Where to Find Funding for Your Irish Business – A Comprehensive Guide
Best Funding for Your Irish Business
Introduction
There are many ways to get funding for your business. You can take out a loan, seek investors, or even apply for grants. But with the right connections and some hard work, you may be able to find alternative ways of funding your business.
The Fundamentals of Finding Funding
Funding for your start-up is one of the most important decisions you will ever make. It will dictate the path of your company, and without it, you may never get off the ground.
There are many different ways to find funding for your start-up. You can seek out angel investors, venture capitalists, or even crowdfunding sites like Kickstarter. However, there are also a number of government grants and programs that offer funding in exchange for equity in your company.
The best way to find funding is to do research on what options are available in your area and then figure out which ones would be most appropriate for your business and goals.
As we know finding the right grants and funding in Ireland is hard and for that reason here we will do our best to list the best options for your Business.
Local Enterprice Office
1. Feasibility Study Grants
Feasibility Study Grants are designed to assist the promoter with researching market demand for a product or service and examining its sustainability. It includes assistance with innovation including specific consultancy requirements, hiring of expertise from third-level college private specialists and design and prototype development.
The maximum Feasibility Study Grant payable for the S&E Region shall be 50% of the investment or €15,000 whichever is the lesser. The maximum Feasibility Study Grant payable for the BMW Region shall be 60% of the investment or €15,000 whichever is the lesser.
Expenditure may be considered under the following headings:
- Market Research
- Consultancy Costs
- Technical Development/Prototype/Innovation
- Salary/Own Labour Research
- Miscellaneous Costs
2. Priming Grants
A Priming Grant is a business start-up grant, available to micro-enterprises within the first 18 months of start-up.
Priming grants may be available for sole traders, partnerships or limited companies that fulfil the following criteria:
- Located and operating within the LEO’s geographic area
- A business which on growth will fit the Enterprise Ireland portfolio
- A business employing up to 10 employees
- A manufacturing or internationally traded services business
- A domestically traded service business with the potential to trade internationally
- Need for money and having regard to deadweight and displacement
Eligible clients may be awarded a Priming Grant within the first eighteen months of setting up the business.
The maximum Priming Grant payable shall be 50% of the investment or €150,000 whichever is the lesser.
Grants can be used for the following expenditure
Expenditure may be considered under the following headings:
- Capital items
- Salary costs
- Consultancy/Innovation/Marketing costs
- General overhead costs
3. Business Expansion Grants
The Business Expansion grant is designed to assist the business in its growth phase after the initial 18 month start-up period.
Business Expansion Criteria
Business Expansion grants may be awarded to sole traders, partnerships or limited companies that fulfil the following criteria:
- Located and operating within the LEO geographic area
- A business, which, on growth, will have the capacity to progress to the Enterprise Ireland portfolio
- A business employing up to 10 employees
- A manufacturing or internationally traded service business
- A domestically traded service business with the potential to trade internationally.
The maximum Business Expansion Grant payable shall be 50% of the investment or €150,000 whichever is the lesser.
Business Expansion Expenditure
Expenditure may be considered under the following headings:
- Capital items
- Salary costs
- Consultancy/Innovation/Marketing costs
- General overhead costs
Business Expansion available Grant amounts
Grants over €80,000 and up to €150,000 shall be the exception and shall only apply in the case of projects that clearly demonstrate a potential to graduate to Enterprise Ireland and/or to export internationally. In all other cases, the maximum grant shall be 50% of the investment or €80,000 whichever is the lesser. Subject to the 50% limit, a maximum grant of €15,000 per full-time job created shall apply in respect of any employment support granted.
All grants of a value greater than or equal to €50,000 or with a cumulative value of €100,000 over three years require Enterprise Ireland’s Approval
A business that had availed of a Priming Grant will be ineligible to apply for a Business Expansion Grant until 12 months after approval/drawdown date of Priming Grant whichever is the latter except in cases of exceptional merit and where less than the maximum Priming Grant was drawn down, and subject to the provisions in respect of ‘De Minimus state aid’.
Apply for Business Expansion Grant
The Importance of a Business Plan
A business plan is a detailed plan of a company’s operations and the financial requirements, goals and strategies to achieve those goals. It is a written document that includes information about the company’s products or services, management team, marketing strategy, competition, financial projections and more.
Conclusion
In conclusion, the most important thing to do is to find a way to get start-up capital. This will help you get your business off the ground and running.
If you are looking for any help with the Grants we Partner with numerous businesses that are experts in those fields and helped thousands of businesses and start-ups in Ireland.
Let us know your idea and we will help you to prepare for such investments.
