered by the State Employment Service.