The budget for Action 1 of the Green Transition package has been exhausted and many customers are asking us if they should be concerned about other programs they are planning to apply to. The answer is "yes" if the programs are evaluated using the FiFo (First In, First Out) direct process method.
So what is FiFo?
Before a business applies for funding in a program, e.g. NSRF, it is important to know exactly how the applications are evaluated by the funding bodies.
Specifically, in each funding program announcement, the manner and order of evaluation of the submitted applications is explicitly stated.
There are 2 main ways of evaluating submitted applications:
- Direct FiFo (First In, First Out) process method
- Comparative scoring method
The first method is that of the direct FiFo process (First In, First out):
According to this method, the applications are checked strictly based on the order of priority as it results from the date and time of the final submission of the application.
A necessary condition for a business to be able to submit an application is that its score exceeds the basis for inclusion in the program, e.g. 40%-50%, which is fixed and defined from the beginning by the funding body.
It is therefore emphasized that in the case of the assessment using the FiFo method, the application process remains open until the available budget is exhausted.
Of course, it is worth noting that even if the number of applications exhausts the budget of a program, the possibility of re-starting the application process remains open, after the review of submitted proposals has been completed.
So we understand how important it is to be properly and timely informed about all available financing programs.
In the programs that have been published to date by the NSRF, the only way to evaluate applications is the direct process method (FiFo).
Are you interested in a program that is assessed using the FiFo direct process method? Some active programs are indicated as examples:
Package of Actions – Digital Transformation of SMEs
- Action 1 – Basic Digital Transformation of SMEs
- Action 2 – Advanced Digital Transformation of SMEs
- Action 3 – Digital Transformation of Leading SMEs
Package of Actions – Green Transition of SMEs
- Action 1 – Green Transformation of SMEs (outside Attica and S. Aegean)
- Action 2 – Green SME Productive Investment (outside Attica and S. Aegean)
Act quickly, call us or fill out the contact form to submit your application immediately
The second method is that of comparative scoring:
In this case, a specific budget is again allocated per program. However, an application deadline is set in advance by which all submitted proposals are collected and evaluated.
Then follows the control by the competent committee and the score for each project is obtained. The projects that have accumulated the highest score reserve part of the budget as a matter of priority, while the projects with the lowest comparative score follow.
In contrast to the FiFo method, the basis for inclusion is determined by the project that will collect the lowest score and be approved, therefore it is not published in the first place by the funding body.
To recap, we realize that regarding the direct process method (FiFo) both the importance of timely information and immediate application to the funding body.
If you want to always be the first to know about any financing program that concerns your business, subscribe to the NotiFund application.
