$10 Million Allocated to Support CU Business Lending in Ukraine

WOCCU launches USAID-funded GROW Project to expand access to financing over four years.

On Monday, the World Council of Credit Unions (WOCCU), in partnership with the U.S. Agency for International Development (USAID), announced the launch of a four-year, $10 million initiative designed to expand access to financing through credit unions for Ukrainian business owners.

Funded by USAID, the GROW Project will target individuals looking to start a business as well as existing legal entities looking to expand their operations, WOCCU said. Continuing much of the work started by the WOCCU/USAID Credit for Agriculture Producers (CAP) Project in Ukraine, which began in 2016 and closes in September 2024, the GROW Project will work with credit unions to assist entrepreneurs, as well as micro, medium and small enterprises (MSMEs), cooperatives, farms and other individuals in rural areas of the country.

“It is a remarkable feeling to know that much of the great work our CAP Project team did to ensure credit unions can provide lending to businesses can now be further implemented through GROW. We look forward to working with our partner credit unions to ensure they can increase liquidity and grow their business loan portfolios to better support their local communities,” WOCCU Vice President of Strategic Growth and Partnerships Angelina Tracy stated.

According to WOCCU, the GROW Project aims to:

  • Increase credit union liquidity to make business financing more available;
  • Improve the enabling environment for credit union operations;
  • Deepen the technical capacity of credit unions to provide and promote their financial services;
  • Address the specific challenges of women and other vulnerable populations in accessing financing for business development;
  • Develop processes, products and partnerships that maximize credit union reach and positively impact local communities and economies, as a result of
  • WOCCU working closely with the United Credit Unions (UCUs) in Ukraine, specifically the Ukrainian United Credit Union and the United Credit Union of the
  • Ukrainian National Association of Savings and Credit Unions; and
  • Help Ukrainian credit unions adapt to new and upcoming prudential regulations, as their regulatory environment continues to shift to align with the European Union.

Courtesy of Natasha Chilingerian, Credit Union Times