How is European financing divided?
EU funds are managed via partnership contract with each Member State. According to these contract, investment programmes are prepared that include the priority areas. Each area has specific investment priorities and support goals. To complete each specific support goal specific measures are implemented within the framework of which European co-financing is provided to your project. Conditions for implementation of these measures are usually defined in Cabinet of Ministers Regulations.
Selections of two types of projects are organised to ensure European financing would reach the recipient:
- restricted selection of project applications;
- open selection of project applications.
Restricted selection of project applications is a selection in which the circle of applicants of EU fund projects who are invited to submit a project application is previously known. Most often those are the following:
- state institutions and agencies;
- planning regions;
- education institutions, medical care institutions and others.
As a result of this selection procedure, all projects prepared in line with provisions are approved and financing is provided.
Open selection of project applications is a selection in which an equal competition between the submitted projects is held. EU funds are more likely available for businesspeople by submitting a project for an open selection procedure.
European funds – our funds
In the EU, Latvia is defined as a less developed region, therefore EU funds are more accessible to us than to other, more developed EU Member States. Although, Latvia receives more from the EU budget than it contributes, those to whom European co-financing has been provided, have to be aware that European funds are also funds of the Latvian taxpayers. These funds have to be invested reasonably and efficiently.
Who can access the projects of EU funds?
Do SME, NGO, a youngster, scientist and farmer have something in common? Yes, they all can access EU funds!
European co-financing is available if the following key conditions are met:
- it is additional financing – EU funds do not cover 100% all project expenses;
- the goal of support is to achieve financial balance for implementation of a project, rather than profit for the recipient;
- the project has not been implemented yet – it is not possible to receive support to complete projects that have been started or already completed to compensate project expenses;
- the project has not been provided any European co-financing before.
EU Structural Funds are available to private individuals and legal entities, as well as institutions and organisations, if the planned activities comply with any of the support areas of EU funds acquisition. One of the priorities of Latvia where European co-financing is used, is fostering business.
If you are a businessperson, use the opportunity of EU funds!
EU funds offer businesspeople different support opportunities. European projects can help you to implement your ideas, using less credit resources or private funds. EU funds provide financing to businesspeople in the sphere of research, innovation and technological development, as well as to improve the competitiveness of small and medium-sized enterprises.
Our experienced specialists are sure that acquisition of EU funds needs to start with a clear idea and goal, rather than a wish to attract public financing without a specific development plan for investing. European financing can serve as a crucial support for a businessperson with a convincing business idea that can provide long-term results.
Your idea + our experience = European co-financing for development
If you would like to obtain opinion of an experienced and friendly expert about your idea and its potential, please contact us! We can help you to polish your idea to ensure acquisition of EU funds. (Tel.: +371 29403401 or +371 29425849) or via e-mail (edo(at)edo.lv).
EU funds provide special support to small and medium-sized enterprises. There are several support opportunities, for example:
- mezzanine loans;
- loan guarantees;
- co-investment fund of business angels;
- support for investments in creation or reconstruction of production facilities and infrastructure;
- incubator of creative industries and regional business incubators.
Is European co-financing available for the young entrepreneurs?
Yes, EU funds are available for the beginners of business. Obtaining bank financing to establish a company can be complicated, as the newly-established companies face high risk level. EU funds are a good step towards beginning a business.
What do EU Structural Funds ensure?
EU funds for the young entrepreneurs provide high-risk loans and micro loans. Moreover, European co-financing for the young entrepreneurs is available to attend training and receive consultations necessary to start a business.
EU funds issue loans and micro loans via the local financial institutions that mainly include:
- companies limited by guarantee;
- capital investors.
These institutions prescribe specific financial terms including amount, term, interest rates and payments. EU funds for establishment of business are available via business incubators, however, the young entrepreneur can also apply individually for the EU project tenders selecting a measure that complies with the idea.
Inventor = businessperson? Why not?
If you are an inventor or you would like to implement an idea in cooperation with a research organisation, European co-financing for the young entrepreneur is available to you:
- to develop a new technology;
- to carry out product research and implementation in production, including starting economic activities.
EU funds support applied research and commercialisation of ideas, as research and innovations are the future.
If you would like to start a business, contact us and we will tell you what European co-financing for the young entrepreneurs is suitable for you!
Laimdota Straujuma, Dr.oec., Deputy State Secretary of the Ministry of Environment Protection and Regional Development of the Republic of Latvia
-Ministry of Environment Protection and Regional Development of the Republic of Latvia
Rafaels Joffe, Director of the Institute of Food Safety, Animal Health and Environment “BIOR”
-Institute of Food Safety, Animal Health and Environment “BIOR”