Youths in Ukraine to be offered up to 150 thousand hryvnas to start a business

Source: Ukraine’s economy ministry

Young Ukrainians under the age of 25 can now apply for a grant of up to 150,000 hryvnias to start their own business through the “Vlasna Sprava” program.  Launched by the government in October, the initiative aims to encourage young enterpreneurs helping them get their business ideas off the ground.

Yuliia Svyrydenko, Ukraine’s economy minister, explained, “We are creating conditions for young people to realize their business ideas. The youth grants under the “Vlasna Sprava” program are already available through the Diia portal. Applicants under 25 can apply for the grant and receive up to 150,000 UAH for their business. The youth grant does not require creating new jobs. After a positive decision, you just need to register as an individual entrepreneur (FOP).”

Applications can be submitted in the “Grant for Your Own Business” section of the Diia platform. After three years, entrepreneurs will have the opportunity to receive an additional payment of up to 250,000 hryvnias if they create at least two jobs.

The “Vlasna Sprava” program can offer “microgrants” ranging from 50,000 to 250,000 hryvnias to help purchase equipment, raw materials, or renting premises. Over the past two years, the state has awarded  more than 20,000 grants worth nearly 5 billion hyrvnias.