Access to finance30 October 2009
by Ina Dimireva -- last modified 22 June 2012
There are various sources of funding, support and advice available in Ireland for business owners from a variety of Irish bodies.
There are various sources of funding available for business owners from a variety of Irish bodies.
Government schemes and programmes can help you to hire staff.
A range of employment supports and grants exist in Ireland to assist you gain and retain employees with a disability.
Special grants are available to assist you in meeting your employees' development and training needs.
Grants and incentives are available to help you market your business better.
You can apply for feasibility study grants.
Grant-aid and other assistance are available from sector-specific public bodies.
Enterprise Ireland proposes different types of funding particularly suited to you as a business owner today. These include financial support to help expand your business, explore new ideas, improve your export potential, etc.
Financial and specialist support is on hand to help your company develop its R&D capabilities.
There are 35 County and City Enterprise Boards (CEBs) located throughout the country. Their role is to help micro-enterprises in the start-up and expansion phases, to promote and develop indigenous micro-enterprise potential and to stimulate economic activity and entrepreneurship at local level.
Tax reliefs are available on a variety of business activities including starting up a new business as a self-employed person.
There is also the Business Expansion Scheme (BES) which allows individual investors to obtain income tax relief on investments in each tax year.
Access to EU funding
Various forms of funding and subsidy payments are available to Irish business from the EU.
Venture capital is another avenue you might like to explore.
Business Angels, are private individuals who invest capital in companies during their early stage of development. In addition they contribute their know-how or experience in company management and can offer valuable expertise and guidance.
Another source of private finance is banks. There are different types of bank financing depending on the duration of the support, whether short-term to medium-term (e.g. bank overdraft or bridging finance) or long-term finance (e.g. a commercial mortgage for the purchase of a business property).
Enterprise Ireland provides an overview of what issues need to be considered in seeking finance including the different types of financing available and the need for a business plan. In order to apply for funding you will normally require a plan which sets out the strategic and financial needs of your business. This may need to be tailored to address the funding requirements of each investor, whether banks, venture capitalists or state funding agencies, as the requirements for each provider can vary.
Business support organisations can advise businesses on how to find financing.
Source: Your Europe