Are EU and Government Funding Schemes Worth the Hassle?
Throughout the series of EU and Government Funding related blog posts which were published over previous months, we have looked at various aspects, including the different types of funding available, which projects can be eligible for funding and also what the process entails.
Despite having this information, prior to applying for an EU funding scheme, it is very common to be asked whether “It is worth the hassle”.The question is a result of a general misconception here in Malta that EU and Government Funding is difficult to obtain. Hence in this blog post, we shall tackle this misconstrual.
To be able to better answer the question, we should first answer another question, “What is the hassle involved?”
Upon applying, before starting with the implementation itself, one has to wait for the approval which once accepted, a list of guidelines will be shared and are to be followed. These guidelines dictate the process of implementing the project and include information such as that, the Intermediary Body needs to be informed before making any changes, public procurement standards need to be followed which means that a minimum number of quotations need to be obtained and that publicity material for the scheme under which the funding was obtained need to be in place. Furthermore, an audit trail of all the information related to the project needs to be gathered and documented in a file.
When considering that the above are added to the general hassle that any business project involves one might consider saying that it is not worth it. However, before doing so one should also consider the positives of implementing a project through EU and Government Funding.
- Possibility to obtain no or low-interest loans
- Opportunities of up to 80% cash grants and tax credits
- Possibility for the bank to also provide further financing knowing that the project will be supported through EU and Government Funding
- Initiate the project with lower project risk and have a higher ROI due to having a lower initial cost.
- Enable growth and improve the competitiveness of the business.
In conclusion, although there are some additional processes and procedures to be followed, from our experience in general the benefits outweigh the negatives of applying for funding. Furthermore, here at business doctors can make the process even simpler by supporting you in the administrative tasks and with the coordination of the project by taking care of write-ups, gathering the required documentation, and assisting in the coordination of the implementation following the guidelines set out by the IB.
If you want to learn more, contact us on firstname.lastname@example.org to discuss how we can support you in obtaining EU or Government Funding for your project.
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