Q.1 I have a question related to the explanation of ISO concept I want to know more what do you intend by this concept and what document do you need to support ISO.
A.1 Window 2 is open for organizations engaged in services to innovative start-ups, i.e. innovation service providers to upgrade their capacity further and/or develop new services to the innovation and start-up community in Albania. These actors are hereon after referred to as Innovation Support Organizations (ISOs) and could be such as Universities, Incubators, Accelerators, NGOs, private and public entities.
Q.2 Can spending of the last 12 months (made by the applicant for the proposed project) be put as co-finance in the project proposal?
A.2 Any previous and actual investment cost made by the applicant that affects and is necessary for the implementation of the project, is considered co-financing. The costs relevant to the project will be calculated in proportion to the depreciation of the asset within the project implementation period.A.2 Any previous and actual investment cost made by the applicant that affects and is necessary for the implementation of the project, is considered co-financing. The costs relevant to the project will be calculated in proportion to the depreciation of the asset within the project implementation period. This does not include salary costs of the last 12 months. They will not be considered eligible expenditures.
Q.3 We are a specialized media provider focusing on health. We have been active for six years, and have a portal www.shendeti.com.al as well as the newspaper Shëndet Plus. Since 2011, with the support of the World Health Organisation we have establshied the newspaper Shëndet Plus. This newspaper is distributed all over the country and it’s the first health newspaper focusing on raising awareness among citizens on health education. In social media we have 110.000 followers. Given the education aspect, provided information and investigative profile, the newspaper has received continous support from donors such as UNFPA, USAID, WHO, UNDP, REC etc. Our media is registered and has a NUIS. We have the following question: Can we apply in the challenge fund, as our media offers an innovative service?
A.3 The Challenge Fund targeting Innovation Support Organizations, will support only those entities whose project proposal contributes to the innovation and entrepreneurship eco-system. Even though your newspaper offers an innovative service compared to others, it does not support innovation in the context of start-ups.
Q4. We will have prior consultation meetings before submitting the online application?
A4. Prior consultation meetings before submitting the online application will not take place during the application process to the Challenge Fund. Any questions should be sent in writing via e-mail to email@example.com no later than 15 days before the application submission deadline.
Q5. In case of an approved project, are the funds of the grant disbursed prior to project implementation, or upon finalization?
A5. The funds of the grant will be disbursed based on the project implementation needs on a case to case basis. They can be disbursed prior, by installments or upon finalization of the project expenses, and according to the agreement between the Contracting Authority and the Grant Beneficiary.
Q6. Can an applicant apply for more than one project, considering that projects are independent and not related to each other?
A6. Applicants are eligible to one grant from the Innovation Challenge fund.
Q7. As I am the the winner of the IDEA programme by GIZ Idea Challenge, and my contract is still under implementation, does that mean that I am automatically disqualified to apply to the Challenge Fund?
A7. Potential applicants are not eligible to a grant from the Innovation Challenge fund if they are currently implementing a grant from IDEA programme by GIZ.
Q8. Me and my business partner were among the 5 finalists of IDEA challenge programme from GIZ, which we are currently implementing. Since we have a new, innovative idea which would be a great support to the current business and to the place where we live, we wanted to ask if we are allowed to be part of this competition to improve, develop and finance our idea through the Innovation Challenge Fund?
A8. If your new innovative idea falls outside the current business project that you are implementing with IDEA programme from GIZ, you could apply for the Innovation Challenge Fund. Otherwise, potential applicants are not eligible to a grant from the Innovation Challenge fund if they are currently implementing a grant from IDEA programme by GIZ.
Q9. Related to the Innovation Challenge fund 1st Call, could you please provide an example of eligible activities for start-ups as to the below.
A.9 The proposal of eligible activities should come from the applicant based on the product or service that they are developing.
Q.10 I am a young entrepreneur from Kosovo and we have developed the first anti-plagiarism system in the region. We are kindly asking whether we would be eligible for the Innovation Challenge Fund as a Scale-up or at least as an Early-Stage startup?
