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27 Feb. 2023

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The Helping Hand program is again available in Ukraine: who can get a loan to develop their business

Finance
Popular
Ukraine
The Helping Hand program is again available in Ukraine: who can get a loan to develop their business

In Ukraine, the "Helping Hand" program has been renewed, as part of which loans are provided to unemployed citizens from low-income families to start or develop their own business. Learn more about who can participate and under what conditions

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The Helping Hand program for people and families in difficult life circumstances has been renewed in Ukraine. The program is aimed at helping low-income people start their own businesses. Read more about who can participate in the program and what the conditions are in this article.


What is the essence of the Helping Hand program?


The program enables unemployed able-bodied persons from low-income families to receive a one-time interest-free repayable loan of up to UAH 100,500 to start or develop their own business, namely to purchase equipment and materials necessary for the development of their own business.


Loan terms under the Helping Hand program


Individuals can receive an interest-free loan from the state for a period of 3 years to develop their own business.


What are the loan repayment terms?


- after the expiration of a three-year period from the date of its receipt in one amount (within 30 calendar days);

- ahead of schedule, in installments according to the schedule agreed with the employment center.


The amount of financial assistance to be refunded is reduced by the amount of taxes, fees and unified social contribution paid.


Financial assistance is not refundable if the entrepreneur:


- Paid taxes, duties and unified social contribution in an amount exceeding the amount of financial assistance provided;

- In the first year from the date of receipt of the assistance, at least 2 persons from low-income families are employed by the employment center for a period of at least two years.


How to participate in the Helping Hand program?


To receive such assistance, a person wishing to start an entrepreneurial activity should contact the nearest Employment Center.


There, they should submit to the Commission for Assistance to Low-Income Families for Gaining Economic Independence established at the Employment Center


- an application for financial assistance

- business plan;

- a certificate of no criminal record.


The commission that will review the application consists of representatives of social protection authorities, local governments, territorial bodies of the State Tax Service, employers' organizations (associations) and trade unions (upon agreement).


The commission reviews the documents and, after the meeting, sends a written notice of the decision to the applicant for financial assistance.


If the decision is positive, the person must establish a legal entity or register as an individual entrepreneur within 30 calendar days from the date of receipt of the notification.


We will remind you! Ukraine wants to simplify the repayment of consumer loans for IDPs. Read more about the new terms and conditions and who can count on them here.




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