Photo: National Bank of Ukraine
Forty Ukrainians under the age of 25 have won the youth component of the Vlasna Dela grant programme. In total, they will receive UAH 6 million to implement their business ideas. This was reported by the Ministry of Economy of Ukraine.
“Already 40 young Ukrainians have won the “Own Business” grant programme and will receive UAH 6 million to start their own business. 40% of them are entrepreneurs aged 18-20,” said Tetiana Berezhna, Deputy Minister of Economy of Ukraine.
The young grantees plan to develop projects in a variety of areas. The ideas include the production of clothing, accessories, cheese, confectionery, semi-finished products, furniture and household goods. Some also plan to open coffee shops, beauty salons, a photo studio, a fitness centre, a studio, an advertising agency, or offer computer repair services.
The majority of the programme’s winners come from Kyiv (8 people), as well as Rivne (6), Lviv (6), Ivano-Frankivsk and Odesa (4 each) regions.
How does the program work?
Under the terms of “Own Business”, Ukrainians aged 18 to 25 can receive a microgrant of up to UAH 150,000 to start a business. To do this, you need to register as an individual entrepreneur (IE) after the grant application is approved.
Within three years, the entrepreneur must repay the grant funds in the form of taxes and fees paid. Upon successful completion of these conditions, the programme participant can apply for another grant of up to UAH 250,000, provided that at least two new jobs are created.
The Start Your Own Business programme is a unique chance for young people to start their own business while contributing to Ukraine’s economic development. Through such initiatives, the government supports innovative ideas and creates new employment opportunities.
