€7.5 million EU program to assist Ukrainian SMEs profit from single market

The European Commission has launched a new €7.5 million funding program to help Ukrainian SMEs integrate and take advantage of the single market.

The so-called ReadyForEU program consists of two calls for proposals aimed at Ukraine-based companies and entrepreneurs: “Business Bridge” and “Erasmus for Young Entrepreneurs – Ukraine”. The tenders follow the country’s recent entry into the Single Market Programme, which is also providing the funding.

“We offer concrete financial support to small Ukrainian businesses and entrepreneurs.

The Business Bridge

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With a budget of 4.5 million euros, this action offers financial support to SMEs affected by the war in the form of vouchers. These enable companies to access services and participate in trade fairs in the EU.

A dedicated consortium of business associations will select up to 1,500 growth and sustainability-oriented Ukrainian SMEs to receive up to EUR 2,500. The purpose of the grant is to cover costs related to business support services such as B. Legal, financial or organizational advice.

According to the Commission, the call will not only support the companies involved and promote the reconstruction of the Ukrainian economy, but also offer alternative markets for EU companies after the markets in Russia and Belarus have disappeared.

The Erasmus for Young Entrepreneurs – Ukraine

With a budget of EUR 3 million, the second tender aims to enable new Ukrainian entrepreneurs to gain business experience in other European countries.

It will select organizations in Ukraine and the EU to recruit up to 430 entrepreneurs and match them with host entrepreneurs from the bloc. It will also support them financially and contribute to their living and travel expenses.

This action will be implemented within the framework of the already existing program Erasmus for Young Entrepreneurs.

“Europe is committed to supporting Ukraine’s successful integration into the single market,” Internal Market Commissioner Thierry Breton said in a statement. “With today’s calls for proposals, we are offering concrete financial support to Ukrainian small businesses and entrepreneurs to establish new partnerships with other European companies and expand into the EU.”

Ukrainian SMEs and entrepreneurs can apply in the last quarter of this year.

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