Quick Stats
- Annual Giving: $16.1 million (2024 total expenses including grants and programs)
- Success Rate: Not publicly disclosed
- Decision Time: 5 business days for initial response, full review varies by program
- Grant Range: $5,000 - $1,000,000+ (varies by program)
- Geographic Focus: Ukraine and Moldova exclusively
Contact Details
Website: www.umaef.org
General Email: [email protected]
SME Program: [email protected]
Phone (USA): +1 312 939 7003
Phone (Ukraine): +380 44 490 5580
Overview
Founded in 1994 by the U.S. Congress with initial funding from USAID, the Ukraine-Moldova American Enterprise Fund (UMAEF) is a unique hybrid organization that combines grant-making with direct investment to support economic development in Ukraine and Moldova. With total assets of $245 million and over $1 billion invested in 183 companies to date, UMAEF has evolved from a pure investment fund into a major grant maker supporting SMEs, startups, women entrepreneurs, and community development. The fund received $134 million in new funding in January 2023 from the U.S. Russia Investment Fund, significantly expanding its grant-making capacity. UMAEF's innovative model generates returns from equity investments which then fund its extensive grant programs, creating a self-sustaining ecosystem for economic development in the region.
Funding Priorities
Grant Programs
- SME Development Program: Loans, investments, and technical assistance grants for companies with <300 employees (Expression of interest → Committee review)
- CREATE! for Women Entrepreneurs: Up to $15,000 per recipient from $1 million total fund (Application through KSE Foundation, annual cycles)
- Microgrants for Big Ideas: Export: Up to $5,000 for export capacity building (Rolling basis through Foundation for Support of Reforms)
- Ukrainian Startup Fund Partnership: $25,000 (pre-seed) or $50,000 (seed) grants (Pitch Day competitions via usf.com.ua)
- Community Building Centers: UAH 1.4 million (~$38,000) per community (Through Cedos, requires 20% co-financing)
- Local Economic Development: Variable amounts for SME development and urban transformation projects (Project-specific calls)
- Direct Investment Program: $1-3 million investments for established SMEs (Expression of interest form)
Priority Areas
- Small and medium enterprise development
- Women-led businesses and gender equality
- Export capacity and international market access
- Technology startups and innovation
- Community development and social infrastructure
- Post-war recovery and business resilience
- Import substitution and manufacturing
What They Don't Fund
- Projects outside Ukraine and Moldova
- Large enterprises (300+ employees or $15M+ turnover)
- Purely charitable activities without economic development component
- Individual scholarships or personal grants
- Political organizations or campaigns
Governance and Leadership
Board of Directors is led by Dennis A. Johnson (Chairman since 1999) and includes prominent figures in U.S.-Ukraine relations including Ambassador John E. Herbst and Daniel F. Runde. Jaroslawa Z. Johnson serves as President and CEO, bringing corporate law expertise from Chicago. The board combines original 1994 members with recent additions, ensuring continuity and fresh perspectives.
Johnson emphasizes the fund's unique model: "We're not just writing checks - we're building sustainable economic ecosystems. Our investment returns fund our grant programs, creating a perpetual engine for development in Ukraine and Moldova."
Executive leadership includes Lenna Koszarny (EVP and Ukraine Country Manager), who oversees in-country operations from Kyiv, and specialized country representatives in Moldova ensuring local expertise and relationships.
Application Process & Timeline
How to Apply
All applicants begin with an Expression of Interest form at https://umaef.org/apply/. The UMAEF Funding Committee reviews submissions and approved applicants receive a letter requesting full documentation. Response time is typically within 5 business days for initial inquiries.
Program-specific portals:
- Startup grants: Apply through Ukrainian Startup Fund (usf.com.ua) pitch competitions
- CREATE! program: Applications through KSE Foundation during open cycles
- Export microgrants: Foundation for Support of Reforms manages applications
- Community centers: Cedos handles selection process
Decision Timeline
- Initial response: 5 business days
- Committee review: 2-4 weeks
- Full application review: 4-8 weeks depending on program
- Notification via email with next steps or feedback
Success Rates
While overall success rates are not publicly disclosed, recent program data shows:
- CREATE! Phase 1: 65 women entrepreneurs funded from hundreds of applications
- Startup Fund: 15 teams selected from 50+ pitch day participants
- Community Centers: 10 ATCs selected from initial 30+ expressions of interest
Reapplication Policy
Unsuccessful applicants may reapply after addressing feedback. No mandatory waiting period, but applicants are encouraged to demonstrate progress on areas of concern before resubmitting.
Application Success Factors
Based on UMAEF's funded projects and stated priorities:
- Demonstrate scalability: UMAEF funds monobank which became Ukraine's first fintech unicorn - they seek businesses with growth potential
- Show export potential or import substitution: Programs specifically target international competitiveness
- Include co-financing: Community programs require 20% match, demonstrating local commitment
- Focus on job creation: Portfolio companies employ 94,000+ people - employment impact matters
- Leverage technology and innovation: Strong track record funding tech startups through u.ventures and USF
- Address post-war recovery needs: Recent focus on business resilience (generators, Starlinks for Kharkiv SMEs)
- Partner with credible organizations: Many programs implemented through established partners like KSE, Cedos
Common success factors from funded projects include clear metrics for economic impact, realistic but ambitious growth plans, and strong local partnerships or customer validation.
Key Takeaways for Grant Writers
• UMAEF operates multiple specialized grant programs - identify the most appropriate one rather than applying generally • Emphasize economic development impact, job creation, and sustainability - this is an economic development fund, not a charity • Consider partnering with their implementing organizations (KSE Foundation, Cedos, USF) for better program alignment • Highlight export potential or import substitution capabilities - international competitiveness is a key priority • For larger funding needs ($1M+), consider their direct investment program rather than grants • Women-led businesses should specifically target the CREATE! program for dedicated support • Demonstrate how your project builds long-term economic capacity, not just short-term relief
References
- UMAEF Official Website (www.umaef.org) - Accessed January 8, 2026
- ProPublica Nonprofit Explorer - Form 990 filings for EIN 13-3786524
- UMAEF 2023 Annual Report and Impact Statistics
- Ukrainian Startup Fund Partnership Announcements (usf.com.ua) - 2024
- KSE Foundation CREATE! Program Reports - 2024
- Interfax Ukraine - UMAEF Program Press Releases 2023-2024
- Foundation for Support of Reforms Export Microgrants Documentation
- Cedos Community Building Centers Program Guidelines
- UMAEF Press Release "UMAEF Receives $134 Million Transfer" - January 2023
- GuideStar and Candid Foundation Directory Profiles