Rada adopts law on veteran-owned businesses, granting access to state support

On Thursday, July 31, the Verkhovna Rada passed a law promoting veteran entrepreneurship. Draft law No. 10258 was supported by 279 MPs in the second reading and as a whole.

For the first time, the legislation provides a formal definition of what constitutes a veteran-owned business, said Prime Minister Yuliia Svyrydenko.

Under the new law, the status of a "veteran business entity" is granted for five years and gives access to several types of state financial support, including: preferential loans, state compensation mechanisms, government grants, the ability to lease state property without an auction, and priority access to public procurement opportunities.

Svyrydenko explained that the law is a framework piece of legislation. To make it effective, the government must adopt the necessary bylaws and regulations to operationalize the support tools. She emphasized that this would be done promptly.

"We are working to ensure that our defenders have a place to return to, where they can find employment, retrain, or change careers. We want them to be able to revive lost businesses or start entirely new ones," Svyrydenko said.

The law will come into force six months after its official publication.