$352.000 for Starting a Business by Representatives of Low-Income Families

by Olha Povaliaieva
Thursday, February 3, 2022
$352.000 for Starting a Business by Representatives of Low-Income Families

On February 2, the government of Ukraine decided to allocate funds from the budget to help Ukrainians gain economic viability

“The government has approved the procedure for using the funds provided in the state budget to provide financial assistance to obtain economic independence for a low-income family,” the Ministry of social policy of Ukraine reports.

Budgetary funds will be used to provide one-time interest-free reimbursable financial assistance to an unemployed non-disabled person from among members of a low-income family for organizing entrepreneurial activities.

The Ministry of social policy has been appointed as the supreme manager of public investment. The National social service and its territorial bodies have been appointed as lower administrators, and the recipients are the Kyiv Employment centers and the region.

Basic conditions:

  • Budget investments are issued on an interest-free, returnable basis and do not exceed 15 minimum wages;
  • The investment is transferred to the recipient by bank transfer and is intended for exclusive use to cover the cost of equipment for starting a business;
  • After 3 years after receiving budgetary assistance, it must be returned to the state. All taxes paid and ERUs are taken into account from this amount;
  • If the amount of taxes and contributions paid for 3 years is equal to the payment amount, and if the recipient of funds provided official employment to two unemployed low-income family members, the funds may not be returned.
You will be interested