About European funds
European funds are financial instruments created by the EU for private and public sectors, in order to help sustain and develop certain areas and to help member states achieve certain standards of development at the economic, social and cultural level.
Stages of financing projects with grant funds:
1. Eligibility check
Verification of applicants eligibility and identifying financing programs corresponding to specific requirements of each applicant. The beneficiary, together with our consultants outline the investment project idea. Depending on this, the applicant's eligibility is established, the project investment and financing program is established which corresponds to each beneficiary.2. Studies and approvals
Feasibility studies and necessary permits starting the investment. The feasibility study will determine the appropriateness and necessity of investment project.3. Project funding
Project financing is specific to each grant programh. This includes funding application, business plan, technical project, annexes, technical and financial analysis, offers, beneficiary co-financing proof, permits, financial statements, etc.4. Submission of financing project
Usually physical filing and registration at the authority that administers the program project grant (IB Managing Authority, etc.) is preceded by online registration, directed program-specific funding instructions.5. The assessment of funding project
The assessment of the funding project by the OI of the Managing Authority is a relatively long precess(1-6 months from the closing of the financing line), although lately it has decreased the time required for this step. This evaluation consists of project eligibility check, followed by its financial and technical verification. Following the assessment, it is established the lists of projects proposed for funding.6. The financing contract
After evaluation and approval of projects to be funded, in the order of score obtained, recipients are invited to sign the funding contracts.7. The implementation of the investment project
Once the financing contract is signed by both parties the implementing of the investment project begins.8. Reimbursement of expenses
Along with implementation of the investment project, the beneficiary requests reimbursements through calls and documentations accompanying reimbursement of eligible expenses incurred under the financing contract.Financing investment projects with european funds
European funds are financial instruments created by the EU for private and public sector, in order to help sustain and develop certain areas and to help member states achieve certain standards development at the economic, social and cultural. Recipients of grant funds are SMEs, large companies, public authorities, NGOs, associations and PFA sites. Depending on the funding program and the beneficiary, grant aid can reach up to 100% of the total eligible project financing.
The advantages of accessing a grant:
- - obtaining grant funds for developing and modernizing your business;
- - increasing the competitiveness of the beneficiary undertakings.
Difficulties arising in the process of accessing and implementing projects with grant funding:
- -long period of evaluation of submitted documentation (project funding, grant applications, forms, etc.);
- - delays in repayment of expenditure incurred.
It is good to know:
- - financial aid covers only a certain percentage of the investment and only certain types of expenditures (the eligible expenses are program-specific);
- - before the start of each project preparation, the applicant's eligibility and investment must be verified. Eligibility requirements are specific to each program;
- - projects must be designed before the closing date of the financing line, so there is no risk of not submitting the complete documentation in time.
