Various Funding Sources providing escalating levels of funds are set out below:
Local Enterprise offices provide a range of financial supports designed to assist with the establishment and or growth of small scale businesses employing up to ten people. These include:
• Feasibility/Innovation Grants
• Priming Grants
• Business Expansion Grants
• Refundable Aid
• Equity Investment options.
Microfinance Ireland has been funded by the Irish Government to provide loans to newly established and growing microenterprises (turnover less than €2m; staff less than 10) across all industry sectors that do not meet the conventional risk criteria applied by banks.
In the first instance, you should approach your bank for credit. In the event that credit is declined, you are eligible to apply to Microfinance Ireland for a loan up to a max of €25k.
Microfinance Ireland works in partnership with the County & City Enterprise Boards who can assist with training and guidance in preparing your business plan. They will also conduct an initial evaluation of the quality of your business proposal for a loan application.
Louth County Enterprise Fund is low cost start-up finance for small business in the micro economy. The funds helps with setting up a new business, pursuing the opportunity to become self-employed or having recently become unemployed or taken early retirement to encourage people to go at it alone with a good viable business idea or project.
Funds lent over 3 to 5 years @ 7% per annum
Maximum loan currently €20,000
Support particularly for projects in sustainable energy, service industries, food manufacturing, childcare, information technology and waste disposal
If your start-up business has the potential to develop an innovative product or service for sale on international markets and the potential to create 10 jobs and €1m in export sales within 3 to 4 years of starting up, then you may qualify for assistance from Enterprise Ireland as a High Potential Start-up (HPSU).
If you feel that your business is a High Potential Start-up, Enterprise Ireland's Start-up Team is available to discuss your idea and start-up needs and direct you to the most appropriate support.
An Established SME client is a company that is not a HPSU client, has an established trading record, the company (or its group of companies) employs between 10 and 250 employees, has either an annual turnover of less than €50m or an annual balance sheet of less than €43m.
A large company is a company that employs greater than 250 employees, has either an annual turnover of greater than €50m or an annual balance sheet of greater than €43m.