How can “Edo Consult” help?

To acquire European funds you will need to prepare and submit a detailed project application that has to comply with the strict guidelines of EU funds.  If your project will be qualitative, acquisition of EU funds will be more successful. Our team includes financial and economic professionals whose daily duties include preparation of projects for the acquisition of EU funds. We have advised and assisted in preparing and implementation of several hundred projects that have resulted in satisfied clients and successful development of a company or idea. Preparation of European projects is our field of experience. The long-term experience of our employees allow us to understand nuances of the European projects, therefore EU funds are acquired reasonably and competently.

We offer you:

• the first consultation for free, during which we get to know about your investment plan and whether European co-financing is available to you, as well as we inform you about conditions and costs;
• recommendations to improve your idea;
• a set of services provided to implement the project completely, after concluding a contract, acquisition of EU funds is carried out under our supervision; We will assist you during entire process of implementation of project, starting from preparation of application up to receipt of financing;
• support during implementation of your project, we will assess whether acquisition of EU funds is carried out in line with the contractual provisions and how the project goals are achieved;
• assistance in preparation of reports for submission to institutions administering funds.

Apply for a consultation via phone (+371 29403401 or +371 29425849) or via e-mail (edo(at)edo.lv)!

Our satisfied clients and successfully implemented projects prove that experts of “Edo Consult” are good in what they do.

Acquisition of EU funds is the key to success

Acquisition of EU funds has helped our clients to develop and has served as an important step towards implementation of socially significant projects, as EU funds can be acquired only for the ideas that contribute to reaching goals of a company or organisation but also to improve economic and social indices of Latvia, achieving long-term results.

EU funds – supporting development of national economy

EU funds are the most significant political tool of the EU investment policy. EU funds are provided as a tool in provision of a target-oriented financial support to foster establishment of work places and improve long-term and sustainable economic growth and environment of Europe, as well as to reduce the differences between the EU countries and regions.

We are delighted to help you if attraction of EU funds or acquisition of EU funds is necessary and well-considered, as EU funds guarantee support with a goal and this complies with the mission of “Edo Consult”: to help determined and producing Latvian companies to develop, to contribute to the growth of economics and increase competitiveness of our region.

EU Structural Funds provide funds:

• via grants;
• via financial instruments.

European co-financing received in the form of grants does not need to be repaid, EU funds acquired in the form of financial instruments has be repaid after achievement of project goals.

Five European funds provide support in Latvia:

1. European Regional Development Fund (ERDF);
2. European Social Fund (ESF);
3. Cohesion Fund (CF);
4. European Agricultural Fund for Rural Development (EAFRD);
5. European Maritime and Fisheries Fund (EMFF).

EU funds are managed according to shared management principle, it is a joint responsibility of the European Commission and EU Member States. Management of ERDF, ESF, and CF is ensured by the Ministry of Finance, the EAFRD and EMFF are administered by the Ministry of Agriculture and Rural Support Service.

In Latvia, European co-financing is mainly provided for the following areas:

• business, especially to small enterprises;
• transport and infrastructure;
• environment and energy;
• development of rural regions and agriculture;
• social inclusion;
• tourism;
• research and innovations.

Considering the above objectives, EU funds have determined their priority support directions.

European Regional Development Funds – reduction of regional differences

European co-financing of the ERDF is provided for the following measures:

• creation and retaining work places, especially supporting small and medium-sized enterprises;
• development of telecommunication, transport and energy networks, and infrastructure;
• investments in the social, health care, and education infrastructure;
• networking and sharing experience;
• development of state potential investing in research, innovations, development of technologies, tourism and culture infrastructure, etc.

European Social Fund – employment and human resources

European funds of the ESF are provided for the following:

• improvement of employment indices;
• ensuring gender equality in the sphere of employment;
• fostering equal access to labour market;
• fostering life-long learning to create a labour force that is able to adapt to differences.

Cohesion Fund – transport and environment

European funds of the CF are provided for the following:

• aquaculture and waste management industry;
• energy efficiency and renewable energy resources;
• conservation and protection of environment;
• reviatlisation of urban environment;
• development of public transport infrastructure;
• development of the European transport network.

