J.One of the most effective forms of financial support is EU subsidies, which can significantly contribute to the implementation of ambitious projects, the modernization of infrastructure, as well as the implementation of modern technologies and pro-ecological solutions. Therefore, it is worth knowing how to effectively use EU subsidies to maximize their potential.
1. Strategy is the key to company development
The basis for the effective development of every company is a well-thought-out strategy. It is worth focusing on the main directions of development, analyzing the activities of competitors and adapting to regulatory requirements. Based on this, the goals that the company should achieve should be defined. The more specific and time-based, the better. It is also worth dividing them into short-term and long-term. An example of the latter might be to increase the number of customers and revenues in the next 3 years, enter foreign markets within 2 years or introduce at least one innovative function into products every year. However, in the short term, the goal could be, for example, improving project management and internal communication, or increasing social media presence and participation in industry conferences.
2. Identification of projects whose implementation has the greatest impact on achieving objectives
Once the goals have been defined, it is necessary to consider which projects have the greatest impact in achieving them. It is necessary to consider what resources are available, what needs and what constraints are available. For inspiration, you can look at the projects that have been implemented so far thanks to EU funds. They include numerous examples of changing business models towards Industry 4.0, digitalisation, automation and robotisation. They can also concern the modernisation of infrastructure, for example the modernisation of buildings, machines and devices, or renewable energies, for example the implementation of solutions such as photovoltaic panels or heat pumps.
3. Selection and planning of major investments
At this stage, it is quality, not quantity, that counts. Not all projects can be implemented simultaneously. It is worth focusing on those that have the greatest potential. A detailed description of the investment will help you prepare a correct application for financing. In turn, cooperation with a consulting company can significantly increase the chances of obtaining financial support.
4. Selection of an appropriate support program, taking into account the size of the company, the purpose and location of the investment
When choosing a support program, the size of the enterprise, the purpose and location of the investment should be taken into account. Depending on the size of the enterprise, different support programs are available. Enterprises are classified as SMEs (micro, small or medium-sized enterprises) or large enterprises. After checking the status of the enterprise, it is necessary to focus on investment objectives that correspond to the company’s development strategy, for example, on projects to support the development of new technologies, research and innovation, or those related to the development of infrastructure, for example, construction of new facilities, thermal modernization, modernization of existing buildings and development of IT infrastructure. These can also be projects aimed at sustainable development: programs to support pro-ecological activities, such as the installation of renewable energy systems, energy modernization of buildings or the development of low-emission technologies.
It is worth using the available tools, such as Grant Finder If Regional Aid Map.
5. Determination and persistence are important
Finding suitable sources of funding can be time-consuming. Don’t be discouraged even if you don’t find the perfect support program right away. Regularly reviewing funding offers should become a daily habit. It’s also worth keeping in touch with your bank’s consulting and corporate advisor to stay up to date on recruitment schedules.
6. Implementation of Circular Economy (Circular Economy)
Before submitting an application for funding for projects related to energy efficiency or the circular economy, you should carry out an energy audit. It is worth contacting a bank, consulting firm or auditor for support in the grant application process. You should consider your company’s savings opportunities in terms of energy, raw materials and water consumption and look for ways to use waste and recycled raw materials. These types of activities qualify as implementing a circular economy. It is worth knowing that some programmes fund an audit that will help you introduce a business model based on circular economy principles.
7. Preparation of the Financing Application
A funding application, a business plan or an energy/circular economy audit must be prepared in accordance with the requirements of the recruitment documentation. You must monitor the application evaluation process and maintain constant contact with the supporting institution, the consulting firm and the bank. Particular attention must be paid to the performance indicators described in the funding application, which constitute a firm commitment to the granting institution and their achievement must be verified during the project’s life cycle. If you co-finance the investment with a loan, you must request a loan promise from the bank as soon as possible.
8. Signing of the contract and implementation of the project
After a positive evaluation of the application, the entrepreneur signs a grant agreement and a loan agreement. Effective grant management requires thorough financial control, compliance with the contract, regular reporting and preparation for possible inspections and audits. You must carefully plan activities, monitor progress and maintain transparent communication with the funding institution. You also need to document all costs related to the project. There is no possibility of reimbursement for undocumented costs and expenses not related to the project.
9. Evaluation of project results
After the project is completed and liquidated, an assessment of the results over the life cycle (3 years for SMEs, 5 years for large companies) should be carried out. It is worth maintaining cooperation with the financing institution and partners to implement new innovative projects. Transparent communication and regular monitoring of metrics are key to success.
Through careful planning, monitoring of progress and effective project management, the company has the opportunity to develop dynamically and achieve defined business objectives, thanks to funds from EU grants.
You can read more on the mBank website: https://www.mbank.pl/msp-korporacje/fundusze-unijne/
Marcin Mazurek, Chief Economist at mBank;
Jarosław Fordoński, EU Director at mBank
