Funding
Background
Because of the banking crisis, access to funds for working capital, expansion or new projects from the banks is difficult. Bank lending to the private sector in Ireland has been contracting over the past year and this is reflected in the experience of companies in County Louth.
Action Plan
The objective of the Indigenous Action Plan is to ensure that Louth enterprises get fair access to additional credit lines for the SME sector and to develop a range of funding sources to meet the needs of innovative enterprise in Louth.
In addition, the Louth Economic Forum has established direct links with a range of funding sources in the interests of understanding the criteria of these funders and facilitating access to them by entrepreneurs wishing to invest in Louth.
Funding Sources
Louth Leader Partnership - Rural Development Programme 2007-2013 |  |
Louth Leader Partnership is a local development company and is responsible for the implementation of the Rural Development Programme 2007-2013 in County Louth.
All areas of Louth are eligible with the exception of the Dundalk Town Council area. The aim of Louth Leader Partnership is not only to address economic needs but also to respond to ideas which will enhance the environmental, social and cultural richness of County Louth.
Phil Hogan, T.D., Minister for the Environment, Community and Local Government announced a number of changes to the LEADER elements of the Rural Development Programme in April 2012 that will see increased availability of funding for both private promoters and community groups in rural Ireland.
The rate of aid for private promoters under the RDP has been increased to 75%. This change will go some way to address the difficulties being experienced in accessing credit in the current economic climate and will provide an increased level of support for rural entrepreneurs in Ireland.
Who can benefit from the RDP 2007 - 2013?
- Individuals or groups with a viable rural enterprise idea
- Rural Businesses wishing to expand or diversify, or a new start up business.
- Farm Families wishing to diversify into new activities.
- Community Groups promoting community enterprise, local amenity projects or community services.
- Voluntary Organisations or special interest groups promoting social, cultural and environmental projects.
- Partnerships promoting projects in collaboration with other organisations, including Louth Leader Partnership.
The measures under which funding is available are;
- Measure 311 - Diversification into Non-Agricultural Activities
- Measure 312 - Support for Business Creation and Development
- Measure 313 - Encouragement of Tourism Activities
- Measure 321 - Basic Services for the Economy and Rural Population
- Measure 322 - Village and Countryside Renewal and Development
- Measure 323 - Conservation and Upgrading of the Rural Heritage
- Measure 331 - Training and Information
For more details on the above Measures click here.
Download Expression of Interest form.
Could your business do with an extra pair of hands? The AIB Job Creation Loan is available for businesses investing in a project or initiative that results in the creation of a permanent full time job. To qualify for finance under the Loan, you must be an existing AIB business customer and demonstrate that you are investing in a new project, process or expansion initiative that results in the creation of at least one permanent full time job.
Minimum loan amount of €10,000 available, up to a maximum loan of €250,000 per business.
Typical projects that can be undertaken with support of the AIB Job Creation loan:
- Building acquisition/remodelling
- Purchase of vehicles, plant, machinery or equipment for use by the customer's business that cannot be secured through normal leasing arrangements.
- New business acquisition
- Financing of overseas sales
- Any project that has been approved for grant loaning by a state agency e.g. Enterprise Ireland, BIM, Bord Bia etc.
Various Funding Sources providing escalating levels of funds are set out below :
Useful Information
Bank of Ireland Presentation
AIB Contacts List
AIB Presentation
Ulster Bank
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