What can I fund?
In the previous post, we looked at different types of funding but the main question to ask when looking at funding is “What can I Fund?”
Many individuals ask us “As a business can I get EU Funding?” however, the right way to approach EU Funding is to first have a project in mind and then seek what funding options there are for it. In practice, EU Funding can support the implementation of a wide range of projects as long as they are in line with the National and EU priorities in various areas which would need to be identified depending on the project.
We have grouped the different schemes available to Businesses under 8 main categories which include Growth, Diversification, Internationalisation, Skills and Knowledge, Research, Development and Innovation, Start-ups, E-Commerce and Consultancy.
In today’s post, we shall explain briefly four of these while also providing you with some practical examples to help you understand what kind of projects the EU and local Government can fund.
A project with such an objective is one related to the extension of the capacity of the current establishment or the setting up of new establishments in the same industry.
A furniture manufacturing company is looking into a new set-up to help increase its production and placing itself in a position to be able to compete with international competitors.
The main type of diversification projects include the setting up of a new activity that is not the same or similar to the current business activity.
Furthermore, projects in which an establishment diversifies its output to offer new or improved products/services, or integrate in the operation solutions that are new or significantly advanced when compared to those that are currently used, are also considered as diversification projects.
A project that we have supported is a local business which diversified its activity of a restaurant to also offer accommodation through the setting up of a guest house as part of its premises.
Such schemes support businesses with funding when participating in International Business Promotion Fairs aimed at the internationalisation of their products/services to new markets.
A media production company looking at expanding its services to international markets identifies an international fair which they could potentially attend to promote the services they offer. Funding can be obtained for travel expenses, design and printing of various material and other related expenses.
- Skills and Knowledge
Funding can also be acquired when investing in the skills and knowledge of your employees. Such projects include classroom training, online training and also blended learning training courses.
We have supported a company that had recently promoted a number of employees to middle-management or management positions and were looking at obtaining funding for a leadership training programme to help them with gaining the skills and knowledge required to be successful in their new roles.
Do you have a project in mind that falls under any of the above categories that you would like to develop and implement with the support of EU and government funding? Then contact us at firstname.lastname@example.org to discuss how this can be achieved.
What other projects can I fund?
Growing your business
A sales strategy is a well-defined and mapped-out plan aimed at selling products or services and increasing revenues. A sales...
In the previous post, we looked at the importance of leadership skills and how they can be improved. This blog...
For any business, having a business strategy is crucial as it defines the company by assigning its values and goals...