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Powering Ukrainian businesses with support for veteran-led companies

Author: Nina Tsintsadze

Russia’s full-scale war on Ukraine has taken and disrupted lives, destroyed infrastructure and left businesses facing extraordinary challenges. Yet even in these difficult times, small firms are managing not just to keep their lights on, but to adapt and even grow.

Since 2019, the European Bank for Reconstruction and Development (EBRD), together with the European Union (EU), has been helping Ukrainian companies gain access to much-needed finance, enabling them to modernise equipment and production processes, boost competitiveness and create jobs.

Now, the EU4Business-EBRD Credit Line programme is providing additional support to companies led by veterans and to those rebuilding their businesses after losing assets, making sure that no one is left behind.

Peanut Butter TOM and Vivat Invest are just two examples of how this support is translating into real impact on the ground.

Treats from Lviv

Ukraine is home to more than 1.2 million war veterans. Taras Fityo, the co-owner of snack manufacturer Peanut Butter TOM, is one of them. His company produces much-loved treats made with peanut butter and chocolate, tapping into modern nutritional trends and winning over a growing customer base.
Founded in 2012, the Lviv-based company quickly became a leading manufacturer of snacks sold online and in major supermarkets across Ukraine. Its treats combine a great taste with high-quality ingredients, nutritional value and ease of storage – extremely important in wartime conditions.

“Our secret is simple: only the best ingredients, with no compromises,” says Fityo. “For us, business is more than just work or providing for our families – it is an opportunity to make a real difference. Our mission is to create social impact by developing and diversifying the Ukrainian market, promoting healthy and natural snacks and contributing to the country’s economy.”

Despite the ongoing war, Peanut Butter TOM decided to build on its success by scaling up production. Thanks to an EBRD loan from Bank Lviv and a 25 per cent EU investment incentive, it was able to upgrade its production equipment under the new reintegration window of the EU4Business-EBRD Credit Line, buying a modern chocolate processing machine that helped increase capacity to 200 kg an hour, ensuring the firm could keep pace with rising demand.
The investment also resulted in a 24 per cent energy saving and much lower environmental footprint, making production more sustainable.

“Our team is a family united by shared values,” adds Fityo. “Investments allow us not only to bring bold ideas to life, but also to preserve natural quality and explore new flavours. With new equipment, we have already optimised our workflow and boosted production efficiency, laying the foundation for future growth and stronger competitiveness.”

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Building again in Zaporizhzhia

Over the course of 15 years, Vivat Invest built up a strong reputation as a construction firm. Based in Zaporizhzhia, it employed nearly 100 people - but then the war reached its doorstep.

Nevertheless, the company relocated only part of its operations to western Ukraine, while continuing to work in its hometown. With a loan from the EBRD via Ukrgasbank and a 25 per cent EU investment incentive, Vivat Invest purchased new construction vehicles to restore its operations after asset loss and help other businesses to restore theirs too. These resulted in a 23 per cent reduction in its fuel consumption and a drop in CO2 emissions.

“We have become the first Ukrainian enterprise to receive a loan under this investment scheme and have significantly reduced our costs as a result,” says company director Andriy Krasotin. “It has helped increase our competitiveness and attract new clients. And the new equipment is already successfully helping not only to expand our business, but also to contribute to Ukraine’s recovery.”

Planning for tomorrow

Since the beginning of the full-scale invasion, the EU4Business-EBRD Credit Line has channelled more than €464 million in loans and €87 million in incentive grants to Ukrainian companies. Over 2,000 companies have received assistance and more than 83,000 jobs have been sustained thanks to these investments.

And the numbers keep growing, with the EBRD and EU working hand in hand to make sure Ukrainian businesses can continue to operate, employ people and plan for tomorrow.