A.10 You could apply to the Innovation Challenge Fund if you are a start-up between 0-3 years old. If you are not registered yet, and this is a prototype, you could also apply for the fund. Please see the criteria below:
- idea stage start-ups, i.e. a founder or a team in the early stages of implementing an innovative business idea (no registered entity needed)
- early stage start-ups, i.e. a registered business entity within the first 0-12 month of operation (from the official registration of the business entity to the date of publishing the Call for Proposals)
- scale-ups, a registered business entity within the first 13-36 month of operation (from the official registration of the business entity to the date of publishing the Call for Proposals)A.10 You could apply to the Innovation Challenge Fund if you are a start-up between 0-3 years old. If you are not registered yet, and this is a prototype, you could also apply for the fund under the idea stage start-up. Please see the criteria below:
• idea stage start-ups, i.e. a founder or a team in the early stages of implementing an innovative business idea (no registered entity needed)
• early stage start-ups, i.e. a registered business entity within the first 0-12 month of operation (from the official registration of the business entity to the date of publishing the Call for Proposals)
• scale-ups, a registered business entity within the first 13-36 month of operation (from the official registration of the business entity to the date of publishing the Call for Proposals)
In order for you to apply for early-idea stage you have to be registered as a business in Albania and be operational here as well.
Q.11 a) What is the definition of a legal person? Is this valid for the idea start-ups too?
- b) Will there be an information day in Korçë or any other city in south Albania? When? I can’t see this on your website.
A.b) There will be no info sessions in Korca.
- c) Is there any age limit for the applicants?
A.11 c) No. Unless you are under 18 years old, which means that you cannot register a business.
- d) It is stated that there is a need to prove that 50% of the costs are shared or secured. How can this be documented? What is an eligible proof? Loan statement? Support letter from local government? Any other suggestion?
A.11 d) Regarding in kind contributions the answer depends on the type of expense that you intend to cover:
- Supporting with use of equipment – the amount equal depreciation of the asset for the period of use. The cost of assets must be supported by an invoice or payment of the supply
- Supporting with services received from third parties as part of a contract – invoice received from third parties or contract (such as rent contract, maintenance
- Supporting with their own work – copy of the latest working contract / consultancy service contract is appropriate on the case
- In addition to secure the funds you may use the following supporting documents
- Bank statement confirming that you have enough resources available
- Loan statement confirming that you have agreed with the bank to obtain the loan once you gain the project
Q.12 We made a mistake in submitting the application. We carefully read the guideline but since it was 'send' instead of 'submit' we thought we were only saving it. The application is almost empty as we only wanted to see what was the content of the next sections. Can you advice on how to proceed?
A.12 The application form should be filled completely only once. Thereby the application cannot be saved and visited a second time for further processing. This is the reason why the system does not allow to proceed if every step has not been fully completed. After all the fields have been completed and the applicant reaches to the end the applicant may return to the beginning of the application and revise/change any field but without clicking SEND button. When SEND button is clicked the application is considered final.
For this case the existing application may be deleted by us and a new application have to be created by the applicant itself.
Q.13 a) What are the dates for the second and/or maybe the third call? b) Secondly, we wanted to know if we could participate under Window 2 of the ‘’Innovation challenge fund 1st call"? We have an Accounting Office situated in Durres, for more than 36 months.
A.13 a) The second and third call of the Innovation Challenge Fund are envisaged to open in September, 2019 and February 2020, respectively.
A13 b) To be eligible for the Window 2 referred to Innovation Support Organizations (ISOs) your activity should be engaged in services to innovative start-ups, i.e. innovation service providers to upgrade their capacity further and/or develop new services to the innovation and start-up community in Albania such as Albanian incubators, accelerators, science parks, innovation hubs, co-working facilities, technology transfer offices, innovation clubs, specialized media on innovation, financial intermediaries, innovation education providers and others agents engaged in providing services to innovative start-ups as well as involved in developing the Albanian innovation ecosystem including promoting a culture of innovation and entrepreneurship. These providers might be private, public or NGO entities, for-profit or non-profit, already in operation or in an early stage of development (minimum 12 month).
Q.14 Our University is currently working on the application form for the EU Challenge fund, and we are facing a difficulty with the budget document. We couldn't' access it in the guidelines and we are not filling the online application by now. Could you please maybe provide us with a copy, so we can work on it? Or please guide us on how to access it!
A.14 A) We have checked that all documents are accessible up to date. Nevertheless, all users should use web browsers such as: Chrome (version 70.0 or newer) or Firefox (version 60.0 or newer).
Q.15 We are about to submit a project under (Windows 2), and we are not seeing an option to choose as NGO?
A.15 The NGO option has now been added in the application form of ISO -Window 2.
