Your Startup and Funding

No doubt you are interested in ways to fund your new venture, and on this page you will find some helpful suggestions.

The most obvious place (outside of “friends, family & fools”) is your Local Enterprise Office (LEO), of which there are 31 in Ireland.  There are various financial supports available, including –

Feasibility Grant

Designed to assist promoter with researching market demand for, and examining sustainability of a product or service

Generally maximum 50%* of the investment or €15,000, whichever is the lesser.

Expenditure can be under the headings of Market Research; Consultancy costs; Technical Development/Prototype/Innovation; Salary/Own Labour Research; Miscellaneous Costs

*50% South & East Region; 60% Borders, Midlands & West (BMW) Region.

Priming Grant

Available to micro enterprises within the first 18 months of start-up.

Maximum Priming Grant is 50% of the investment or €150,000, whichever is the lesser.

Expenditure can be under the headings of Capital items; Salary Costs; Consultancy/Innovation/Marketing cots; General overhead costs.

Business Expansion Grant

Designed to assist the business in growing after the initial 18 month startup period.

Maximum grant payable is 50% of the investment, or €150,000, whichever is the lesser.

Expenditure may be considered under headings of Capital items; Salary costs; Consultancy/Innovation/Marketing costs; General overhead costs.

Local Enterprise Offices work with businesses who have 10 employees or less.

Generally, you should remember that the point of the grants is to help with job creation.

Also bear in mind that with match funding like this, the money is spent first and then claimed back from the Local Enterprise Office.  This may mean you need to get a loan or overdraft, in which case you will probably need some sort of Business Plan.

Microfinance Loans

Unsecured loans from €2,000 to €25,000, with a term of 3 to 5 years.

  • Reduced Interest Rate 6.8% APR
  • Flexibility on repayment terms

Trading Online Voucher Scheme

Financial assistance of up to €2,500 available, along with training and advice to help your business trade online.

  • Training and advice to help your business trade online
  • Business must be trading for at least 12 months

Innovation Vouchers

Innovation Vouchers worth €5,000 are available to assist a company or companies to explore a business opportunity or problem with a registered knowledge provider.

  • Applicant must be a Limited Company
  • VAT must be paid by the applicant
  • Knowledge provider does not have to be agreed in advance
  • Applications through Enterprise Ireland Online Application System (applicant does not have to be an Enterprise Ireland client)
  • Can also be used with registered knowledge providers in Northern Ireland

Use for any kind of innovation, such as:

  • new product/process development
  • new business model development
  • new service delivery and customer interface
  • new service development
  • tailored training in innovation management
  • innovation/technology audit

If you need help applying for a grant, talk to BizAssist!
Click here to Contact