Campaign to Mobilize Funding for Veteran Entrepreneurs
A new initiative in Ukraine aims to raise financial resources specifically for veteran entrepreneurs. The Association of Ukrainian Banks (AUB) and the Association of Veteran Entrepreneurs of Ukraine (APVU) have jointly called on banks and non-banking financial institutions to extend credit to veteran-run businesses. Central to this effort is the expansion of FinStream, a dedicated financial service for veterans.
These plans were unveiled during a press conference at Ukrinform. AUB President Andriy Dubas highlighted the effectiveness of private veteran bonds (PVBs) and a newer, more profitable option—equity purchases—which allow financial institutions to invest in veteran enterprises.
'The private veteran bond instrument, along with the recently introduced equity purchase option that offers even greater returns for financial institutions, has already proven its value.' Andriy Dubas, President of the AUB
The annual funding requirement for veteran entrepreneurship could reach up to 2 trillion UAH. According to Anatoliy Ostapenko, a member of parliament and head of the subcommittee on social protection of veterans' rights within the Verkhovna Rada Committee on Social Policy and Veterans' Rights Protection, there is a pressing need to establish a dedicated state or municipal financial institution to serve veterans.
'Service members, veterans, and their families currently find it nearly impossible to access financial resources. If the market cannot solve this on its own, we are prepared to legislate a solution.' Anatoliy Ostapenko, Member of Parliament
Proceeds from the sale of private veteran bonds are channeled into concessional loans for veteran-owned companies. Ostapenko further stated, 'Our key message today is that the time has come to create a veteran-focused financial institution. We are ready to take this up in parliament and enshrine it in law.'
Objective of the Initiative
This initiative is designed to bolster veteran entrepreneurs in Ukraine by improving their access to financial resources and fostering a more favorable environment for business growth.
The launch of this financial mobilization campaign reflects growing attention to the needs of veteran entrepreneurs in Ukraine. The push for a separate financial institution underscores the current lack of adequate market mechanisms to support them. With annual resource needs potentially hitting 2 trillion UAH, this initiative could mark a significant step forward for veteran entrepreneurship and the broader Ukrainian economy.