Securing funding for your projects can be a challenging task, but with the support of the European Union (EU), businesses, organisations, and researchers in Bulgaria can access a vast array of funding opportunities. Bulgaria benefits from various EU funding programs, such as the European Regional Development Fund (ERDF), the European Social Fund (ESF), Horizon Europe, and the LIFE program, designed to foster economic development, research, innovation, and social cohesion. This article provides a step-by-step guide on how to apply for EU funds in Bulgaria, with clear explanations and practical examples to help you navigate through the process successfully, with the added benefit of accounting support.

Step 1: Identify the Appropriate Funding Program

Before applying for EU funds in Bulgaria, it’s crucial to identify the most suitable funding program for your project. Each program has specific objectives and eligibility criteria. For instance, if you are a Bulgarian technology company looking to develop a new energy-efficient product, the Horizon Europe program, which supports research and innovation in various sectors, including energy, would be the appropriate choice. On the other hand, if your project aims to address environmental challenges in Bulgaria, you should consider the LIFE program. Here is a general overview of some of the EU funds that have been available to Bulgaria:

Step 2: Check Eligibility

Once you have chosen a funding program, carefully review its eligibility requirements. Ensure that your project meets all the specified criteria before proceeding with the application. Pay attention to factors such as project size, duration, budget, and target beneficiaries within Bulgaria. For example, if you plan to apply for funding under the ERDF for a regional infrastructure project, make sure that your project falls within the eligible regions and addresses the specific priorities outlined by the EU.

Step 3: Prepare a Detailed Project Plan

A well-structured project plan is the cornerstone of a successful EU funding application. Clearly define the project’s objectives, methodology, expected outcomes, budget, and timeline within the context of Bulgaria’s needs and priorities. Demonstrate how your project aligns with the EU’s priorities and how it addresses the challenges in Bulgaria’s chosen sector.

Example: If you’re applying for funding under the ESF to run a training program for unemployed individuals, outline the program’s structure, the skills to be developed, the target audience, and the anticipated impact on reducing unemployment rates.

Step 4: Find Partners (if necessary)

Some EU funding programs in Bulgaria encourage or require collaboration with partners from other Bulgarian organisations or countries. Collaborative projects often bring together diverse expertise and resources, enhancing the project’s impact in Bulgaria. If your project focuses on environmental conservation, for example, and you lack the necessary expertise, consider partnering with research institutions, environmental NGOs, or other relevant stakeholders to strengthen your proposal.

Step 5: Register on EU Funding Portals

Create an account on the EU funding portals or platforms where you will submit your application from Bulgaria. Familiarise yourself with the portal’s interface and the application submission process. The Funding and Tenders Portal (formerly known as the Participant Portal) is a central platform where you can find calls for proposals, submit applications, and manage project details.

Step 6: Obtain the Necessary Documentation

Gather all required documentation, such as legal certificates, financial statements, partnership agreements, and any other supporting materials specified in the application guidelines for Bulgaria.

Example: When applying for funding under the Rural Development Program (RDP) for agricultural projects in Bulgaria, the applicant may need to provide evidence of land ownership, environmental impact assessments, and financial projections specific to the Bulgarian context.

Step 7: Fill out the Application Form

Complete the application form provided on the EU funding portal for Bulgaria. Be thorough and accurate while providing all the requested information. The application form may require details about the project’s objectives, target beneficiaries, budget breakdown, work plan, and expected results.

Step 8: Submit the Application

After completing the application form and attaching all necessary documents, submit your application through the EU funding portal for Bulgaria before the specified deadline. Double-check all the provided information to ensure accuracy before submitting your application to avoid any potential issues.

Step 9: Evaluation and Selection

Following the submission deadline, your application for funding in Bulgaria will undergo evaluation by independent experts and/or Bulgarian national authorities. The evaluation process may take some time, depending on the complexity of the program and the number of applications from Bulgaria. The evaluation panels assess the quality, relevance, and feasibility of each project proposal based on predefined evaluation criteria specific to Bulgaria’s priorities and needs.

Step 10: Grant Agreement

If your project in Bulgaria is selected for funding, you will receive a grant agreement outlining the conditions, funding amount, reporting requirements, and other terms and conditions. The grant agreement will specify the amount of funding you will receive for your project, the payment schedule, and any specific milestones or deliverables you need to meet within the country.

Step 11: Project Implementation and Reporting

Once you have the funding, implement your project according to the approved plan and adhere to the reporting requirements outlined in the grant agreement. Regularly provide updates on the project’s progress and financial status. If your project involves the construction of a new transport infrastructure, for example, you need to provide regular reports on construction milestones, budget utilisation, and environmental impact assessments.

Accounting Support and Its Benefits

Engaging accounting support is crucial when applying for EU funds in Bulgaria and managing projects funded by the EU. Accountants can provide valuable assistance throughout the application process and the project’s implementation. 

Budget Preparation and Justification: Accountants can help you create a comprehensive and realistic budget for your project. They ensure that all costs are accounted for and justified in accordance with the EU funding program’s guidelines.

Financial Feasibility Assessment: Accountants analyse your financial records and assess your business’s financial health within Bulgaria to determine whether your project is feasible and sustainable. They identify potential funding gaps or financial risks that might arise during the project’s implementation, helping you address them proactively.

Compliance with Financial Regulations: EU funding programs have strict financial regulations that must be followed. Accountants ensure that your project’s financial plan adheres to these regulations, reducing the risk of disqualification due to financial non-compliance within Bulgaria. They help you understand eligible expenses and ensure that all financial transactions are properly documented, reported, and accounted for in accordance with EU standards.

Risk Management: Accountants assist in identifying and managing financial risks associated with the project, ensuring that you can respond effectively to unforeseen challenges or changes in the project’s scope. They help you establish financial contingency plans within the country, ensuring that your project remains on track even in uncertain situations.

Auditing and Compliance Checks: Accountants can perform internal audits to review your financial processes and ensure compliance with EU funding regulations within Bulgaria. They help you prepare for external audits specific to the country by providing necessary documentation and explanations to auditors, which contributes to a smooth and successful audit process.

Grant Agreement Fulfilment: Accountants ensure that your project complies with the financial requirements stated in the grant agreement within Bulgaria. This includes maintaining proper accounting records and financial control systems within the country. By fulfilling all financial obligations, you increase the likelihood of receiving future EU funding and strengthen your reputation for responsible financial management.

In conclusion, navigating the complex landscape of EU funds in Bulgaria can be a challenging endeavour. However, with the expert guidance and support of TGS Bulgaria, you can streamline the process and maximise the potential of securing EU funding for your projects.

We invite you to reach out to us and discover how we can work together to achieve your business goals. Let TGS Bulgaria be your trusted partner on the journey to unlock new opportunities and drive your business’s continued success. Contact us today, and together, we can make a positive impact.