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News 21.12.2023

Business Finland offers advisory and funding services for reconstructing Ukraine

Finland is participating in the reconstruction of Ukraine by engaging in concrete projects, supporting Ukraine's EU integration and required reforms, and creating conditions for Finnish private sector business activities in Ukraine.

The Ukrainian reconstruction plan, published by the Ministry for Foreign Affairs on 21 December 2023, outlines goals and measures through which Finland contributes to the country's reconstruction. In this initial phase of the plan, Business Finland, along with other Team Finland network members, has compiled advisory and funding services available for Ukrainian reconstruction. Business Finland, in particular, provides numerous services for the reconstruction efforts in Ukraine, ranging from advice to exploratory funding.

Advisory and networking services related to Ukraine

Business Finland advises companies on market entry, provides information on market opportunities and business practices in Ukraine, and offers insights into Business Finland's, the European Union's, and other international financing opportunities. The networks of Business Finland's program and ecosystem activities also identify collaboration opportunities in Ukraine.

"Our mission is to provide our clients with pathways to the best partnerships and services to advance the reconstruction of Ukraine. We compile industry analyses and market surveys, communicating them through the Team Finland network to organizations interested in Ukrainian reconstruction. Additionally, we identify international EPC contracts and companies, and support the entry of Finnish companies into these projects," says Reijo Kangas, Director at Business Finland.

Companies can get access to use the practical funding search facility, Development Aid Tool. They can also participate in Business Finland's organized business group and Team Finland visits, receive assistance from the Enterprise Europe Network's partner search as well as find consultants through the Expert Search service.

Funding services for companies preparing for Ukrainian reconstruction

Through Business Finland's funding services, companies can acquire information about entering new international markets, participate in trade fairs as part of a business group, or explore opportunities for joint exports. Business Finland also offers funding for the development of products and services.

"Before applying for funding, it is recommended to contact experts at Business Finland to assess the suitability of financial services. They can provide detailed information about the expertise and advisory services offered by Business Finland and other Team Finland actors", reminds Reijo Kangas.

Growth opportunities for business groups

The Group Explorer funding service is aimed at groups of enterprises to explore joint business opportunities in the international market. The funding is intended for groups of 4–10 companies, with a maximum amount of €20,000 per participating company, covering 40-50% of the costs incurred by the company.

Individual company export opportunities

SME and midcap companies can also apply for funding from Business Finland to explore their business opportunities and gather customer feedback. The funding is intended for purchased expert services and the costs of the company's own international business experts.

The funding is up to €40,000, covering 50% of the project costs. The total budget for a Ukraine project can thus be a maximum of €80,000.

To apply for funding, use Business Finland's online service and select the program "Accelerators and preparations for international projects" under the tab "Programs and Other Affiliations." Choose "Ukraine" from the drop-down menu.

Note: The terms for Ukraine project preparations follow the conditions of the Market Explorer service. Detailed requirements and the use of funding can be found at Market Explorer.

Funding for participation in trade fairs

The Exhibition Explorer funding is for participating in international B2B fairs held outside Finland. The funding is intended for small and medium-sized enterprises (SMEs) that want to increase the export of their products or services. Companies can participate in fairs on a joint stand or have their own separate stand.

Funding can be granted up to €35,000 per fair project for a single company, with a minimum possible grant of €1,000 per company. The funding is paid after the event and covers 40–50% of the costs of participating in the fair.

Product development and pilot funding

The previously mentioned funding services help companies and business groups determine whether their products and services have realistic chances of success in international markets. If the assessments indicate the need for product innovation or the development of entirely new solutions, Business Finland provides research and development funding.

Funding for pilots is also possible if the functionality of the product or service needs to be verified on a commercially viable scale. Piloting can be carried out at the customer's premises in the target country. Business Finland's R&D funding can also be used for projects related to the reconstruction of Ukraine.

Advisory and funding services are provided by the Team Finland network, including Business Finland, the Ministry for Foreign Affairs, Finnfund, Finnpartnership, Finnvera, EastCham Finland, and regional ELY Centres. The services offered by each organization can be found in the Ukrainian National Reconstruction Plan.

Additional information

emails: firstname.lastname (at) businessfinland.fi

Reijo Kangas
Director, coordination
+358 50 5577 892

Jyrki Härkki
Contact person for industry-specific international advisory team
+358 40 343 3455

Grace Wang
Financing and projects from international funders: Development Aid Tool advice
See webinar recording about Development Aid Tool Team Finland Talks 12 December 2023.
+358 50 342 4740

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