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Promotion of Enterprise. Bukovyna Fund

Bukovyna Fund

The President of the Federation of Employers of Ukraine, Head of the Board of Directors of Group DF Mr. Dmitry Firtash has initiated the establishment of a venture investment fund aimed at supporting small enterprise by creating preconditions for realization of business ideas featuring a lucrative commercial potential. ‘Bukovyna’ has become Ukraine’s first investment fund offering preferential lending support to small businesses. Furthermore, ‘Bukovyna’ is the only fund financing the development of promising ideas ‘from scratch’ in all sectors of the economy.
 
“Anyone must have access to having his or her business idea realized,” said Dmitry Firtash while meeting with Chernivtsi region administration and business community in February 2012. “Today, young people are unable to promote their ideas, no matter in what field. Banks won’t lend to them. Who can a student turn to? To their parents or their parents’ friends – a closed circuit,” said Mr. Firtash.
 
The presentation of ‘Bukovyna’ Fund took place on April 23 in Chernivtsi. According to the presented data, the capital managed by the Fund equals 3 million UAH.
 
The bulk of the Fund’s capital was donated by its initiator, President of the Federation of Employers of Ukraine Dmitry Firtash. Four Chernivtsi business people have signed up to the fund: Ms. Stella Stankevych, Chairwoman of the Board of Directors, ‘Trembita’ company; Mr. Vyacheslav Dobrovolsky, Preseident, ‘TechnoPlus’ company; Mr. Victor Sidliar, CEO, ‘Chernivtsi mashzavod’; and Mr. Ivan Semeniuk, CEO ‘Rodnichohk’ company.
 
Financing will be provided along two lines: preferential lending and equity investment.
 
Preferential loans in the amount ranging from 100 to 320 thousand UAH at a 5 to 15 percent interest rate will be available to existing companies offering innovative products and services to the market.
 
The authors of new business ideas can qualify for receiving 50 to 80 thousand worth of a startup capital for launching their business. Notably, ownership in the projects will remain in their authors’ hands which the Fund’s interest in such enterprises will vary within a 10-49 percent range. In case that a project is successfully realized, the Fund’s margin will be earned from selling its share in the enterprise while the receipts will be reinvested in new projects.
 
In September of 2012 ‘Bukovyna’ invested the first 1 million hryvnias in the implementation of six projects proposed by Chernivtsi-based entrepreneurs. Three of them winning the total of 200 thousand UAH talk about founding business from scratch. The remaining three projects to which the total of 800 thousand UAH worth of preferential loans will be provided envisage business development operations.
 
Dmitry Firtash attending the projects presentation underscored the commercial implications of supporting small and medium businesses. “I have decided to invest an additional 5 million UAH in ‘Bukovyna’ fund,” pledged Mr. Firtash. Thus, the fund’s capital has reached the total of 8 million UAH.
 
“This fund enables realization of the boldest business ideas. It offers equal startup opportunities irrespective of the capital amounts and connections. What really matters is promising ideas, knowledge, commitment and willingness to succeed,” said Mr. Firtash.
 
Please visit ‘Bukovyna’ Fund’s website.

EVENTS:

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In 2015 Bukovyna Fund’s Capital To Be Increased 29 November 2014

In 2015 Bukovyna Fund’s Capital To Be Increased

In 2015, the capital of the fund aimed at supporting small enterprise ‘Bukovyna’ will be increased by UAH 5 million to UAH 8 million and will finance creation of a entrepreneurship center in Chernivtsi. This was stated by the initiator...
Bukovyna To Host Business Ideas Contest Among the Students 24 November 2014

Bukovyna To Host Business Ideas Contest Among the Students

Chernivtsi will host the final of the business ideas competition among students in which the results of the qualifying round held from September 5 to November 10 will be summarized. The judges will select three winners among the...
Bukovyna Fund To Finance New Business Ideas 28 October 2014

Bukovyna Fund To Finance New Business Ideas

Investment Fund ‘Bukovyna’ aiming to support small business held business ideas contest among student of Chernivtsi oblast. More than 100 entrepreneurs have become applicants for funding of business idea implementation “from the...
Bukovyna Fund Financed First Business Project in 2014 21 May 2014

Bukovyna Fund Financed First Business Project in 2014

The Investment fund ‘Bukovyna’ aimed at supporting small and medium-sized businesses  financed business project ‘Vykhodnoy-Chernivtsi’ launched in the Chernivtsi region. This project has become the eleventh since the...
We Have Created Unique Business Development System – Dmitry Firtash 08 November 2013

