08 November 2013 Bukovyna Fund. Promotion of Enterprise

Bukovyna Fund: Business Idea Implementation Took Less Than a Year

The project that received financing from Bukovyna fund successfully sold the first lot of product.

A year ago – in autumn 2012 – investment fund “Bukovyna” aimed at supporting small and medium-sized business allocated the first million for realization of 8 business ideas. Two of them were offered by the students. The third-year student Sergey Palagnyuk is an author of business idea aiming at production of organic fertilizers from food wastes, wood shredding and other natural materials. For less than a year he has managed to put his project on its feet.

Having received UAH 80 thousand from Bukovyna fund, a young entrepreneur bought the equipment, produced and even sold 450 kg of organic fertilizer for UAH 600.
 
Also, 20-year-old Sergey Palagnyuk signed agreements on selling of 2 tons of fertilizers with wholesale store chain in Zalishchyky in Ternopil region, as well as with retail consumers in Chernivtsi. Altogether, according to the results of the current year, it is planned to produce and sell 4 tons of organic fertilizers. This volume was stated in the business plan that Sergey developed with a help of experts from Bukovyna fund.
 
For fertilizers manufacturing company has already received about 2.5 tons of wood shredding and wood waste.  Also an additional supply of 10 tons of raw materials is planned. The following year, the company plans to recycle about 25 tons of organic waste.
 
“We have already bought three metal containers for storage of food waste and fertilizers. During the next two quarters, we plan to deliver 30 tons of fertilizers to the domestic markets of the region”, said Sergey Palagnyuk.
 
In addition, business manager and business owner said that he understood the riskiness of the activity only in the domestic market, so the company had already started work on finding opportunities to enter the markets of the neighboring regions.
 
"Today, our main efforts are devoted to search for new suppliers. At this point we are working closely with the Department of Agriculture Development of Chernivtsi Regional State Administration. This allows us to quickly monitor the largest vegetable and fruit storages, fruit bases, farms and recycling enterprises of the region”, said Sergey Palagnyuk.