Q.16 Should the start-up be registered prior to the application? I have an unregistered start-up and I want to apply for 15,000 EUR. Am I eligible, or should I register my business prior to applying?
A.15 A start-up is defined as a newly emerged business venture within the first three years of operation, including viable but non-registered business ideas from various sectors. If you want to register your start-up in order to be eligible for a 15,000 EUR, you could certainly do so. Otherwise there is the idea stage with a maximum funding of 7,000 EUR.
Q.16 I have a question regarding your 1-st Call for start-ups under Challenge Fund. A subject registered today, can be considered as an early stage start up and apply for the amount up to 15 000 Euro?
Q.17 May I please ask for a link to find more information about the application process?
A.17 Please read carefully the instructions on the following web http://challengefund.euforinnovation.al/index.php/apply/
Q.18 I am the administrator of a company which has been registered since 20/05/2016. Is the company still eligible to apply for the fund? In addition, the company is a spin-off from another company. Does it make it still eligible to apply? If yes, in the application form should I fill the field for the founders of the company with the names of the founders of the other company or I can fill the form with my name and information as the administrator of the company?
A.18 Since your company has been registered on 20/05/2016 the activity it is within the first three years of operation therefore it is eligible for the Window 1.
Q.19 I`m contacting you on behalf of Incubator. We are preparing our application to the relevant call, but we would kindly ask you about some points at the draft application: "Registration type" - we are an NGO. What line should be selected at this section in accordance with our legal type?
A.19 a) The NGO option was added in the application form of ISO -Window 2
Q.20 a) Our incubator has not its own separate legal existence (is not a separate legal entity). Is it possible to participate through the Foundation, owner of the University?
A20 a) Yes
Q.20 b) Which registration type option is the correct one for our situation (incubator as a project of a University without separate legal entity)?
A20 b) The entity that will implement the project we will finance, in your case is the University. Depending on the registration status of your University you could choose the following options OJF/Foundation or SHPK (depending on how it is registered) where you should submit the Court Registration extract.
Q.20 d) In case of participating now in June and being admitted, is it possible to participate also in September with another project or an upgrade/expansion of the previous one?
A20 d) No
Q20 e) In case of being rejected in the first call, is it possible to apply again in the second one in September?
A20 e) Yes
Q20 h) Regarding the supporting documents, is it sufficient to upload Profit Loss Accounts and Balance Sheets referred to the last two years?
A20 f) Yes
Q20 f) If the requiring grant is € 100.000, ISO should guarantee additional € 100.000 (also in-kind contributions), does it?
A20 f) Yes
Q.21 Is it possible to apply in more separate steps (saving the information filled in every time) and submit everything in the end or must be done in only one session?
A.21 The application should be filled completely only once. Thereby the application cannot be saved and visited a second time for further processing. This is the reason why the system does not allow to proceed further if every step has not been fully completed. After all the fields have been completed and the applicant reaches to the end the applicant may return to the beginning of the application and revise/change any field but without clicking SEND button. When SEND button is clicked the application is considered final. For this case the existing application may be deleted by us and a new application have to be created by the applicant itself.
Q.22 a) Will accepted projects/startups receive services only by ISO that applied and are admitted? b) How does it work when an accepted startup is incubated in an ISO that didn’t apply or haven’t been admitted? c) Is it possible to participate with 2 different projects or being part of 2 different teams presenting different projects? e) Cost for human resources (i.e. salaries or consultancy) can be eligible? For example, can the grant be used to hire and pay a developer? d) What does exactly ‘co-financing rate as stipulated in the Contract, is applied to each eligible cost under all expenditure categories’ mean? Does each cost related to an activity need to be co-shared? Or the total amount?
A.22 a) No, selected start-ups will get support from other sources than the applying ISOs.
A.22 b) There is not a problem. Start-ups will get tailor made technical, financial and legal assistance throughout the implementation of the project.
A.22 c) As an entity, or team leader you could only apply for one project. As part of a team, you could participate in the application for two projects.
A.22 e) Salaries /consultancy costs are acceptable in the context of the project proposal.
A.22 d) Co financing of expanses could be done for each expanse/cost as a share percentage or for separate expenses as a share percentage of the total amount.
Q.23 a) As I have recently switched from a passive/suspended business status to normal business activity, does that make me eligible? b) The grand will be utilized within the project period, but how it is disbursed to the business? Which are the elements that determine if it will be disbursed in full or several tranches?
