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"Government is expanding programs to support small businesses, program of compensation for agricultural machinery is returning", - Minister of Economy Svyrydenko

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Sustainable economic development requires special grant and loan programs that will provide significant support to domestic producers. The government is already expanding such programs so that more and more businesses can count on additional funding.

Support programs for small and medium-sized businesses are an important component of Ukraine's GDP growth. Next year, the government is significantly expanding them - more than UAH 40 billion has already been budgeted for this purpose. This was written by the First Vice Prime Minister of Ukraine, Minister of Economy Yuliia Svyrydenko on her Facebook page, Censor.NET reports.

"In addition to the programs already familiar to business, but slightly expanded, such as 5-7-9%, grants for processing, microgrants, we have added completely new ones - support for the development of industrial parks, projects with significant investments, and compensation to farmers for demining. The compensation program for Ukrainian-made agricultural machinery has also been brought back. However, the key to the effectiveness of these incentives is if they work in tandem with economic patriotism. We are working to ensure that state funds are spent on domestically produced goods," Svyrydenko said.

She said that they have already improved the terms of the "Affordable Loans 5-7-9" program for processing companies. Now they can take out a loan of up to UAH 150 million for a period of 10 years. "This year, this government program has become almost the only source of affordable financing - most of the new loans were issued under the 5-7-9 program. In addition, in 2023, we increased the volume of grant programs for recycling. Both government and donor programs. We issued more than 500 grants for processing companies worth UAH 2.5 billion. Another $11 million in grants were issued through the joint USAID Competitive Economy of Ukraine Program," the Minister of Economy said.

She also noted that the government is resuming the program of compensation for the cost of domestic agricultural machinery. At one time, this program doubled the share of domestic agricultural machinery in the domestic market and allowed the launch of new machinery that had not been produced before.

"In addition to all the existing programs, next year we will strengthen domestic production through joint defense ventures with Western companies, localization of production of demining equipment and other equipment. Domestic demand should be covered primarily by domestic producers, whether it is uniforms for the army, trolleybuses, drones or goods for the needs of state-owned companies," Svyrydenko said.

Earlier it was reported that more than 2000 Ukrainians became winners of the next wave of the "Own Business" grant program and will receive more than half a billion hryvnias from the state to start or develop their businesses. The grant recipients will create almost 5,000 new jobs.

As a reminder, the government has increased the total duration of compensation for expenses from two to three months for employers hiring internally displaced persons (IDPs) and up to 6 months for employers hiring IDPs with disabilities.