Direct Investment and SME Development program

Our goal is strong and successful SME sector capable of contributing to economic recovery in Ukraine and Moldova.

Number of Projects


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Number of Companies Supported


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Number of Lives Directly Impacted


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Funded by the Program

$5.5 M

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We help Ukrainian and Moldovan SMEs recover and create jobs by providing access to capital and expertise.

Our goal is a strong and successful SME sector capable of contributing to the economic revival of Ukraine and Moldova.

Our approach is to help businesses and cooperate with business support organizations in projects that benefit SMEs.

Our approach includes assisting enterprises and collaborating with business support organizations on projects that benefit SMEs. Grants, loans, and direct investment can be provided to support viable projects that will produce measurable job growth, productivity improvement, and business success.

How it works

Eligibility and Requirement

Funding decisions are determined on the following basis:

  1. Privately-owned micro, small and medium sized enterprises in food and other processing, agribusiness, warehouses, data centers, industrial parks, IT parks, light manufacturing and other facilities, legally registered and doing business in Ukraine or Moldova (an enterprise with fewer than 300 employees and turnover of less than $15 million or total assets of less than $15 million.
  2. Non-governmental organizations, training and academic institutions, business assistance centers, business associations, and other business support organizations, registered in Ukraine or Moldova and focused on providing services, expertise, training and other support to SMEs.

Funding Priorities

In order to be eligible for assistance under the UMAEF SME Development Program applicants must clearly demonstrate how their proposed project will specifically contribute to priority #1 and a minimum of three additional priorities as listed below:

  1. Creates and/or sustains Ukrainian or Moldovan private sector jobs by developing, increasing and/or recovering SME activity in a measurable and sustainable way.
  2. Increases SME business confidence.
  3. Supports the expansion and growth of existing SMEs and/or creation of new enterprises, with special focus on those operated by women, veterans, and internally displaced people.
  4. Increases competitiveness of SMEs.
  5. Ensures the recovery of businesses that are located in the de-occupied regions of Ukraine or were forced to relocate to the western regions of Ukraine due to the threat of hostilities.

Selection criteria

Funding decisions are determined on the following basis:

  1. Potential impact on employment (number of jobs to be created or sustained directly and indirectly)
  2. Potential impact on economic recovery (prospects for business expansion and modernization, entering and developing new markets and business relations);
  3. Potential incremental export sales, and/or improvement in labor productivity at a company level.


Ukraine House Davos

ua flag
Ukraine House Davos is a platform that demonstrates the best achievements of Ukrainian business and culture to the world during the World Economic Forum, which takes place annually in Davos, Switzerland. In its first five years, Ukraine House Davos attracted over 40,000 visitors, the most recent Ukraine House alone gathered circa 400,000 views, and posts received over 1.2 million impressions from around the world. Ukraine House Davos is led by Executive Director Ulyana Khromyak and co-organized by Victor Pinchuk Foundation, Ukraine-Moldova American Enterprise Fund, and Horizon Capital. Ukraine House Davos Organizing Committee is comprised of four women who volunteer their efforts to produce this event:
  • Jaroslawa Johnson, President and CEO of Ukraine-Moldova American Enterprise Fund (UMAEF)
  • Svitlana Grytsenko of Victor Pinchuk Foundation
  • Lenna Koszarny, Founding Partner and CEO of Horizon Capital
  • Ulyana Khromyak, Executive Director of Ukraine House Davos

Press Releases

Program results since 2014

Number of SMEs supported:


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Incremental export sales generated:

$35 million

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Trade promotion events in 23 countries:




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