A.23 a) Yes, if your last activation date is within 3 years from the date of application.
A.23 b) The funds of the grant will be disbursed based on the project implementation needs on a case to case basis. They can be disbursed prior, by installments or upon finalization of the project expenses, and according to the agreement between the Contracting Authority and the Grant Beneficiary.
Q.24 We are an NGO applying under Window 2, of the Challenge Fund and EU for Innovation Project. We have prepared our project proposal, but we are facing a problem during the compilation of the online application. When we have to declare the status of our registration there is not any option for NGO-s. How we can fulfill this part? Can we continue our application without this part?
A.24 When you will pursue your application online under Window 2, you will find the option of NGO under the Registration Type section. Unfortunately, in the offline version of the application form, this is missing.
Q.25 a) Under the Financial Data section, should we calculate our yearly forecast based on our own income, or should we calculate it as if we were granted the money from your Fund?
A.25 a) Under the Financial Data section, when you calculate your company’s forecast, it should be inclusive of the requested funds.
Q. 25 b) Under Your Budget section, should we calculate the forecast for the upcoming 12 months, the total cost as well as our contribution in co-financing?
A.25 b) Yes, as indicated in the application form, under this section you should calculate the total project budget forecast for the upcoming 12 months, inclusive of your contribution as co-financer.
All questions regarding the 2nd call should be sent no later than 15 days prior to the call’s closing date (November 10th).
Questions and Answers week 1 (14-18 October)
Q.1 Is it possible to have the guideline of the applicants and the application form in the Albanian language.
A.1 As per the procedure the guideline of the applicants and the application form for Window 1 and Window 2 of the Challenge Fund are only in English language to allow a transparent process.
Q.2 I have a limited liability company that I founded in June 2019. According to the guideline of the applicants we should have at least 12 months of activity. Can I apply at the Challenge fund?
A.2 As per the guideline of the applicants for the Window 1, a start-up is defined as a newly emerged business venture within the first three years of operation. Since your company is founded in June 2019 it belongs to the following subcategory of the Window 1;
- early stage start-ups eligible to apply for a grant up to 15 000 EUR (which is a registered business entity within the first 0-12 month of operation, from the official registration of the business entity to the date of publishing the Call for Proposals)
Q.3 Can I know more about the Challenge Fund: the steps for applying, the documents that are needed and the address to send the documents.
A.3 All the information about the Challenge Fund guideline of the applicants and application process you may find by reading carefully the instructions on the following web http://challengefund.euforinnovation.al/apply/
Q.4 Our association was founded in the year 2014 and the aim of our organization is social, cultural and economic inclusion of vulnerable groups offering activities for all these groups with special focus on youth and women. We are exploring the opportunities for building a centre for processing of medical herbs and forest fruits thereby ensure employment to these vulnerable women. We need funds to increase our production/gathering capacities by purchasing new equipment. Further we need the below clarifications: Is it an obstacle for us that our association is founded in 2014 year and is our idea supported by your project; medical plants and forest fruits
A.4 Your association’s registration date falls outside the period of 0-3 years and is thus not eligible to apply under Window 1. Nevertheless, you are eligible to apply under Window 2, with the following criteria: Window 2 of the ‘’Innovation challenge fund 2nd call’’ is open to all innovation service and promotion providers such as Albanian incubators, accelerators, science parks, innovation hubs, co-working facilities, technology transfer offices, innovation clubs, specialised media on innovation, financial intermediaries, innovation education providers and others agents engaged in providing services to innovative start-ups as well as involved in developing the Albanian innovation ecosystem including promoting a culture of innovation and entrepreneurship. These providers might be private, public or NGO entities, for-profit or non-profit, already in operation or in an early stage of development (minimum 12 month). University-based innovation providers are especially encouraged to apply, as well as collaborations between academia and business along the triple helix concept.
Q.5 May I kindly ask you how should I proceed to apply for this call of the Challenge Fund
A.5 All the information about the Challenge Fund guideline of the applicants and application process you may find by reading carefully the instructions on the following web http://challengefund.euforinnovation.al/apply/
Questions and Answers week 2 (21-25 October)
Q1: I’m writing on the behalf of the clients that my consultancy studio is offering consultancy related to the Challenge fund 2 nd call. In the following there are 3 questions from my clients; The first client has already an agro-tourism business for 2 years by now. He wants to replace the electricity energy with solar panels covering all the needs for electricity in its business. Is it an eligible project for the challenge fund?
