Ukrainian business to receive ˆ7.5 million in support from the European Commission
Two grant proposals were announced: the Business Bridge initiative and Erasmus for Young Entrepreneurs – Ukraine
The European Commission has announced two grant proposals aimed at supporting Ukrainian entrepreneurs. The initiatives are jointly called ReadyForEU and have a total budget of €7.5 million.
This was reported by the press service of the Ministry of Economy.
In particular, it is the Business Bridge initiative with a budget of €4.5 million, which will provide financial support to Ukrainian SMEs (including displaced companies registered in Ukraine that are now working with the EU) affected by the war. The aim of this proposal is to establish a Consortium of business support organisations that will select up to 1,500 Ukrainian SMEs focused on growth and sustainable development to receive direct support of up to €2,500.
This support will cover the costs of researching the European market to find partners, legal, organisational or financial advice on setting up a new company or adapting an existing one, advice on intellectual property rights, visits to European exhibitions and fairs, etc.
Another initiative, Erasmus for Young Entrepreneurs – Ukraine, with a budget of €3 million, will allow new Ukrainian entrepreneurs to gain business experience in European countries through the existing Erasmus for Young Entrepreneurs programme. This opportunity will be available to up to 430 new Ukrainian entrepreneurs.
It is noted that the EU's Single Market programme is an EU financial support programme with a budget of €4.2 billion, which is designed for 7 years (from 2021 to 2027). Ukraine will participate in such components of the programme as strengthening the competitiveness and sustainability of small and medium-sized enterprises (about €1 billion), as well as the creation and dissemination of high-quality European statistics (about €546 million).
"Facilitating access to EU markets, promoting entrepreneurship, learning from EU business experience and modernising industry – these and other opportunities will be available to Ukrainian businesses under the EU's Single Market Programme. The ratification of the relevant Agreement signed in Kyiv in early February is currently underway," the statement said.
Background. In February, Ukraine and the European Commission signed an agreement on participation in the EU's Single Market programme.
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