The Next Generation EU funds, with a budget of 750 billion euros, were approved on July 21, 2020. Of these, 140,000 million euros correspond to Spain in the framework of the Spain Can Plan, distributed in 69,528 million euros for non-refundable transfers and more than 70,000 million euros in loans. From FI Group we tell you how to access European funds in 8 steps.
The path from the public administration to the companies
Once the European Commission has given the green light to the disbursement of Next Generation EU funds for the country, the public administration can start with the calls for proposals. Thus, companies must follow the following steps to access them:
Step 1: Identification of opportunities
For this first step, several sources of information are available, among which we highlight the official website of the Recovery Plan. This website has updated information about the most relevant calls for proposals. However, it is focused on calls at national level, so we may not find calls financed by Next Generation EU funds at regional level.
Also, in FI Group’s own website you can find the section “Search for Grants”, where we publish the most relevant grants at national and regional level. In FI Group we can help you from the first step, identifying the most relevant calls for proposals for your company and supporting you throughout the application process.
Step 2: Characteristics of the aid
Once the corresponding aid has been identified, you must be sure that the call applies to the territorial area and the sector. Other determining factors are the type of competition (simple or competitive), the type of participation (individual or consortium) or whether the aid has a loan tranche.
Step 3: Presentation
After verifying that the company meets all the requirements, it is time to submit the application. To do so, all the necessary documentation must be compiled and submitted to the competent body. It should be noted that companies in a “crisis situation” will not be able to apply for public aid.
This is a decisive moment in the application for aid. At FI Group we evaluate the project in order to ensure that it meets all the necessary requirements when submitting it to the call for proposals.
Step 4: Evaluation of the public administration
The administrative work of the company ends here. The competent public administration will evaluate the submitted project and will accept or reject the granting of aid. The time required for the evaluation usually varies depending on the size of the project and the amount of aid.
Step 5: Provisional Resolution
In the case of passing the filter of the public administration, and this one emits a favorable resolution, the aid will be granted provisionally. However, this approval does not mean that investments in the project can begin. It constitutes an acceptance of all the elements required for assistance and makes the project “eligible for subsidy”.
Step 6: Final Resolution
The public administration has given its final approval and the company is an official recipient of the aid. Now, depending on the functioning of the institution that grants the subsidy, as well as the type of project, the disbursement will be made before or after the execution of the project.
Step 7: Project start-up
At this point, the project, even though it may have been initiated as soon as the application was submitted, will already have the aid granted.
The company, with financing, will start the implementation of the project based on the objectives, methodology, budget and deadlines presented in the grant application. At this point it is important to emphasize the importance of proper project planning so that when the time comes to implement the project, its objectives can be met in a timely manner.
Step 8: Justification
Once the project has been completed, the public administration that has granted the aid requests a technical and economic report in which the use of the funds obtained is justified. Although this is the last step after receiving the funds, it is necessary to comply scrupulously with the technical and economic criteria of the project, otherwise the administration could demand the return of the aid.
At FI Group we have been working with European funds since their approval in July 2020. Through our teams of experts in different areas, we will accompany you at regional, national and European level to identify the most appropriate aid and prepare a quality application. In numbers, 94 Expressions of Interest submitted, more than 460 collaborating companies, as well as more than 58 million euros of project funding support us.
FI Group has 20 years of experience and wants to accompany you on the new NextGenerationEU path. Our experts are at your disposal to analyse how your project fits into the NextGenerationEU European recovery fund and to take the next steps together with you.