The program started at the end of April, and during this time, the organizing committee received more than a thousand applications from businesswomen from all over Ukraine. The most significant number of applications came from business owners from the western (41% of the total), central (18%), and northern (18%) regions of Ukraine. The least came from the east (14%) and the south (9%). 12% of female applicants develop their business in rural areas.
July 31 was the last day of accepting applications for participation in the “CREATE!” grant program. The project, with a budget of $1 million, is aimed at scaling and developing small and medium-sized businesses of Ukrainian women in production and processing.
The program has aroused interest among entrepreneurs who seek to expand their production capabilities. Applications covered a wide range of industries: from the cosmetic industry to furniture production, from manufacturing plastic products to construction materials. The participants demonstrated ambitious plans for scaling production, automating processes, and expanding sales geography.
The analysis of the received applications revealed a trend: almost 60% of the applicants represent the food and light industry, particularly the clothing industry. Printing and furniture manufacturing are also popular, accounting for about 5% of the total applications.
It is worth noting that many businesses were opened during the war, so receiving grant funds will allow the winners to take their production to a new level.
“In times of war, women increasingly take leadership. Last year, every second FOP [Individual Enterpreneur] in Ukraine was opened by a woman. A woman also headed every third company. But at the same time, the gender gap is still a daily reality for many Ukrainian women. For example, studies show that women are more likely to open small and micro-businesses, while male managers or owners predominate in medium-sized and large enterprises. So, we launched a program to support women who own factories. And the request received in response is impressive and once again proves that women want more. Our task is to create conditions in which every aspiration will be transformed into new businesses, which are necessary for today’s economy,” said Yuliia Svyrydenko, First Deputy Prime Minister – Minister of Economy of Ukraine.
“CREATE!” is an essential element of the “Made in Ukraine” government policy and the state strategy to overcome the gender pay gap. The program’s goal is to stimulate economic growth by providing resources and financial support for women to implement their business plans.
“During the selection of grantees, we were impressed by how talented Ukrainian entrepreneurs are and how innovative their products are. We are proud of everyone who applied to scale their own business. During the evaluation, we paid special attention to the project’s innovativeness, whether products with added value are created, whether the quality of the Ukrainian product improves, and whether the business has export potential. We plan to work together with our partners to launch another set of programs,” says Tetyana Berezhna, Deputy Minister of Economy of Ukraine.
Jaroslawa Z. Johnson, President and CEO of UMAEF, adds:
“Our goal is to support women entrepreneurs in their efforts to expand and modernize their businesses by providing financial resources and opportunities for growth. We believe these grants will help many women realize their entrepreneurial dreams and significantly contribute to the development of Ukraine’s economy.”
Grant funds (maximum amount — $15,000) program winners will be able to spend on the purchase, delivery, and installation of production equipment, as well as no more than 30% of the grant on the purchase of software and training. Two months after receiving the funds, the grantees will report on the funds spent and share the changes that have been achieved during this time.
“The “CREATE!” program is aimed at women entrepreneurs who, despite everything, develop their businesses: scale up, provide jobs, and confidently plan their future even under challenging conditions. We were pleasantly surprised by the number of applications. Each of them demonstrates strength of character, motivation, and hard work. The stories of our participants are inspiring and show the significant potential of women’s entrepreneurship in Ukraine,” says KSE Foundation Director Svitlana Denysenko.
The names of the winners will be announced gradually. The first part of the grantees will become known in early August.
For reference:
The grant program “CREATE!” was launched by the Ministry of Economy of Ukraine with the financial support of UMAEF and implemented by the KSE Foundation in partnership with Oschadbank JSC.
The implementation funds for the “CREATE!” grant program are an investment of the Ukraine-Moldova American Enterprise Fund (UMAEF, formerly Western NIS Enterprise Fund), which supports reform promotion initiatives and transformation projects in Ukraine.