Every entrepreneur knows how important business development is. It is the only way for a company to enjoy innovative solutions, thus becoming more attractive to potential customers, the team of employees, as well as its owner. However, the expansion of a company largely involves numerous costs. Where can additional funds be obtained from to carry out such activities? Check it out!
Setting up a business is not the only expense an entrepreneur must be prepared for. As the company grows, expansion becomes necessary. Adapting the proposed services or products to the current requirements of the market and customers, or extending the offer with new items, can be very expensive.
Nevertheless, the expansion of a company depends on its continued effectiveness. Therefore, many entrepreneurs decide to obtain external funding for the expansion of their company. Although for some the best solution in such a situation seems to be to take out a loan, before taking such a decision, it is worth looking into the possibility of taking advantage of financing.
European Union funding for company expansion
Subsidies are an attractive support option for entrepreneurs. Thanks to it, a company can continuously develop without any downtime caused by a lack of adequate financial resources. An injection of external cash will therefore be an opportunity to implement modern and innovative solutions.
Currently, most grants are aimed at people who are just setting up their own business and who need money to get it off to a good start. However, many EU programmes are aimed at helping entrepreneurs to expand their existing business. Support from the European Union 2014-2020 allows you to develop your business in a number of areas.
The aid on offer is aimed primarily at micro, small and medium-sized enterprises whose registered office is in Poland. The funds raised help to expand the company so that it can operate on a larger scale and generate greater profits in the future.
What can you get funding for?
The main objective of EU funding is to support innovation. The money raised can be used for:
- construction/extension of production halls,
- purchase of fixed assets, machinery, equipment,
- property purchase,
- purchase of materials necessary for running the business (e.g. building materials),
- the lease of buildings or land,
- leasing,
- purchase of patents, licences, know-how,
- promotional activities,
- overheads,
- preparatory studies and consultancy services,
- training,
- staff salaries.
EU funding can be obtained by taking part in national and regional programmes offered by the European Funds. Their current offer is available on the website of the European Funds. The final amount of support depends on the location of the investment as well as the size of the company.
How to apply for EU funding to expand your business?
An entrepreneur deciding to apply for funding from one of the EU programmes is required to submit an application with several annexes:
- documentation relating to the company (registration documentation: KRS, CEIDG; financial documentation),
- a description of the activities carried out to date,
- the rationale for the project (how it is implemented),
- schedule of activities.
Subsequently, the submitted application is assessed - both formally (fulfilment of application requirements, meeting deadlines) and substantively.
Additional funding from the Job Centre
Co-financing for entrepreneurs from the European Funds is one of the most frequently selected forms of company financing. Above all, the multiplicity of programmes turns out to be attractive, thanks to which the owner can develop his or her business on many levels. Nevertheless, every entrepreneur can also benefit from additional funding for the expansion of the company, offered by the labour office.
Currently, the Job Centre offers two opportunities to support entrepreneurs with their own business:
- retrofitting of a workplace,
- internship from the labour office,
Retrofitting of workplaces is a proposal aimed at entrepreneurs who need to add new employees to the ranks of their company or restructure employee positions. It is a type of financial aid granted by the Voivodeship Labour Office in the form of reimbursement of funds allocated by the company owner for retrofitting or fully equipping a workplace. It is worth emphasising, however, that the refund is linked to the necessity of employing an unemployed person at the retrofitted position.
An internship is also an attractive form of assistance from the labour office. In a nutshell, it consists of taking an unemployed person into a company in order to train him or her in a particular profession. All costs of employing a trainee are covered by the labour office. It is therefore an opportunity to train an employee without financial outlay on the part of the company.
