Advice on EU Grands
The EU has several different funding programmes and business grants that you may apply for. The type of funding program that you may file an application shall mainly depend on the nature of the business or project that you want to promote, expand or develop. The main types of funding programs are the Direct and Indirect (Shared).
Direct Funding (EU Competitive Programs)
The direct funding programs are comprised of Grants and Contracts. They are financed directly by the EU budget and the allocation of the funding capital is managed by the European Institutions usually the European Commission or one of its agencies. As a general rule, these programs are transnational, which means that the participation of partners from more than one member states is required for the submission and implementation of a proposal. Proposals are submitted for approval directly to the European Commission, without the intervention of the Institutions of the member state. The proposals submitted compete with proposals from all member states and successful proposals are selected after a comparative evaluation of all proposals submitted.
Grants: Grants are awarded to implement specific projects or purposes that usually follow a public announcement calling for proposals. In many cases the contribution of the EU is conditional upon the beneficiary co-financing the project. You may apply for a grant if you run a business or a related organisation (business associations, business support providers, consultants, etc.) that runs projects that further the interests of the EU, or if you contribute to the implementation of an EU programme or policy.
Public contracts: These are awarded through calls for tender (public procurement). They cover a wide range of areas including studies, technical assistance and training, consultancy, conference organisation, IT equipment and many others. Their purpose is to buy services, goods or works to aid the functioning of EU institutions or programmes. Tenderers are expected to propose professional business services to European small and medium sized businesses (SMEs), to help develop more world-class business clusters in the EU. The tasks of the chosen contractor will include training, sharing best practice, organising study visits and carrying out impact assessment activities. Loans, guarantees and prizes are among other possible types of funding.
Indirect (Shared) Funding (Co-Financed Programs)
The Indirect (shared management) funding programs are delegated to EU countries. They are co-funded by national resources (state budget) and are managed by national and regional authorities. They comprise nearly 80% of the EU budget, mainly through five big funds that come under the umbrella of the European Structural and Investment Funds. These funds are:
- European Regional Development Fund – regional and urban development.
- European Social Fund – social inclusion and good governance.
- Cohesion Fund – economic convergence by less-developed regions.
- European Agricultural Fund for Rural Development.
- European Maritime and Fisheries Fund.
- The priority areas financed are co-decided between the EU and the Member State, and the European Commission has a right of scrutiny of the local management.
National Grant Schemes
National (Member State) grant schemes are designed and approved at national level and are funded solely by national funds. The aim of these projects is the implementation of various state policies and priorities e.g. strengthening employment, promotion of tourism, etc. The implementation and management of these projects is exclusive in the Member State under the responsibility of the relevant Ministries/agencies of the broader public sector.
Financial Instruments
The aim of the financial instruments is to help mobilise additional public or private co-investments as well as, to reutilize existing EU funds, in order to address market gaps; compared to the traditional way of providing grant support. Cypriot Small and Medium Enterprises (SMEs) as well as other entities may have access to finance, available under financial instruments, either through local financial intermediaries or by directly applying to competent bodies at EU level (such as the European Investment Bank (EIB) Group which manages most of these tools supported by EU funding - funding mechanisms under the management of both the European Investment Bank (EIB) and the European Investment Fund (EIF) fall under the scope of EIB group operations). In certain cases, Cypriot entities may have access to funding available by intermediaries operating in other Member States.
Our Services:
We can give you current advice on EU business grant schemes, EU Territorial Cooperation Programs, EU funding programs, Cypriot National Funding programs, and submission of project ideas related to Competitiveness of Enterprises and Small and Medium-sized Enterprises (COSME) programs (small businesses and farmers), research and innovation programs (small businesses and NGOs), transport energy and ICT programs (small businesses and NGOs), cohesion policy programs (small businesses), culture and media (NGOs) citizenship programs (NGOs), agriculture and CAP programs (small businesses and farmers), Development and Humanitarian Aid.