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New sources of financing for entrepreneurs: How to use EU funds and grants
Currently, entrepreneurs have another chance to develop their companies thanks to the support of EU funds and national grants. The European Union and national institutions offer numerous funding programs that support the development of innovative projects, digitization, ecological initiatives and the internationalization of activities. In this article, we will discuss the available financial opportunities and how to effectively apply for funds.
sources of financing for entrepreneurs
Taking advantage of available financing sources for entrepreneurs can accelerate the implementation of research, development and innovation projects.
EU funds for entrepreneurs
EU funds have been one of the most important sources of support for companies in Poland and throughout Europe for years. These programs focus on sustainable development, innovation, research and development (R&D), as well as digital transformation. In 2024, funds from the 2021-2027 financial perspective will be particularly important, including:
- European Funds for Modern Economy (FENG) Programme – The aim of the program is to support innovation and increase the competitiveness of enterprises. It includes funding for research and development (R&D), implementation technological innovations and commercialization of research results.
- Horizon Europe – This is the largest research and innovation program of the European Union, offering support to entrepreneurs implementing projects with high technological and innovative potential. It is aimed mainly at companies operating in the new technologies sector.
- Just Transition Fund – Designed for regions that need to make an energy and ecological transformation. Entrepreneurs can apply for funds to develop projects related to renewable energy sources, energy efficiency and ecology.
Grants and national subsidies.
In addition to EU funds, in 2024 entrepreneurs in Poland can benefit from national programs supporting business development. These include:
- National Centre for Research and Development (NCBR) – NCBR offers numerous grant competitions for companies that want to implement research and development projects. Examples of programs include: Fast Track (funding for innovative R&D projects) or TANGO (support for companies commercializing research results).
- Polish Agency for Enterprise Development (PARP) – PARP has a wide range of grants and subsidies for companies that want to develop their business, implement innovations or introduce their products to foreign markets. It is worth paying attention to programs such as Design for Entrepreneurs Whether Support for SME internationalization.
- Industrial Development Agency (ARP) – ARP offers preferential loans, grants and advisory support to entrepreneurs from various sectors, especially those who want to invest in modern technologies.
Sources of financing for entrepreneurs, such as EU funds, grants and preferential loans, enable dynamic development and implementation of innovative business projects.
How to apply for funds and grants?
The process of applying for EU and national funds can be complicated, but following a few key rules will significantly increase your chances of success:
Find the right program:
An entrepreneur should first identify which programs best suit their business goals. It is worth regularly reviewing the websites of institutions such as PARP, NCBR or regional operational programs to stay up to date with current competitions.
Prepare the project well:
A key element of the application is a well-developed project. It must clearly define the purpose of the undertaking, planned results, as well as a detailed budget and schedule of activities. In the case of EU funds, projects must fit into regional or national development strategies.
Take care of the formalities:
Each application for funding must meet certain formal requirements. Documentation deficiencies may delay the evaluation process or even result in rejection of the application. It is worth consulting experts or using the help of consulting firms specializing in writing grant applications.
Stay up to date with schedules:
Application deadlines are strictly defined, and grant competitions are held cyclically. Entrepreneurs should stay up to date with the calendar of individual institutions so as not to miss any important dates.
The most important changes and trends in financing
There are several key trends we can see that will impact the availability and priorities for financial support:
- Digital transformation – Projects related to business digitalization, including e-commerce development, process automation and implementation of cloud technologies, will be treated as a priority in many programs.
- Sustainable development – There is an increasing emphasis on ecological projects that support energy efficiency and combat climate change. Companies implementing green technologies can count on special financial support.
- Internationalization of activities – Supporting companies that want to expand their operations to foreign markets remains one of the key priorities. The programs aim to support exports and build trade relations beyond the country's borders.
EU funds and national grants are an excellent opportunity for entrepreneurs who want to develop their companies, implement innovations whether to invest in sustainable development. The key to success is, however, proper identification of programs, reliable preparation of the application and taking care of formalities. It is worth keeping up to date with the competition schedules to fully use the available financing options.
Sources:
National Centre for Research and Development (NCBR)
Polish Agency for Enterprise Development (PARP)
European Commission – Horizon Europe Programme
European Funds for a Modern Economy (FENG)
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