Do you want to run your own business? Are you fed up with working a regular job and having to follow your boss's instructions? Are you refining your business plan and looking to take off in 2020? The coronavirus pandemic has left many entrepreneurs in a temporary financial crisis, but that doesn't mean that starting a business right now is a bad idea - even more so if you take advantage of start-up funding.
Business start-up grant 2020 - check out the support options
For many, owning their own business is the only way to a truly satisfying working life. The development of new technologies and the ubiquitous Internet are opening up even more possibilities - from online activities to acquiring unlimited customers at little cost. Nowadays, it is all about having a unique idea and finding your own niche, as well as a creative approach. We can tackle a popular industry, or we can find the weaknesses of the competition, which will allow us to prepare a much better offer or offer additional services. Once we are sure that our business plan has been well thought out and refined, it is not uncommon for another problem to arise - we do not have enough funds to start the business. As we all know, procrastination never works in our favour, so it is definitely worth looking for solutions! Beginning entrepreneurs can count on various types of EU grants. European funds cover various scopes of co-financing. These include
- European Regional Development Fund (ERDF) - Aimed primarily at reducing disparities between the levels of development of the various regions, the programme therefore supports infrastructure and manufacturing investments as well as small and medium-sized companies.
- Cohesion Fund - Its main objective is to reduce economic as well as social disparities and promote sustainable development.
- European Social Fund (ESF) - is primarily aimed at combating unemployment; the funds provided are intended to increase employment and training opportunities. This fund is most often used by young people who are just entering the labour market, but also by budding entrepreneurs.
- European Fund for Rural Development (EAFRD) - primarily assists farmers and invests in rural development projects, helping to deal with specific problems faced by rural areas.
- European Maritime and Fisheries Fund (EMFF) - supports fishermen and coastal communities to improve the local economy.
Applying for EU funding to start or develop a business is a popular and effective solution to the problem of lack of adequate capital. However, we need to keep up to date with the European Funds' website and find out what projects are currently being implemented in our region. You will also need a solid dose of patience when filling in the application forms, but this will certainly pay off.
EU funding for business development 2020 - find out about financial instruments
In addition to applying for a specific project and receiving a grant from the European Fund, we can also benefit from special financial instruments introduced by the Union - these are:
- JASPERS and JASMINE - help fund technical support for the implementation of major infrastructure projects;
- JEREMIE - provides small and medium-sized enterprises with access to microfinance;
- JESSICA - supports urban development.
Subsidies for entrepreneurs 2020 - not only EU grants
When we are looking for additional capital to purchase equipment or to cover other expenses related to our business, we usually focus exclusively on European funds. Of course, this is a very good solution to obtain the right amount, but not the only one. We can also choose from:
- funding from the labour office - The amount received can be used for necessary software, equipment, machinery or means of transport, taking into account the guidelines of the Job Centre concerned. Sometimes the office also allows for renovation work to be covered, but this information must be checked. The subsidy will not be granted for costs related to the daily operation of the company;
- subsidy from the Local Action Groups - These are bodies that bring together local organisations and residents of municipalities. You will invest the funds received in marketing, promotion or renovation and construction work. To receive this type of grant, you must start a business in a rural area or smaller urban municipality - unemployment status is not required;
- premium for non-agricultural activities - You will receive funding if you want to set up a business in a rural or rural/urban municipality, but excluding towns with more than 5,000 inhabitants. Be sure to check the scope of the permitted activities before submitting your application.