European Agricultural Fund for Rural Development – development of rural regions

European funds for rural development provide co-financing in the following areas:

• investments in agricultural production and processing, and infrastructure;
• development of organic farming;
• sustainable development of forestry;
• small and medium-sized farms, young entrepreneurs;
• training, implementation of scientific results and demonstration of best practice;
• implementation of the LEADER approach;
• area payments.

European Maritime and Fisheries Fund – fostering welfare of coastal communities

Support of the EMFF is provided to the European projects in the following areas:

• development of new technologies and products;
• increase of the amount of aquaculture production volumes;
• improvement of competitiveness of fishing;
• expansion of fish export market;
• development of territories significant to fishery.

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:

1. restricted selection of project applications;
2. 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;
• municipalities;
• 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:

• banks;
• 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!

European co-financing for the young entrepreneurs in agriculture

If you are a young entrepreneur in agriculture, you comply with two priority support areas of the EU. EU funds especially support establishment of agricultural companies, as well as generation change and creation of work places in agriculture. Use this opportunity and apply!

Farmers, EU funds are available to you as well!

We are delighted to cooperate with:

• agricultural producers and processing companies;
• fishing and agriculture companies, as we want to foster activities in Latvian regions and their competitiveness.

European projects for farmers are supported more and more, as the EU pays special attention to improve competitiveness of less developed regions and growth of production companies, including agriculture companies. Acquisition of EU funds for farmers busy managing and organising daily work can be an additional burden, therefore we would be happy to help you, if you are interested in the EU projects. EU co-financing is available to you!

EU funds – a step forward

European projects for farmers are a great opportunity to improve economic indices and competitiveness of your farm. If you are planning to purchase equipment or build new houses, consider applying for support provided by EU funds. European projects are a step towards expansion of activities.

European co-financing is available to the young farmers or home compounders planning to change to the status of a recognised processing company. European projects for farmers are also available if you would like to change the type of activities and become an organic farmer or already produce organic products. EU funds offer you wide range of support. Use it!

European co-financing – how to obtain it?

To ensure that European co-financing is easier to access, acquisition of EU funds has been changed, the process of applying projects and implementation procedure has been simplified for the recipients of financing. The Central Finance and Contracting Agency (CFCA) has been assigned as the main institution servicing those applying for projects and recipients of financing, the Agency performs selection of project applications and ensures concluding contracts on the funds of ERDF, ESF and CF. The Investment and Development Agency of Latvia and “Attīstības finanšu institūcija “Altum”“ operate as the next stage in division of funds. The Ministry of Agriculture and Rural Support Service are responsible for administering EAFRD and EMFF.

EU financing can be attracted by implementing the following measures:

1. idea – idea needs to be long-term and the goals need to be clear;
2. research of guidelines – you need to understand EU Structural Funds and the specific support goals, investment priorities, Cabinet of Ministers Regulations on implementation of specific support goals, project selection criteria and regulations developed by the CFCA and RSS based on the Cabinet of Ministers Regulations, as well as laws and regulations governing procurements;
3. compliance – determine compliance with any of the types of receivers of financing;
4. announcement of project selection – get to know when an announcement on new projects for EU funds are available;
5. project assessment – assess your and your project team ability to implement the project of planned scale, assess all risks;
6. preparation of project application – provide a detailed project application in line with regulations;
7. response – project assessment commission provides an answer within 1 to 3 months;
8. conclusion of contract – if the project has been confirmed, a contract with CFCA is signed or a decision is received on approval of project from the RSS;
9. assessment – during implementation of project, the fulfilment of project goals needs to be assessed;
10. reports – reports have to be submitted on implementation of the project and how EU funds are used.

Acquisition of EU funds can be time-consuming and for preparation of a good project application specific knowledge is required. We, the team of “Edo Consult”, can help you to make acquisition of EU funds simpler. Contact us and get to know what you need to do to access European co-financing (Tel.: +371 29403401 or +371 29425849) or via e-mail (edo(at)edo.lv)!