$1,000,000 will be used to support small and medium-sized Ukrainian women’s businesses in production and processing: equipment repair, printing, clothing, furniture, food, pharmaceuticals, computers, optics, etc. The “CREATE!” grant program was presented yesterday, April 24, at the Kyiv School of Economics.
The program was launched by the Ministry of Economy of Ukraine with the financial support of the Western NIS Enterprise Fund and implemented by the KSE Foundation in partnership with Oschadbank JSC.
“CREATE!” is integral to the government’s “Made in Ukraine“ policy and the state strategy for gender equality. The initiative aims to develop and scale up national production and increase the business activity of Ukrainian women. The program seeks to stimulate economic growth by providing resources and financial support for women to implement their business plans.
Applications for participation in the grant program can be submitted until July 31. More details about the program and how to apply.
Yuliia Svyrydenko, First Deputy Prime Minister – Minister of Economy of Ukraine: “Women are increasingly active in business and more often take the lead. Women fight at war, provide medical aid, create, and lead. Half of new businesses were started by women last year. A woman ran every third company. Today, we are launching the “CREATE!“ program to increase the number of new businesses that can surprise and inspire. This program is an essential project for the Ministry of Economy, as it contains two key priorities: strengthening the role of women in the economy and supporting processing. We have to produce more goods with a high share of added value and move away from the raw material model of the economy. In contrast, there are no examples of successful raw material states worldwide.”
Tetiana Berezhna, Deputy Minister of Economy of Ukraine: “There are huge expectations for Ukrainian women now. With more than 6 million people outside of Ukraine and about 1 million army, mostly men, defending the country, we, as women, must realize our responsibility for maintaining the economic homefront. That is why the “CREATE!“ program aims to develop women’s entrepreneurship and support the manufacturing industry. The development of production means new jobs, more taxes paid, and more foreign exchange earnings if the company exports.”
Jaroslawa Z. Johnson, President and CEO of WNISEF: “Women in Ukraine constitute a vital segment of the economy and catalyze its development. They should play an even greater role in economic processes. Statistics show that women are becoming more actively engaged in entrepreneurship. This trend needs to be facilitated. Over the past 30 years, Ukraine has made progress in developing SMEs. However, as of the start of the Russian aggression, there were only about 13-16% of SMEs in Ukraine, while stable economic growth requires their share in the overall economy to be at least 60%. We believe that Ukrainian women can significantly contribute to the development of SMEs.”
The initiative’s participants can spend the grant funds purchasing, delivering, and installing production equipment. However, up to 30% of the grant can be spent on software and training.
The program is open to women entrepreneurs registered as sole proprietors or LLCs with more than 50% female ownership. The production facility must have been operational for at least one year at the time of application.
Svitlana Denysenko, Director of the KSE Foundation: “The individual grant for each winner will be up to $15,000. When applying, it is important to approach the request for funds rationally and have a plan for development and scaling. “The “CREATE!“ program aims to support already operating businesses. We want to help Ukrainian women build their businesses despite the ongoing challenges.
Oshchadbank will check applicants’ business reputation and credit records and then provide recommendations on grant allocation.
Natalia Butkova-Vitvitska, Oschadbank JSC Member of the Board, responsible for micro, small, and medium-sized businesses: “As part of the “CREATE!“ program, Oschadbank will check the business reputation of women entrepreneurs for being on sanctions lists, involvement in fraud, and any court cases, including bankruptcy. Suppose the positive business reputation is confirmed after receiving the grant. In that case, the program participants can apply to our bank for additional financing.”
Representatives of successful Ukrainian businesses attended the program pitch. They shared with the audience their sources of inspiration for starting and developing their businesses. Special guests of the event advised both those willing to start and those already engaged in entrepreneurial activities.
Anna Zavertailo, Co-founder of the Zavertailo restaurant chain and Honey confectioneries, says, “Don’t be afraid of anything because it’s not scary. And if you are afraid, it’s okay; do it anyway.“
Alina Frendii, COOSH Designer and Founder: “Do it – don’t be afraid! While everyone is afraid, you do it, and you win. Tell the world about your business: it will help you find like-minded people to go through hardships, gain experience, discuss new projects, and implement fresh, awesome ideas.”
Kateryna Zahorii, Darnytsia Pharmaceutical Company Director of the Board: “Follow your values. It is important to know exactly what you are made of, what you stand on, what is crucial to you, and what you will never give up.”
Sonia Soltes, Founder of the LUTIKI brand, says, “It is vital to take a strong stance; this is the only thing that gives you the feeling that everything is being done right. The main thing is to be strong. And then you will have dreams, like-minded people, and money.”
The “CREATE!“ grant program funds are an investment of the Western NIS Enterprise Fund, which supports reform promotion initiatives and transformational projects in Ukraine.