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Can I apply for Europe’s next generation funds?

The Next Generation funds US are the aid package that the European Commission has approved for Spain, with the aim of contributing to economic recovery after the covid-19 crisis. Billions will be distributed throughout the Spanish business fabric to enhance key aspects of the labor market: digitization, sustainability, inclusion, cohesion, etc…

The aid will be distributed by several public bodies, on specific dates and in individualized programs. This means that we have to be very attentive to everything that is published in bulletins, press, Public Administration, etc. In the end, companies that want to opt for some aid or subsidies are going to need road companions. Businesses that not only have the necessary knowledge to know where to go or consult, but also handle the bureaucracy.

You must also take into account that each call is a world. Some will be aimed at SMEs (for example those of the digital-kit that are taking place now), others to large companies, others to specific projects… In this article we will give you a series of general tips that apply to any organization.

Key ideas to qualify for European aid

One of the rumors that spread when the Next Generation EU program was announced is that it was only intended for large companies. Nothing is further from reality. The idea is that as many businesses as possible can opt for a part ‘of the cake’. That is why they are so diversified. What we can assure you is that the Government has clarified that the projects have to be aligned with the objectives of Europe, which we have stated at the beginning of this article.

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The keys that will help you manage the Next Generation EU are the following:

  • Heterogeneity: part of the funds will be direct aid, others will be subsidies…. and this will affect you or not in the income statement. It is important to be well informed about the taxes and the way in which you are going to request them, lest you get a surprise the following year.
  • A lot of technology: The objective of digitizing businesses is going to receive direct aid, but the rest of the legs of these funds are also related to technology. For example, sustainable projects and subsidies for energy saving initiatives go through solar panels, cost measurement systems, etc. In other words, you will have to bet on IT, yes or yes.
  • lean on who knows: As we said before, make sure you have a good travel companion. In Spain, many companies have real experts who will guide you in this tidal wave of bureaucracy. Knowing the procedure will help you a lot so as not to waste time and get help.
  • Lose the fear of bidding: Many companies, especially small ones, have never bid out of fear or ignorance. Many thousands of euros in aid will be awarded through the tenders. It is time to “jump into the pool”.
  • The projects. On many occasions, the aid will go to projects that have already been executed and can be demonstrated. In others, the money is given first and then the project is executed.

In short, a few years from now, Spanish companies will be able to modernize and expand their business thanks to the Next Generation EU. European aid represents a millionaire disbursement for our country to recover from the serious losses caused by the pandemic. At the same time, they will help you to be more competitive and tackle innovative projects that will allow you to advance in the market.

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