We Have Created Unique Business Development System – Dmitry Firtash

Due to the work of the venture investment fund "Bukovyna" aimed at supporting small enterprise in the Chernivtsi region, a unique for Ukraine ecosystem of entrepreneurship development has been created
Bukovyna Fund: Business Idea Implementation Took Less Than a Year 08 November 2013

Bukovyna Fund: Business Idea Implementation Took Less Than a Year

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
Bukovyna Fund To Finance Business Ideas From Chernivtsi Students 01 October 2013

Bukovyna Fund To Finance Business Ideas From Chernivtsi Students

Students of high schools of I-IV accreditation levels, vocational colleges, technical schools and departments in the Chernivtsi region can take part in the competition. The jury takes into consideration both individual solutions and promising...
Bukovyna Fund Has 9 Projects in Its Portfolio 13 June 2013

Bukovyna Fund Has 9 Projects in Its Portfolio

Investment fund aimed at supporting small and medium-sized businesses ‘Bukovyna’ provided concessional financing to ‘Open-air’ attraction’ specializing in karts and quad bikes rent. To fund purchase of new cars...
Bukovyna Fund Financed One More Business Project 14 May 2013

Bukovyna Fund Financed One More Business Project

The owner of MellanZhe company Maria Zheznomirskaya noted that there were great opportunities for the development of the sewing business in Ukraine due to the absence of low-cost high-quality clothing. MellanZhe sewing workshop became the eighth...
SME Support Funds Have To Be Established In All Regions 27 November 2012

SME Support Funds Have To Be Established In All Regions

Dmitry Firtash, President of the Federation of Employers of Ukraine has urged businesspeople to use active efforts towards establishing small and medium enterprise support funds across the whole of Ukraine. Such investment funds capitalized with...
Bukovyna Fund Reviews New Business Project 22 November 2012

Bukovyna Fund Reviews New Business Project

Bukovyna Fund managing 8 million UAH worth of capital has already committed 1.1 million to the implementation of seven projects. March 2013 is expected to see another finale which will determine more winners qualifying for funding of their proposals
Small and Medium Enterprise Funds to Help Create Estimated 26 Thousand New Jobs 18 September 2012

Small and Medium Enterprise Funds to Help Create Estimated 26 Thousand New Jobs

Speaking at the presentation of the first six projects qualified for funding from Bukovyna Investment Fund in Chernivtsi today, Mr. Dmitry Firtash, President of the Federation of Employers of Ukraine...
Bukovyna Fund Approves the Commitment of First 1 Million UAH 18 September 2012

Bukovyna Fund Approves the Commitment of First 1 Million UAH

Three of the qualified proposals talking about building business from scratch will receive the total of 240 thousand UAH. The remaining three projects involve the expansion of the existing enterprises for which the Fund will issue three-year loans...
Bukovyna Fund Receives 70 Applications Seeking Business Projects Financing 21 August 2012

Bukovyna Fund Receives 70 Applications Seeking Business Projects Financing

Having operated for 4 months to date, Bukovyna Fund has already received 70 applications for the financing of business projects filed by entrepreneurs from Kiev, Lviv and Chernivtsi region. The principal investor in Bukovyna Fund is Mr. Dmitry...
Bukovyna Fund Starts Admission of Funding Applications 23 April 2012

Bukovyna Fund Starts Admission of Funding Applications

Bukovyna Fund for Support of Small and Medium Enterprise initiated by Mr. Dmitry Firtash and formed due to his investment has started financing applications admission. This announcement was made by the Governor of Chernivtsi region Mr. Mykhaylo...
Dmitry Firtash’s Fund for Small Enterprise Promotion Finalizes Its Format of Operation 12 April 2012

Dmitry Firtash’s Fund for Small Enterprise Promotion Finalizes Its Format of Operation

The operational mode of BUKOVYNA venture fund for small business support initiated by Dmitry Firtash in February 2012 during his meeting with business community in Chernivtsi has been identified
Dmitry Firtash Initiates Establishment of Fund For Support to Young Entrepreneurs’ Projects 09 February 2012

Dmitry Firtash Initiates Establishment of Fund For Support to Young Entrepreneurs’ Projects

Mr. Dmitry Firtash, President of the Federation of Employers of Ukraine has announced an initiative to set up a fund to support projects of young entrepreneurs. The most promising investment projects will qualify for financing through the...