How can a business determine its financing needs, where can it find suitable programs, and what should it focus on when preparing a grant application?
These questions were addressed during the webinar “Attracting Financing for MSMEs,” organized by the Zaporizhzhia Chamber of Commerce and Industry in collaboration with the Donetsk Chamber of Commerce and Industry, with support from the “Partnership for a Strong Ukraine” Program.
Experts from the Zaporizhzhia Chamber of Commerce and Industry, Kseniia Nahorna and Olha Shcholkina, explained how to choose a funding source based on business needs—such as purchasing equipment, entering new markets, recovering from damage or relocation, or implementing innovations. Possible instruments include grants, loans, leasing, or a combination of several sources.
When preparing an application, it is important to justify the budget and expected results, verify the co-financing requirements, and confirm the project timeline. After receiving a grant, funds must be used for their intended purpose, expenses must be documented, and reporting requirements must be followed. Violating the terms of the agreement may result in the funds having to be returned.
It is recommended to seek funding through state and local programs, as well as from international donors, banks, chambers of commerce and industry, and business associations. Before submitting an application, you should check the requirements of the specific program. Entrepreneurs were also warned about fraud: no one can guarantee success in a grant competition in exchange for an upfront payment.
The webinar was held as part of the “Code of Resilience” series of events, supported by the “Partnership for a Strong Ukraine” Program, which is funded by the governments of the United Kingdom, Estonia, Canada, Norway, Finland, Switzerland, and Sweden. The program aims to strengthen Ukraine’s resilience in the face of Russian aggression.
Based on materials from the Donetsk Chamber of Commerce and Industry