When business meets the environment
Your project has been selected for funding through the eco-innovation initiative? You're interested in applying for funding but are not sure what taking part really means for your business? Find out more on the different steps of the project management cycle.
Once your project has been accepted for funding, the first phase is contract negotiation. The EACI and the project coordinator negotiate the legal terms for the project. The terms of the project are set out in a model grant agreement. This is a standard agreement, used for all projects, which describes the actions covered, the budget, duration and the roles and responsibilities of all the actors in the project. The grant agreement, its annexes and the Contract Preparation forms, taken from the initial proposal, have to be signed by the EACI and the participants before the project begins.
Find out more about the steps to the grant agreement [42 KB]
Participants may have to provide financial guarantees from a bank or an approved financial institution. This is only necessary in specific cases set out in the financial guidelines.
Eco-innovation funding comes with a reporting obligation. Projects have to submit financial and technical progress reports at different stages of the project. These reports help both parties keep track of progress and enable the EACI to ensure that public funds are used properly. The frequency and number of reports is defined in the grant agreement for each project.The reports are between 5 and 30 pages.
The European Commission provides templates for the reports to make the process as easy and transparent as possible.
Payment terms are set out in the model grant agreement for the project. Payment is spread out over the lifetime of the project and is subject to a series of reports.
Projects receive pre-financing totaling 30% of the EU grant within 45 calendar days from the date when the signed grant agreement and all the mandates are officially received by the EACI.
The coordinator may request a second pre-financing payment if the first 30% of the total budget have been used. Total pre-financing may not exceed 60% of the EU grant. This request must be accompanied by a report including a technical and financial part and proof of transfer of the funds made available under the first pre-financing agreement.
Once the project has been completed the coordinator may request the final payment, the balance. The request must be accompanied by the final technical and financial report.
Costs can be charged only after the project has officially started.
Last update: 04/10/2013 | Top