Ukrainian veterans have received US$180,000 in affordable business loans through the Worldwide Foundation of Credit Unions’ (WFCU) Venerate Ukraine’s Veterans initiative.
Launched in April 2024, the campaign was prompted by WFCU president’s Mike Reuter’s visit to Ukraine. During his time in Ukraine Reuter learned that servicemen and women returning from war are eager to start businesses but lacked the funding to do so.
To address this issue, WFCU worked with World Council of Credit Unions’ (Woccu) advisory and technical team in Ukraine to launch a loan scheme for military veterans and their families. They selected four credit unions — Khrystyianska Fortetsia, Persha Vseukrayinska Kredytna Spilka (PVKS), Credit-Sous and Anisiya — to distribute the funds.
“Veterans who have defended their country deserve the opportunity to rebuild their lives, and credit unions are uniquely positioned to make that possible,” said Reuter. “Through this program, we’re not only supporting individual entrepreneurs but also strengthening Ukraine’s economic future.”
Related: Woccu fund hands another $1.5m to Ukraine’s small business sector
The credit unions have already distributed their first loans. Beneficiaries included Ivan, a veteran injured in combat, who received a $4,000 loan to invest in his wheat, corn and sunflower crops. Similarly, Anastasiia, whose husband Andrii went missing in action in March 2023, and is now raising their five-year old daughter by herself, received $7,000 to start a home textiles store. In addition to offering financial support, the credit union also provided business guidance to her.
Hennadii, a retired lieutenant colonel wounded in battle, also received a $7,000 loan to expand his poultry farm and provide for his family while his two sons serve on the front lines.
WFCU has been working in Ukraine since 2016 through its Credit for Agriculture Producers (CAP) Project, aimed at expanding access to affordable financing.
Since Russia’s invasion of Ukraine, WFCU has provided support to over 10,000 Ukrainians, with total aid exceeding $1.8 million. In total, 21,000 loans were disbursed to rural Ukrainians.