A.1 Yes, you can apply to the Challenge Fund. Of-course the evaluation team will have to evaluate the many characteristics of the proposed project, in terms of location, is this innovative in the area where the agro-tourism business operates, what kind of technology will be used, what is the added value that is brought into the business etc.
Q.1.2 The second client has for 10 years by now a fashion business. The owner wants to expand the business with new sewing machines of the new technology and expand the premises. Is it eligible project for the challenge fund also?
A.1.2 If the start-up register date is older than 3 years, than it is not eligible for the Challenge Fund.
Q.1.3 The third client is an academic/ professional school for agribusiness. This School has its practical premises where the students make practices in new technologies of planting or new technologies in agriculture in general. Is it eligible that this school to apply for a greenhouse with the new technology of solar panels heating?
A.1.3 No, the school cannot apply to the Challenge Fund to build a greenhouse with solar panels heating.
Q.2 According to the guideline of the applicants Value Added Tax is non-eligible costs. Invoices for the products I will buy will be VAT included. What do you cover? Total value of the product with VAT included or value of the product without VAT? If the value of the product without VAT is covered, then the co-financing% will be more than 50% because the value of the VAT for a project of 50,000 euro (approx. 6,000,000 lek) goes up to 1,000,000 lek.
A.2 The Value Added Tax is not an eligible cost, which means that it needs to be deducted from your cost-sharing budget that you submit to the Challenge Fun. All costs stated in the budget will have to be without VAT.
Q.3.1 In the guideline of the applicants document is specified that the applicant must provide minimum 50% of cost share (of the total value of the project). For example, if we are an ISO, applying for a grant to 100 000 EUR, we should contribute another 100.000 EU budget?
Q.3.2 Will the contribution part be monitored and justified during implementation?
A.3.2 Yes, the contribution part from the applicant part as well will be monitored and justified during the implementation of the project.
Q.3.3 Regarding partnerships, which as far as I understand is not mandatory, which entity can be a partner? If it's a start up, do we need to implement the project together and increase the capacity of this entity, or should the project, through its activities, affect the improvement of start-UPs in general in Albania? Do we need to say (specify) in the project which start-up will be impacted, maybe local area?
A.3.3 If you are applying as an Innovation Supporting Organization, you can mention any possible partnership that you may have / aim to build in order to strengthen your contribution as an organization towards supporting the start-up eco-system in your municipality or beyond.
Q.4. My business idea is to produce beer, but the main scope and innovative aspect is the use of Albanian Medicinal and Aromatic Plants (MAPs) in the production, which importance for Albania and their comparative advantage is well known/documented. From a product point of view the choice of using Albanian MAPs comes from their excellent organoleptic properties, positive health effects and surely for the diversification of a product which is strongly related to local territory. I would really appreciate if you could give me a definite answer after these arguments.
A.4 As per the guidelines of the Challenge Fund, “There are no limits in terms of sector or business focus apart from those normal in donor support such as alcoholic beverages, tobacco, weapons etc. Nevertheless, the Innovation Challenge fund will favor sectors with considerable importance to the current Albanian economy and/or in which Albanian economy is considered to have comparative advantage in a regional, EU or global context…”, your business idea is on the grey zone whether it is eligible or not. The evaluation team would need to read a full project proposal in order to give a definite answer. Thus, you are welcomed to apply to the Challenge Fund, and take the risk of being disqualified.
Questions and Answers week 3 (28 October – 01 November 2019)
Q.1 We are interested to apply to the 2nd call of the Challenge Fund with a project idea for a better quality of life of the persons with disabilities in the Mallakaster Municipality. We intend to apply as a physical person but we need your assistance because due to the time constrain, we could not attend the informing meetings. We need your opinion for our concept idea in order to apply to the Challenge Fund
A.1 You can apply to Window 1 of the Challenge Fund only if your business proposal is for a profitable business and commercially sustainable.
Q.2 During preparations to fill the application form I reached the section 5. about uploading documents. Q.2.1 Regarding Profit Loss Accounts (for the last 2 years); I have registered my business 10 months before and I have started activity in August 2019. For this short period 3 months, should I attach a document?
A.2.1 Profit and Loss account is part of the financial statements and it is an official document showing your activity’s revenues and expenses on yearly basis. Since your business is registered 10 months before and started the activity 3 months before you should not attach this document to your application for the 2nd call of the Challenge Fund.
