Funding for Companies: What Should You Consider?

Are you looking for funds to start a business? Or are you an experienced entrepreneur in need of additional grants to grow your company? Funding for setting up or developing a business can come from various sources. While most are available from EU funds, not all! Let's explore the funding opportunities available to modern entrepreneurs.

Funding for Future Businesses

People with promising business ideas but no capital to start their business have several funding options to consider:

Funding for Sole Proprietorships from the District Employment Office

The maximum grant amount available through the Employment Office for starting a sole proprietorship is currently around 33,000 PLN (it cannot exceed six times the average salary). Applications can be submitted at the Employment Office, with decisions made individually based on criteria such as a business plan analysis and compliance with requirements set by the Employment Office.

Interestingly, most Employment Offices typically provide lower grants — usually between 20-25,000 PLN. Sometimes, they also inform applicants that the funding pool for the year has been exhausted. Does this mean the applicant must abandon their dreams of owning a business? No, because other options are still available.

Grants for Sole Proprietorships from the European Union

If you cannot or do not wish to apply for a grant from the Employment Office, you can consider EU grants available through advisory and training projects. The grant amount depends on the applicant's individual project. EU funds can be used for advertising, essential materials, production resources, goods, business equipment, etc. Eligibility requires meeting specific program criteria and participation in an EU project. A list of available programs can be found at Employment Offices.

Funding from the National Development Bank

Another option for potential and young entrepreneurs is a program offered by the BGK (National Development Bank). The "First Business – Support at the Start" initiative provides low-interest loans up to 20 times the average salary. Interest rates are about 0.23% or 0.58% annually. BGK also offers a 12-month grace period (no repayments) and allows loan repayments over 7 years (including the grace period).

Funding for Existing Businesses

Receiving a startup grant is not the only way to finance entrepreneurs in Poland. Thanks to European Funds, modern entrepreneurs can access various grants to support:

Research Projects and Innovation Implementation

– through programs such as Smart Growth and Eastern Poland (and others in various regions).

Business Development

– grants are available for small and medium-sized enterprises. Funding is usually provided as a low-interest loan, which is easier to obtain than a commercial bank loan. Entrepreneurs in rural areas can apply for EU grants through the Rural Development Program.

Digitization

– funds for digital development can be used to expand e-platforms, promote e-commerce, or purchase software to streamline operations.

Eco-Friendly Projects

– EU grants can fund energy-saving technologies, such as photovoltaics or renewable energy solutions like heat pumps.

International Business Expansion

– entrepreneurs aiming to expand internationally can use grants under Smart Growth and Eastern Poland programs. Regional programs may also offer similar support.

Funding Innovative Projects with EU Funds

Entrepreneurs with exceptional ideas can consider the STEP program (We’ll Test Your Experimental Idea). More information is available on the STEP website managed by the Ministry of Funds and Regional Policy.

Polish businesses have many attractive funding options. Information is available at Information Points or the European Funds Portal. Support may also come from Business Angels or crowdfunding platforms.