EU Funding Opportunities
EU Funding through National Organisations
Funding from the European Commission is often made available through national, regional and local bodies/programmes (e.g. Enterprise Boards, Enterprise Ireland, Government Departments and Agencies) so it is worth checking the websites of the relevant national organisations to see if they have any funding programmes that are relevant to your business. When looking for sources of finance for your business from these organisations it is important to remember the following:
- Most organisations will not provide funding in the form of grants or subsidies for businesses that provide a service/product that already exists. In these cases it might be easier to try and source finance in the form of a loan or repayable private investment.
- There is support available which is not in the form of financial assistance such as mentoring and a number of courses such as start your own business, marketing, financial management and many others.
In all cases, applications for funding from any organisation will need to be accompanied by an in-depth business plan. This is particularly important in the case of a start-up businesses, however even an existing company will also need to justify exactly how the money they are applying for is going to be spent within their business.
Funding directly from the EU
The EC allocates part of the EU budget to companies and organisations in the form of calls for tender, grants or funds and other financing programmes.
- Contracts
The Commission uses public contracts to buy in goods and services – studies, technical assistance and training; consultancy, conference and publicity services; books and IT equipment etc.
- Grants
The Commission makes direct financial contributions in the form of grants in support of projects or organisations which further the interests of the EU or contribute to the implementation of an EU programme or policy. You may apply directly for EU funding through certain programmes but these funds are only suitable for existing businesses (not start-ups) that wish to engage in specific projects.
EU funds are mostly thematic, with a requirement to fulfil specific objectives, such as a focus on the environment (Eco-Innovation, Intelligent Energy Europe) or research (FP7, Eurostars). SMEs can usually apply directly for the programmes, however each programme has very specific eligibility criteria and must generally involve a sustainable, value-added project with a transnational element. These programmes usually only co-fund your project up to a certain percentage, so you must be willing to put in the balance of funding yourself.