Q.2.2 Regarding Balance Sheets (for the last 2 years). Should I upload balance sheet for 3 months? Or these two documents must be attached only by companies with more than two years? Are these documents plans for the future?
A.2.2 Balance Sheet is part of the financial statements and it is an official document that reports a company’s assets, liabilities and shareholders’ equity on yearly basis. Since your business is registered 10 months before and started the activity 3 months before you should not attach this document to your application for the 2nd call of the Challenge Fund.
Q.3 Our activity is a touristic business in Shkoder -Ganjolle (Administrative Unit of Guri i Zi) and we are interested to apply to Challenge Fund for the 2nd call. Due to the fact that the tourism sector is seasonal we are considering to switch our activity to passive status at NCB for the winter season, therefore we are interested to know if this approach is acceptable by Challenge Fund
A.3 You can apply for Window 1 of the Challenge Fund only if you have an active status in NCB. If you plan to switch your activity from active to passive status during the winter season it will interfere with the implementation of the fund received in case you are a Challenge Fund finalist.
Q.4 We are preparing an application for the challenge Fund “Windows 2” - ‘Development of an Agri-Business Incubator' and would need your assistance to clarify the following: Q.4.1 We are a public university but also have an NGO managed by the university within the Faculty of Economics and Agri-Business. As you ask in your Application Instruction Template for a business entity our question is: Can we apply as public university or shall we rather apply with the NGO as a part of the university?
A.4.1 The entity that will implement the project should apply, which is a legal person in the form of NGO/Foundation (OJF/Fondacion) Physical person (Person Fizik) or Ltd (Shpk). The applicant applying under Window 2 is an Innovation Supporting Organization that aims to build, strengthen its contribution as an organization/institution towards supporting the start-up eco-system.
Q.4.2 Under section 2. Additional Data, you ask under point 4 for Financial Indicators, do we have to fill in the financial indicators of the university or the NGO or the financial indicators of our partner? Our partner is a German University
A.4.2 All the financial data Under Section 2 are related to the business entity of the applicant itself. For example: if you apply as a University then you should fill these parts of the financial indicators that relate to the University as an entity.
Q.5 Is the counting of the paragraphs written in the online application form counted by characters or by words?
A.5 In the online application from all fields are counted by characters. A character might be a letter, a space, a number or a symbol. The maximum number of characters allowed is stated in each field of the online application form.
Q.6 Our company was created in 2008, and two years ago in 2017 we stopped working and started a new business. Should I apply to EU for innovation challenge fund since we have 11 years on market of electric installations but just 2 years in photo voltaic-s. We would like to apply regarding our next project BIPV.
A.6 Yes, you can apply.
Questions and Answers week 4 (04 November-08 November 2019)
Q.1 We are two persons having a business idea and we are interested to apply to the Challenge fund 2nd call. As per the application form the applicant’s data are asked for only one person, how we can proceed in this case?
A.1 For idea stage applications even though the applicant is an individual applying to the Challenge fund the business idea and your project proposal for which you apply should include all your team members. Therefore, even though the application form is filled by only one person your team and the individual role and position of each member should be included in your project proposal.
Q.2 While completing the online application form we are asked to attach the registration act as well. As we are a new start up can you please advise if it is a requirement for us as well?
A.2 If you are Idea stage start-up you are a founder or a team in the early stages of implementing an innovative business idea, as you are not yet a registered entity you are not required to attach your registration act.
Q.3 Can you please clarify the requirement of: Not have performed registered activity for more than 36 months until the date of publication of the Call for Proposals
A.3 A start-up is defined as a newly emerged business venture within the first three years of operation from the official registration date of the business entity to the date of publishing the Call for Proposals, including viable but non-registered business ideas from various sectors. Therefore, you are eligible to apply within 36 months after the official registration date of your activity in the National Center of Business.
Q.4 I want to invest in my guesthouse, but I need a loan in the amount of 10,000 Euro for investing. Am I eligible for the Challenge fund?
A.4 Challenge Fund offers an opportunity for access to finance through an open, transparent and competitive application process. The funding instrument is not a loan but it is a grant given on a cost-share basis, the applicant is expected to co-share the costs min 50% of the total project budget. To be part of the Challenge Fund you should have an innovative business idea, for more information about the guideline of the applicants and criteria you may find by reading carefully the instructions on the following web http://challengefund.euforinnovation.al/apply/