$500,000 Resilience Initiative Allows 100 Ukrainians to Grow or Restore Businesses Amid Russia’s War
Worldwide Foundation for Credit Unions’ (WFCU) $500,000 Resilience Initiative allowed Ukrainian credit unions that partner with the USAID/World Council of Credit Unions’ Credit for Agriculture Producers (CAP) Project to disburse loans to 100 business owners seeking to restore or grow their operations amid Russia’s ongoing invasion.
Designed by the CAP Project and funded by WFCU’s Ukrainian Credit Union Displacement Fund, the Resilience Initiative was launched in June 2023 to stimulate rural and agricultural micro-, small- and medium-sized business recovery and growth, with a focus on supporting vulnerable populations and boosting sustainable development.
As a result, half of the Ukrainian businesses to receive these loans are owned by women, who have taken on an increased role as entrepreneurs in Ukraine’s wartime economy.
Iryna Solian, who runs a bakery and cafe in the town of Borshchiv, Ternopil Oblast, was one of the women who benefited from the Resilience Initiative.
As part of her business, Solian cooperates with local schools to provide students with fresh bakery every morning. Her dream was to make pizzas for the children, but she lacked the financing to purchase an indoor pizza oven. Thanks to the Resilience Initiative funds provided to her credit union, “Narodna Skarbnytsia”, Iryna was able to take out a $2,800 loan to purchase the oven at a rate that was half the market average.
With the new pizza oven in place, Solian can now expand her range of products and make children happy.
“Quality catering for kids is very important – everything must be perfect: products, kitchen, equipment. I love what I do, and I am happy I can now do it better thanks to your support,” said Solian.
With credit unions well-positioned to address the significant financial challenges facing Ukrainians, including those internally displaced or returning from abroad and those who stayed in their communities devastated by war, it is critical to provide incentive programs and additional funds to credit unions to share risks and build long-lasting relationships, especially with new businesses and members.
Since February 2022, Worldwide Foundation for Credit Unions has raised over $1.8 million through its Ukrainian Credit Union Displacement Fund, implemented seven relief programs and launched three early recovery programs totaling nearly $1.5 million that have focused on providing assistance to Ukrainian credit unions and their members in wartime. For more information, please see the WFCU Relief Results report.
To donate to the Ukrainian Credit Union Displacement Fund, click here.