Professional Documents
Culture Documents
Corina Borcosi - THE MANAGEMENT OF BUSINESS FINANCING FROM EUROPEAN FUNDS
Corina Borcosi - THE MANAGEMENT OF BUSINESS FINANCING FROM EUROPEAN FUNDS
www.rstjournal.com
Economics
ABSTRACT:
THE ENTERPRISES ARE BEGINNING, GENERALLY WORK WITH ONE BUSINESS. IF THE ENTERPRISE IS
SUCCESSFUL, IT WILL GROW BY ADDING NEW BUSINESS BY INCREASING THE NUMBER OF CUSTOMERS
BY DIVERSIFYING THE PRODUCTS OFFERED OR THINKING OF NEW WAYS TO MEET CUSTOMER NEEDS.
BUSINESS FINANCING BOTH THEIR DEBUT AND THEIR DEVELOPMENT CAN BE DONE FROM OWN
SOURCES AND FROM SOURCES OF EXTERNAL FINANCE, THE BEST OF WHICH ARE EUROPEAN FUNDS.
THE PAPER AIMS TO PRESENT THE IMPORTANCE OF BUSINESS FINANCING FROM EUROPEAN FUNDS.
1. INTRODUCTION
The business is organized effort of some people to produce and sell for profit, goods and
services that meet societal demands. Business management is considered to be a set of activities,
methods and processes of resource utilization in order to achieve the desired objectives. European
funds are the most efficient source of financing for businesses and society. Use of funds is achieved
with reduced costs and increases productivity.1
The EU is developing policies they implement in the 28 Member States through programs
that include areas such as education, health, agriculture, research and innovation, SMEs, culture
etc. All these instruments of action are combined in an economic recovery program planned for
2014-2020. For 2007-2013, the absorption rate of structural and cohesion funds in Romania was
61.57%, being considered, unfortunately, a low rate of absorption2.
98
RESEARCH AND SCIENCE TODAY, Spring 2017, No. 1(13)/2017 ISSN-P: 2247-4455 / ISSN-E: 2285-9632
www.rstjournal.com
Structural funds and European investment policy is the main investment instrument of the
European Union 3. Structural funds and European investment are:
• European Regional Development Fund;
• European Social Fund;
• Cohesion Fund;
• European Agricultural Fund for Rural Development;
• European fund for fisheries and maritime affairs.
The European Union has pledged to create jobs more and quality, but also a socially
inclusive society, according to the Europe 2020 goal of European funds is to support the Europe
2020 Strategy, the economic and social. Romania receive in 2014-2020 a financial allocation of
EUR 30.84 billion from European funds, adding national contribution of 5.63 billion EUR,
Romania thus having a total budget of EUR 36.47 billion for investments various fields. In
Romania, programs financed from EU funds in 2014-2020 are4:
• Operational Programme Big Infrastructure;
• Regional Operational Programme;
• Operational Programme Administrative Capacity;
• Human Capital Operational Programme;
• Competitiveness Operational Programme;
• Technical Assistance Operational Programme;
• National Rural Development Programme;
• Operational Programme for Fisheries and Maritime Affairs;
• Interregional, Transnational, Trans border Cooperation Programmes.
European funds will help5:
• improving the country's competitiveness by strengthening links between research,
innovation, areas of smart specialization and competitive sectors;
• doubling the value added in the IT sector and increase the number of users of e-
government;
• support for SMEs, farms etc. for increasing productivity an survival rates as well
as agricultural restructuring;
• investment in energy and using resource efficiency, protecting and preserving the
environment;
• investment in the modernization of railways, new roads and subway lines for
shortening time travel;
• increasing the employment rate of the labour force, targeting especially young
people who do not have a job, do not follow a program of education and training
and other vulnerable groups;
• promoting social inclusion and combating poverty and discrimination.
3
http://www.fonduri-structurale.ro
4
http://www.fonduri-structurale.ro
5
http://www.fonduri-structurale.ro
99
RESEARCH AND SCIENCE TODAY, Spring 2017, No. 1(13)/2017 ISSN-P: 2247-4455 / ISSN-E: 2285-9632
www.rstjournal.com
6
Androniceanu, A. (coordonator) – Managementul proiectelor cu finanțare externă, (Editura Universitară, București,
2004), 11
7
Butler, David – Dezvoltarea afacerii, (Editura BIC ALL, București, 2005), 31
8
Nicolescu, O. (coordonator) – Sisteme, metode și tehnici manageriale ale organizației, (Editura Economică,
București, 2000), 210
100
RESEARCH AND SCIENCE TODAY, Spring 2017, No. 1(13)/2017 ISSN-P: 2247-4455 / ISSN-E: 2285-9632
www.rstjournal.com
Applications for funding are submitted in a certain deadline for submission specified. After
submission will be a process of evaluation and selection, following the establish beneficiaries of
EU funding, which will start running the projects submitted.
CONCLUSIONS
All funds are designed to support socio-economic development.
Business financing from European funds through the elaboration and submission of
complex documentation offers the company the opportunity to develop using grants, discover
project managers that are dynamics, capable, to promote in the enterprise the exchange of
experiences between different organizational subdivision and exchange of experience between
them and other businesses.
101
RESEARCH AND SCIENCE TODAY, Spring 2017, No. 1(13)/2017 ISSN-P: 2247-4455 / ISSN-E: 2285-9632
www.rstjournal.com
REFERENCES
102