What are the Risks When Applying for Grant Funds

Written by: Bridgewest

Small and medium entrepreneurs have lots of chances to develop their businesses in Romania by applying for grant funds. These are usually directed to those looking for placing their startups on the market or for those who are interested in developing the already established companies, focusing on technology implementation and related features. There are a few risks to consider when applying for grant funds as a local or a foreign business person in Romania. Besides that, we remind that each company should solicit accounting services in Romania and be aware of the rules and regulations in this sense. Our Romanian accountants are at your disposal with complete support and furthermore, they can perform audits in Romania in compliance with the local legislation and the European laws.

Don’t underrate the investments for your firm

The Romanian government plays a major role when it comes to the business funding and particularly to the small entrepreneurs interested in expanding the affairs. From the beginning, it is mandatory to evaluate the needs and to present a solid project that shows the real numbers you wish to gain. In other words, it is necessary to know what type of technology your business needs and the prices on the market, in order to have a clear idea about the providers and to properly place the offer. It is recommended to consider further cost growths before applying for grant funds.

Considering the personal resources

It is good to know that when placing a project which aims the grant funds in Romania, a personal contribution should be considered before anything else. According to the laws in Romania, even if all the sum is eventually received back, the entrepreneur must prove that he or she has personal funds for any ineligible expenses that might occur when implementing the project in your business. In other words, it is strongly suggested to be aware of any other costs that might intervene, and if the entrepreneur cannot support such expenses, then he/she must identify and find other income sources.
Having a company in Romania means keeping complete records of the financial operations. Our accounting firm in Romania is at your disposal with the necessary support in this direction, so please feel free to contact us.