Ukraine’s President Volodymyr Zelensky signs a document in Kyiv on Oct. 16, 2019.

Photo by The press-service of Ukraine’s president

President of Ukraine Volodymyr Zelensky has signed the law “On Amending the Law of Ukraine “On the State Budget of Ukraine for 2020″ to ensure the operation of the Entrepreneurship Development Fund” No. 436-IX, which the Verkhovna Rada adopted on January 14, 2020.

“The changes provide for the allocation of Hr 2 billion to launch a loan program at five, seven and nine interest to support small and medium-sized businesses. The program will allow small and medium-sized entrepreneurs to start their own businesses and create thousands of jobs already in 2020,” the Office of the President of Ukraine said Jan. 21.

According to information, the Entrepreneurship Development Fund will provide support in the form of interest rate compensation up to the level of five, seven and nine percent per annum for loans in hryvnia. The percentage depends on the size and type of business.

Support to entrepreneurs will also be provided in the form of partial loan guarantees if small and medium-sized businesses do not have enough collateral.

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