Business idea competition among students initiated by the Chernivtsi regional college of National Students Council with the support of the investment fund 'Bukovyna' starts in the Chernivtsi region.

The Investment fund 'Bukovyna' aimed at supporting small and medium-sized businesses financed business project 'Vykhodnoy-Chernivtsi' launched in the Chernivtsi region. This project has become the eleventh since the start of 'Bukovyna' Fund operations in 2013, and the first project to receive funding in 2014.

Due to the work of the venture investment fund "Bukovyna" aimed at supporting small enterprise in the Chernivtsi region, a unique for Ukraine ecosystem of entrepreneurship development has been created. This was stated by the President of the Federation of Employers of Ukraine Dmitry Firtash while commenting on the selection of the business ideas competition finalists among students of Chernivtsi region.

The project that received financing from 'Bukovyna' Fund successfully sold the first lot of product.

A year ago – in autumn 2012 – the Investment Fund 'Bukovyna' aimed at supporting small and medium-sized business allocated the first million for realization of 8 business ideas.

Students of the Chernivtsi region will pitch their business ideas at a competition initiated by the Chernivtsi regional college of National Students Council at the Ministry of Education of Ukraine with the support of Chernivtsi Regional State Administration and the Investment Fund 'Bukovyna'.

Investment fund aimed at supporting small and medium-sized businesses 'Bukovyna' provided concessional financing to 'Open-air' attraction' specializing in karts and quad bikes rent. To fund purchase of new cars 'Bukovyna' allocated 320 thousand UAH at 12% per annum.

Investment Fund 'Bukovyna' aimed at supporting small enterprise allocated UAH 150 thousand to Chernivtsi sewing workshop MellanZhe. The company specializing in making and repairing clothes has received concessional financing at 12% per annum.

Dmitry Firtash, the President of the Federation of Employers of Ukraine has urged business people to use active efforts towards establishing small and medium enterprise support funds across the whole of Ukraine. Such investment funds capitalized with contributions from local businesspeople may create up to 30 thousand jobs within 5 years to come.

Speaking at the presentation of the first six projects qualified for funding from 'Bukovyna' Investment Fund in Chernivtsi today, Mr. Dmitry Firtash, the President of the Federation of Employers of Ukraine argued that setting up small and medium enterprise funds in all regions of Ukraine has a potential of creating about 26 thousand jobs within 4-5 years.

The total of 1 million UAH to be spent for the implementation of six projects proposed by Chernivtsi entrepreneurs has been approved for distribution at 'Bukovyna' Small and Medium Enterprise Fund. Three of the qualified proposals talking about building business from scratch will receive the total of 240 thousand UAH.

Having operated for 4 months to date, 'Bukovyna' Fund has already received 70 applications for the financing of business projects filed by entrepreneurs from Kiev, Lviv and Chernivtsi region.

'Bukovyna' Fund for Support of Small and Medium Enterprise initiated by Mr. Dmitry Firtash and formed due to his investment has started financing applications admission. This announcement was made by the Governor of Chernivtsi region Mr. Mykhaylo Papiev while presenting the investment fund in Chernivtsi.