Oschadbank and Western NIS Enterprise Fund grant another social loan

Kramatorsk T&P Enterprise of the Ukrainian Society of the Blind received an Oschadbank loan as a part of Western NIS Enterprise Fund social enterprises loan program.

The enterprise, where 60% of workers suffer from visual impairments, specializes in the production of corrugated board and products made of it. The funds will help to increase the volume of production and competitiveness of the enterprise, which in turn will ensure stable salaries for the employees and provide financial assistance for healthcare services, housing, health improvement, and create the basis for socio-cultural development.

“Oschadbank proceeds with building an inclusive society in Ukraine. Equal opportunities for all is the main goal to be achieved. We were the first in Ukraine to start opening inclusive bank branches in different cities. Last year we launched an important project “Social Entrepreneurship” to support businesses with a social component. Being a socially responsible bank, Oschadbank feels its duty to support enterprises that are not only developing small and medium business in the toughest conditions, but also provide the disabled with work and decent salaries”, – said Andrii Pyshnyy, the Chairman of Oschadbank.

“Small loans, big impact. This is the approach of WNISEF Impact Investing Program. We search for companies that offer system solutions for tough social problems in communities through entrepreneurial approaches, and we qualify them as social enterprises. Having in mind the fact, that these companies are less competitive in the market, we offer them more procurable financial resources for development, while expecting them to deliver the biggest value – improvement of the quality of life of vulnerable groups”, – noted Vasyl Nazaruk, the Impact Investing Program Manager of Western NIS Enterprise Fund.

The “Social Entrepreneurship” program allows small businesses, that ensure the implementation of social projects and initiatives or solve some social problems of the disadvantaged groups as a part of its activities, to receive a national currency loan at economically attractive rates (from 5% to 10% per annum). Preference is given to projects that support primarily the citizens of Ukraine who suffered from the conflict in the East, including IDPs from southern and eastern regions, people with disabilities, low-income women, and members of other disadvantaged social groups.

The first loan was granted to a public enterprise “Sadovod” in Cherkasy. The social component of the company lies in supplying medical facilities with food as well as in self-employment of the country folk of Cherkasy region.

The detailed terms of the program can be found here: http://www.oschadbank.ua/ua/business/loans/socializing/