IT-INVEST, a Ukrainian ISP, has expanded its business by taking advantage of EU4Business-EBRD Credit Line to purchase much-needed equipment and develop infrastructure for uninterrupted Internet service throughout the city and beyond. As a result, the company subscriber`s base has grown by 15%.
Since 2010, IT-INVEST has been providing fibre-optic broadband services for over 2,400 organisations and about 5,000 households. During the pandemic, when a high-quality Internet connection has become vital for most users, IT-INVEST decided to upgrade its equipment for customers to enjoy a faster Internet connection. This was possible through OTP Leasing, one of the Partner Financial Institutions under the EU4Business-EBRD Credit Line.
Many regions in Ukraine still lack sufficient broadband coverage. At the end of 2020, the Ministry of Digital Transformation unveiled its National Strategy for the Development of Broadband Internet Access (BIA), which aims to provide 95% of the population with the broadband connection speed of at least 100 Mbps. This solution creates additional conditions for the expansion of the IT-INVEST’s business activities.
The EU4Business-EBRD Credit Line is a joint initiative of the EU and EBRD focused on Eastern Partnership countries. It provides SMEs with the opportunity to invest in new equipment and technologies to comply with EU Directives. In Ukraine, more than 280 SMEs in various economic sectors, from agriculture to construction, have already taken advantage of the initiative. Significantly, nearly 90% of the projects are in the regions.
Via local Financing Partner Institutions, like OTP Leasing in case of IT-INVEST, three types of loans are available to SMEs. The Standard and Simplified Approaches involve loans up to €300,000 for simple equipment upgrades and up to €3 million for investing for almost any business in almost any sector. SMEs can also win grants of up to 15% on eligible financing amounts or get free technical assistance provided by an international team of engineers.
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