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The evaluation of the EU Cohesion policy’s effectiveness in the literature is usually macroeconomic in nature. As recent studies highlight the importance of conducting analyses also at the micro-level, this paper estimates the effect of EU Cohesion policy grants on firms’ performance in Slovakia. Our firm-level database is based on Slovak firms’ financial statements and business activities combined with a dataset of enterprises receiving EU funding from Cohesion policy grants. The difference-in-difference method is used to compare two groups of enterprises: those that obtained support from EU funds and a control group of non-participating entities. Our results show that the major differences for participating firms include a significant increase in debt ratio dynamics in the initial years, higher debt levels that are persistent over longer periods, a significant increase in total assets, and a decrease in profitability and rentability. The results are robust with respect to sample matching techniques and matched sample sizes.