Starting your own business seems incredibly attractive to many people, but the costs involved should not be forgotten. European Union funding may come to the rescue of new entrepreneurs. 
Today, it is entrepreneurs who are the biggest beneficiaries of EU funds, alongside local governments. The European Union offers support to those who are embarking on their business adventure or wish to expand their company. We are talking here above all about young entrepreneurs, who have an idea for setting up their own business but do not have the financial means to do so.
What is the European Funds?
The main task of the European Funds is to develop local businesses. This involves supporting local people by improving their standard of living. Indeed, the aim of the European Funds is to achieve economic growth and an increase in employment in the businesses funded.
As an international organisation, the European Union has a budget with which it finances all kinds of activities carried out in the Member States. The result of this is to reduce disparities between them and between regions within a country. It is from the European Funds that grants are allocated for the establishment of a company from the European Union.
Who is eligible for EU start-up funding?
Funding from the European Union is aimed at those wishing to start their own business. It is an attractive form of financing, given that EU subsidies are non-refundable - i.e. they cannot be repaid.
However, not everyone can apply for EU funding. According to the regulations, it is available to those who:
- under 30 years of age, not in education or employment
In this case, the forms of assistance offered, in addition to funding for setting up a business, include career guidance, participation in all kinds of training, internships or the possibility of acquiring an apprenticeship.
- are over 30 years of age and not working
In this case, obtaining start-up funding may depend on additional conditions, most often determined by the area (province) in which the company is to be established.
The European Funds also offer one-off grants for starting a business. They can be applied for:
- people over 45 years of age,
- the permanently unemployed,
- unemployed women,
- persons with disabilities,
- people with little education.
EU grants for business development
In addition to funding start-ups, the European Union also offers grants to existing companies. Then, their main objective is to help owners to develop their business. Both micro, small and medium-sized enterprises can count on support. Funding for them comes from Regional Programmes, dedicated to individual provinces.
When applying for EU funding for business development, the idea behind the funding is crucial. The service or product to be introduced must stand out from the competition, while at the same time ensuring that it will be of interest to consumers in the area. Funding for existing companies is provided through EU programmes.
Which companies are most likely to receive EU subsidies?
Anyone wishing to apply for European Union funding must have a business plan prepared and developed. It should use human potential and the latest technological solutions to realise the set objective. This is because companies have the best chance of obtaining EU funding:
- conducting research projects,
- implementing innovative solutions,
- developing computerisation,
- implementing environmental solutions,
- providing all kinds of training.
Small and medium-sized enterprises have enormous needs when it comes to investment. Among the most common expenses are the purchase of appropriate equipment, the expansion of production or services, the expansion of the team of employees, or the adaptation of the company's premises - i.e. the expansion of the infrastructure.
Funding offered by EU programmes for business development is usually granted in the form of a loan. This means that the entrepreneur will be obliged to return the borrowed amount. The advantage of this form of financing, however, is that it is much easier to obtain the money than when using bank loans.
The European Funds also allocate their resources to finance rural businesses. One of the most popular is the Rural Development Programme. The condition for receiving a grant, however, is that the idea must fit in with local strategies.
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