Lviv Furniture Cluster Signed the FinanceHER Memorandum to Expand Women’s Access to Finance
The Lviv Furniture Cluster has signed the FinanceHER Memorandum aimed at expanding women’s access to finance as part of Ukraine’s economic recovery efforts. The signing took place during the presentation of the study “Where Is the Money for Women’s Business?”, which outlines the real barriers and opportunities faced by women entrepreneurs in Ukraine.
The initiative seeks to mobilize financial resources for the development of women-led businesses and to drive systemic change in approaches to entrepreneurship financing.
In 2024, women registered over 60% of new sole proprietorships in Ukraine and accounted for 61% of state grant program winners. At the same time, access to finance remains uneven. Many women entrepreneurs face a lack of collateral, limited credit history, insufficient professional networks, or gaps in financial literacy.
For the furniture industry, this is not only about equality but also about economic resilience. Women lead manufacturing, service, and creative companies that generate added value and jobs in the regions. Their access to resources directly affects the pace of economic recovery.
The research was conducted by the CSR Development Center within the U&WE HUB program and the FinanceHER initiative, supported by Mercy Corps. It analyzed how women entrepreneurs interact with grants, loans, leasing, and investments, what barriers arise in financial decision-making, and what needs to be improved.
The findings will serve as a basis for recommendations to banks, donor programs, public institutions, and business support organizations. The goal is to make financial instruments clearer, more accessible, and safer for business growth.
The FinanceHER initiative sets clear targets: to mobilize $1 billion by 2027 and $5 billion by 2030 to support women’s entrepreneurship. It also declares the ambition to channel at least $25 billion from the overall recovery funds toward supporting women through access to finance, procurement, digital literacy, and business development.
The Memorandum is a call for consolidated action by financial institutions, business associations, public authorities, and international partners.
As an industry platform supporting business, the Lviv Furniture Cluster is already creating practical opportunities for women entrepreneurs within its ecosystem.
This includes systematic navigation through grant, donor, and banking instruments, advisory support in preparing project logic and documentation, and strengthening the investment capacity of businesses. The cluster also develops educational programs in financial literacy, cash flow management, and strategic planning.
A specific focus is placed on digitalization, integration into supply chains, preparation for procurement participation, and increasing the visibility of women-led companies within the industry network. Through participation in trade fairs, business missions, and international events, the cluster supports women entrepreneurs in entering new markets.
Ukraine’s reconstruction is estimated at $1 trillion over the next 14 years. In this process, investing in women is not an optional component but a foundation for economic growth and social cohesion.
The signing of the FinanceHER Memorandum confirms the strategic position of the Lviv Furniture Cluster.
“We support the principles of equal access to finance, entrepreneurship development, and building a sustainable economy. For us, this is not a declaration but part of our long-term work to strengthen the industry and its members,” - said Oksana Straz, executive director of the Lviv Furniture Cluster.
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