With Oschad's help, Kryvyi Rih entrepreneurs will be able to receive credit support with a grant component from the Luxembourg government

Oschadbank has become a partner bank in the new program “Support and Restoration of Kryvyi Rih District. Grants for Small Businesses”, which aims to expand access to bank financing for micro, small and medium-sized businesses (MSMEs). The announcement was made during a presentation held at the Kryvyi Rih District State Administration.

The program is aimed at strengthening business sustainability, creating jobs, and expanding the production of goods and services. It can be combined with the state program “Affordable Loans 5-7-9%”.

The program is implemented by the Entrepreneurship Development Fund (EDF) with funding from the Luxembourg government through the Luxembourg Development Agency (LuxDev).

The participation of enterprises in Kryvyi Rih district in the program will depend on their type (micro, small or medium-sized enterprises), so it consists of two components:

• Component I - investment grants and grants to replenish the working capital of microenterprises (up to EUR 10 thousand without combining with bank loans);
• Component II - grants combined with bank loans for small and medium-sized enterprises, aimed at reimbursing up to 50% of the amount of investments in fixed assets. The maximum amount of reimbursement per investment is EUR 100 thousand for medium-sized enterprises.

Applications will be accepted on the EDF platform from October 1 to October 31, 2024.

“This project is a good example of how international partners, government, and the financial sector are joining forces to help Kryvyi Rih attract resources for local business development. Entrepreneurship here today is not only about economic stability, but also about saving lives in a frontline city. Thanks to this initiative, people will have jobs and receive the necessary goods and services from local businesses. We are very grateful to our partners and especially to the government of Luxembourg for this assistance. I hope that there will be more such international collaborations in the near future,” said Natalia Butkova-Vitvitska, Oschadbank Board Member in charge of micro, small and medium-sized businesses.

Oschad offers a wide range of financial instruments to support businesses even in a full-scale war. This helped the bank to increase its loan portfolio to MSME clients by UAH 2.3 billion to UAH 24 billion since the beginning of the year. The bank provided financing totaling UAH 10 billion. In the first eight months of 2024, more than 2,600 enterprises employing above 25,000 Ukrainians received funds for business development.

Entrepreneurs can submit an online loan application, receive a preliminary decision in 24 hours, and open a sole proprietorship account remotely using the OschadBusiness service.

Consultation on receiving grant support can be obtained at the Oschadbank Contact Center for Business Clients by calling 0 800 219 800.