Cabinet has developed programs to help small businesses

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Officials plan to develop programs to help new entrepreneurs and medium-sized businesses

Government will support small business: what programs are developed. Photo: Chairman

The Cabinet of Ministers and the National Bank have developed two programs of accelerated loan assistance for small businesses, which were presented to the President’s press service report to Vladimir Zelensky.


Vladimir Zelensky

Prime Minister Dennis Shimgal said that the “Affordable Loan 5-7-9%” for its effectiveness in quarantine would be the fastest help to improve the program. It has been reported that this will be greatly simplified for the purpose of refinancing existing loans. The second program is built from scratch, now it is in the final stages.

According to the Presidential Press Service, both programs will now provide for businesses to maintain almost the entire wage fund and the number of employees hired, and to reduce unemployment and restart the economy after quarantine is complete For the purpose of creating conditions for

According to Vladimir Zelensky, with the help of these programs, the government not only plans to save jobs, but also has a fixed share of paying taxes.

Denis Shimgal said that the implementation of the programs would begin soon after their finalization. The government hopes to get first support in the near future. Additionally, programs for new entrepreneurs and medium-sized businesses are in progress during the COVID-19 epidemic.

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We previously wrote that in March 2020, the state-owned private bank increased the number of targeted loans and increased loans issued to small and medium-sized businesses by 15%. Last month, the financial institution funded 1,500 projects in February – 1230, according to the bank’s press service. Overall, in the first quarter of 2020, the amount of financing of small and medium-sized businesses by PrivatBank increased to UAH 640 million.

Read:
The fight against the coronavirus: what Ukraine does to support the work of BusinessHow loan during quarantine in Ukraine: analysis
Patrion, crowdfunding, business angels: top 10 sources of financing for small businesses


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