Is your business facing a financial crisis due to the COVID-19 pandemic? Revenues have decreased significantly, so you are looking for alternative solutions to increase the capital needed to grow your business? Then you are in the right place! You need to know that you can benefit from EU grants, which are important instruments of anti-crisis assistance. 
Crisis shield - EU funding for entrepreneurs
The coronavirus epidemic is constantly changing our lives. We keep waiting for the threat to pass, although the world has certainly been affected by the inevitable changes. We all try to be careful when dealing with others, disinfect our hands frequently and wear masks when necessary. COVID-19 has also had a significant impact on the economy: the economic crisis, which many financial experts believe is coming in small steps, has accelerated and is deepening. Entrepreneurs had to react quickly to the difficult conditions in order to be able to stay in business at all - they lost customers overnight and were obliged to work remotely, which motivated them to introduce new, innovative solutions. Today, even the largest multinational corporations are facing a lack of resources. Not surprisingly, medium-sized and small companies with a few employees have also run into trouble.
Fortunately, people running their own business can count on help in the form of EU subsidies, with funds for this purpose coming from programmes: Eastern Poland, Intelligent Development and regional operational programmes of the provinces. EU funding is available not only to medium-sized enterprises, but also to micro and small businesses and the self-employed. As is well known, when applying for a grant, we have to go through a long procedure and fill in a number of applications - when it comes to anti-crisis measures, the method of accounting for expenses has been simplified to the maximum. Eligible costs include the rental of premises, utility charges or the purchase of goods. Entrepreneurs will therefore receive a helpful cash injection for current expenses.
Support from European Union funds - Loan Liquidity Support Fund
The economic crisis aggravated by the coronavirus has made it difficult for business owners to cope with the cost of doing business in the first place. For this reason, the Ministry of Funds and Regional Policy, together with the Bank Gospodarstwa Krajowego, has prepared a special loan fund with very favourable conditions - the call for applications started at the end of April. The loan has been combined with a grant, so the entrepreneur who receives it will be obliged to repay only the capital - without additional interest or other charges. The repayment period is up to six years. The injection of funds should cover payments to employees, investment expenses or repayment of current liabilities. Business owners throughout Poland can apply for this type of loan - they are made available by financial intermediaries selected by BGK. Applications for the Loan Liquidity Support Fund will be possible until the end of 2020.
EU grants - loan for technological innovation
Those who are currently trying to implement various modern technological solutions will also receive support, as they have the opportunity to apply for funding of up to 70 per cent of the project amount. The amount of funding granted depends on various factors, e.g. the size of the company and the location of the investment. Grants will only be awarded to companies that are working to produce new and improved products during the coronavirus pandemic.
Crisis Shield - Funded Antivirus Package to help companies
The fight against COVID-19 is still ongoing - more than PLN 14 billion of European Funds have already been allocated to combat the effects of the pandemic. This support benefits not only medical and fire services, but also the owners of small and medium-sized enterprises, whose turnover has recently decreased significantly. In addition to the aforementioned EU grants, entrepreneurs can count on:
- liquidity loans - this type of assistance is provided by intermediaries bound by contracts with Bank Gospodarstwa Krajowego;
- wage subsidies to be applied for at District Labour Offices;
- facilitating the application for technology credit.
EU funding - beneficiaries should prepare themselves accordingly
An extra cash injection for ongoing expenses during the coronavirus pandemic will certainly save many businesses from bankruptcy and closure. Those running their own business now have many options when it comes to receiving an EU grant. However, an entrepreneur who wants to receive a grant must prepare properly - not only fill out all the necessary applications on time, but also keep meticulous records, prove the negative impact of the COVID-19 outbreak on the operation of the business or point out other relevant complications.
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