News reports constantly refer to billions of euros earmarked for Ukraine’s recovery.

But when a business owner starts looking for a specific opportunity for their company, things quickly become much more complicated.

One programme is open only to municipalities. Another targets non-governmental organisations. A third requires international partners. A fourth does not provide funding to businesses directly at all.

As a result, funding appears to exist, but it is unclear where exactly to look for it.

In our previous article, we looked at what the outcomes of URC 2026 mean for Ukrainian businesses. Now let us move from the overall scale of international funding to a practical question: where can companies actually find the right opportunity?

The problem often begins with a single word: “grant”.

A business may search for a grant even though a concessional loan, an investment or a paid contract within a recovery project would suit it better.

So the first question should not be “Where can we find a grant?” It should be:

What does your business actually need: funding for its own project or a new customer?

Billions are available for recovery. Why can’t businesses see where to apply?

Major international programmes rarely operate as a single fund with an “Apply” button.

Some funds reach businesses through Ukrainian banks. Some are distributed through international funds and dedicated programmes. Other funds support large projects in which companies can participate as suppliers or contractors.

That is why the name of a programme alone tells you very little.

For example, a business may read about the Ukraine Facility but find no separate company application form on its website.

This is entirely normal.

For small and medium-sized enterprises, the route often begins not with the programme itself, but with a bank, fund or specific call for proposals.

Need funding for equipment or growth? Look for a bank programme

A business may need funding for new equipment, renovations, energy-efficiency measures, production expansion or entry into new markets.

In this situation, a grant is not the only option.

International organisations support Ukrainian businesses through:

  • loans provided by Ukrainian banks;
  • loans with lower interest rates or longer repayment periods;
  • guarantees that reduce the bank’s risk;
  • dedicated programmes that reimburse part of eligible costs;
  • direct investment in large projects.

For small and medium-sized enterprises, the most practical route is often straightforward:

find a bank participating in an international programme and apply directly to that bank.

The company prepares its documents. The bank assesses the business’s financial position and the purpose of the project. It then decides whether the application meets the programme’s criteria.

In other words, there is no need to look for a separate application to the Ukraine Facility. The task is to find a specific banking product supported by international partners.

Have a strong idea, but a standard loan is not suitable? Explore EU calls

An innovative product, new technology, research initiative or creative project may not generate revenue immediately.

In such cases, a standard loan often does not solve the problem.

It may then be worth exploring European Union programmes, including Horizon Europe, Creative Europe and other calls published on the Funding & Tenders Portal.

There is, however, an important point to keep in mind.

These programmes do not fund a business simply because it needs money.

They look for projects that match the specific topic and objectives of a call.

Before applying, check:

  • whether a business is eligible to apply;
  • whether partners from other countries are required;
  • whether the idea matches the topic of the call;
  • whether the team has the required experience;
  • whether the budget and timeline are realistic.

Finding an open call does not necessarily mean finding the right opportunity.

You may need a customer, not a grant

This is one of the least obvious routes.

A business may already have everything it needs: a team, equipment, production capacity and specialists with relevant experience.

In that case, the company does not necessarily need funding for its own project.

It can earn revenue from recovery projects as a supplier, contractor or partner.

Opportunities may include:

  • international tenders;
  • procurement of goods and services;
  • subcontracting;
  • participation in a joint project with another company;
  • work within a consortium.

These opportunities can be found on international procurement platforms such as UNGM, EBRD ECEPP and TED, as well as on the websites of GIZ, the EIB and other organisations.

A small business does not need to take on a large infrastructure contract by itself.

A company may supply specific equipment, perform part of the work, transport goods, or provide IT services, audit, consulting or technical support.

Sometimes a business spends months searching for a grant when what it actually needs is a new customer.

Why businesses waste time on programmes that do not suit them

An open programme is not necessarily accessible to your company.

It may be limited to:

  • municipalities;
  • non-governmental organisations;
  • universities;
  • start-ups;
  • large companies;
  • specific sectors.

A programme may also require:

  • a financial contribution from the applicant;
  • an international partner;
  • experience in similar projects;
  • complex reporting;
  • participation in a consortium.

Preparing an application takes time—sometimes several weeks of a team’s work.

It is therefore worth checking whether the business has a realistic chance before preparing the documents.

Checklist: what to verify before applying

☐ The programme accepts applications from businesses.

☐ Your company needs a grant rather than a loan, investor or contract.

☐ The project aligns with the programme’s objectives.

☐ The business meets the size, sector and regional criteria.

☐ The company can provide financial statements and ownership information.

☐ Own funds are available if co-financing is required.

☐ The team can meet the procurement and reporting requirements.

☐ It is clear whether an international partner is required.

☐ The time required for the application is proportionate to the realistic chance of success.

☐ It is clear where to apply: to a bank, fund, international organisation or the contracting authority running the tender.

Do not start by searching for money. Start with the business need

International funding for Ukrainian businesses is not a single fund, and it is not limited to grants.

For one company, a bank programme may be the best option.

For another, it may be an EU call.

For a third, an international tender or subcontracting opportunity.

So do not begin with dozens of websites.

First, define what the business actually needs:

funding for its own growth or a new customer.

This will help you avoid wasting time on programmes that were never designed for your company in the first place.

Further Reading

📌 €10 Billion in Opportunities: What URC 2026 Means for Ukrainian Businesses
https://gc.ua/en/en-urc-2026-business-opportunities/

📌 Financial Statement Audit
https://gc.ua/en/audit-of-financial-statements/

Sources