Forty young Ukrainians under the age of 25 have won the youth component of the ‘Own Business’ grant programme and will receive funding totalling UAH 6 million to start their own businesses. This was announced by Deputy Minister of Economy of Ukraine Tetiana Berezhna.
According to the official, 40% of the winners are young people aged 18-20. The grant recipients plan to work in various industries, including the production of clothing, accessories, cheese, confectionery, semi-finished products, furniture business, opening coffee shops, beauty salons, photo studios, fitness centres, studios, advertising agencies and providing equipment repair services.
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Geographically, most of the winning young entrepreneurs are from Kyiv (8 people), Rivne (6 people), Lviv (6 people), Ivano-Frankivsk and Odesa regions (4 people each).
The programme provides an opportunity to receive a microgrant of up to UAH 150,000 for Ukrainians aged 18 to 25. To do so, you need to submit an application through the Diia portal along with a business plan. After receiving a positive decision, the future entrepreneur is registered as an individual entrepreneur (IE). Young people are not subject to job creation obligations, but they must repay the grant amount within three years by paying taxes and fees.
After successful completion of the first stage, grantees can apply for the ‘Own Business’ programme on general terms and conditions, with the possibility of receiving up to UAH 250,000, provided they create at least two jobs.
The State Employment Service administers the programme, and the funds can be used for equipment, raw materials, supplies or rent. More information is available on the programme’s official website.
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