Financing a Business in Poland
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Financing a Business in Poland
When considering the next step it is important to remember to plan ahead and research. Your accountant can help you with advice and help when trying to find possible ways of obtaining finance.
Here are some possible ways of obtaining your finance;
- Bank Finance your bank may be able to assist when raising finance. Before approaching any bank ensure you have a well written and researched business plan. This will allow the bank to see how their finance will be used, and how the business is forecasted for growth.
- Public Aid In Poland there is the Structural Funds which can help with potential finance. This can help small to medium sized business and are financed from the European Union structural funds. It is broken down into three sections.
- Innovation Economy
- Human Capital
- Development of Eastern Poland
For more information and advice a useful link is; The Polish Agency for Enterprise Development http://en.parp.gov.pl
The National System of Services (KSU) is a network of non-commercial organisations cooperating with each other voluntarily, providing advisory services (with a general and pro-innovation character), training, information and financial services (including providing guarantees and loans) for micro, small and medium-size enterprises. http://ksu.parp.gov.pl/pl
- Tax Relief - The Polish Chamber of Commerce (KIG) maintains a catalogue of services for enterprises named KIGNET. It is a support network from regional chambers of commerce to help the competitiveness of Polish enterprises, and provides services for small and medium-size companies. The network's activity is based on institutions supporting enterprise, mainly chambers of commerce. This may be able to help you find possible tax relief or incentives.
- European Aid grants are direct financial contributions from the EU budget or from the European Development fund. It is worth checking out your possible grants, funds and programmes by following the link and looking under a particular section i.e. Agriculture, Energy or Audiovisual and Media.
It can be overwhelming when trying to find ways of obtaining finance. It is worth remembering that there are over 450 funding sources for reimbursable grants, aid schemes, individual fellow and traineeships, loans and guarantees in the EU. These can be awarded from such organisations like the European Commission, the Council of Europe, the European Investment Bank and others.Helpful links are:
- Floating your company on the stock market maybe a possible way of raising more finance. This will depend on the type of business you set up. AIM, the junior partner of the London Stock Exchange (LSE), has established itself as the preferred route for younger companies wanting to go public.
Organisations that can assist with Financing a Business
Business Banking advice Advice on which type of bank account would best suit your business. Help making payments – and getting paid.