This was announced by Lviv Mayor Andriy Sadovyi. The agreement was signed on October 14 in Washington, D.C.
Starting from 2026, the fund intends to invest up to $30 million in projects related to construction, recovery, and the creation of new jobs.
“SEAF is starting operations in Ukraine, and Lviv will be the starting point,” said Sadovyi.
According to him, the fund will strengthen the city’s business support programs.
“For example, the city provides a grant, and the fund adds investment to expand the impact of these programs. These are real investments in the development of Lviv and all of Ukraine,” the mayor emphasized.
The SEAF (Small Enterprise Assistance Funds) is one of the most well-known American investment funds, which has been supporting the development of small and medium-sized businesses in 40 countries for more than 30 years. Over its history, it has invested about $600 million in more than 400 companies and completed over 300 successful exits. The total capital raised exceeds $1 billion, with investors including USAID, EBRD, World Bank, KfW, as well as private and pension funds and banks.
In July 2025, during the Ukraine Recovery Conference in Rome, SEAF announced the establishment of the Construction and Recovery Fund in Lviv. Its goal is to support small and medium-sized construction companies preparing for the country’s post-war recovery.
On October 9, Bob Webster, SEAF Managing Director for Impact Investment Strategy and potential head of the Lviv office, held a meeting with Lviv Mayor Andriy Sadovyi to discuss areas of future cooperation. Webster emphasized that the fund will focus on construction companies and building materials manufacturers from Lviv and the western regions of Ukraine.
The fund has been present in Ukraine since 2008, managing the CEED (Center for Entrepreneurship and Executive Development) program — an initiative for mentoring and training entrepreneurs. CEED has attracted more than 100 mentors — business leaders from around the world — and supported hundreds of Ukrainian startups in leadership, strategic planning, and entering new markets.
In January 2024, SEAF appointed Oleh Osipenko (a Ukrainian with experience at PwC, Merrill Lynch, Deutsche Bank, and Morgan Stanley) as the fund’s Chief Representative in Ukraine. He coordinates investment and technical assistance programs aimed at recovery and support for small and medium-sized businesses.
In March 2025, SEAF concluded a strategic partnership with bechtel.org and the Caterpillar Foundation, aimed at supporting Ukrainian and Polish companies in the process of Ukraine’s recovery. The program includes financing, training, and the development of supply chains for enterprises involved in rebuilding infrastructure — roads, energy facilities, and construction projects.
Thus, SEAF becomes one of the first American investment funds to systematically enter the Ukrainian market, focusing on recovery and entrepreneurship development through real projects in Lviv and the western regions of the country.
