A US$500,000 programme launched by the Worldwide Foundation for Credit Unions (WFCU) has enabled Ukrainian credit unions to disburse loans to 100 business owners seeking to restore or grow their operations as they cope with Russia’s invasion.
The Resilience Initiative is part of the US Agency for International Development (USAID) / World Council of Credit Unions’ Credit for Agriculture Producers (CAP) Project. It aims 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.
According to WFCU, half of the Ukrainian businesses to receive these loans are owned by women. One of them is Iryna Solian, who runs a bakery and cafe in the town of Borshchiv, Ternopil Oblast. She co-operates with local schools to provide students with fresh bakery every morning. With the support of the Resilience Initiative, she was able to get a US$2,800 loan from her credit union, Narodna Skarbnytsia, which she used to purchase an indoor pizza oven at a rate that was half the market average.
“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,” she said.
Since February 2022, WFCU has raised over US$1.8m through its Ukrainian Credit Union Displacement Fund, implemented seven relief programmes and launched three early recovery programmes totalling nearly US$1.5m that have focused on assisting Ukrainian credit unions and their members in wartime.
WFCU is a charitable organisation established to advance the shared vision of expanding financial inclusion through a vibrant and growing global credit union system. It is a partner organisation of the World Council of Credit Unions (Woccu).
