Grant aid available to start-ups via Enterprise Ireland

Ireland’s business start-ups are being encouraged to apply for up to €50,000 in grant aid, as part of a new funding round from Enterprise Ireland.

The government agency responsible for underpinning the nation’s small businesses in manufacturing and internationally traded service sectors has launched its first Competitive Start Fund (CSF) of 2018. The funding round will provide up to €50,000 for 15 successful applicants in exchange for a 10% equity share in the businesses receiving the grant aid.

For businesses considered to have the potential of employing over ten staff and generating $1m in export sales during the next three years, Enterprise Ireland will provide taxpayer-funded development programmes, covering costs such as salaries, travel and consultancy fees as part of the aid.

The applications for the grant aid will open from Tuesday 23rd January and will close on Tuesday 6th February at 3pm.

Those within Enterprise Ireland are keen to receive applications from entrepreneurs, early-stage and prospective manufacturing firms to online, computing and cleantech entrants.

A spokesman for Enterprise Ireland said: "The fund is designed to enable those companies reach key commercial and technical milestones, including evaluating overseas market opportunities, building prototypes, developing market entry plans and securing third party investment.”

Tom Early, department manager, HPSU Start in Enterprise Ireland, confirmed that this is the first of “eight startup funds planned for 2018”.

“[Competitive Start Funds] provide a kick-start for innovative early-stage companies to get off the ground while receiving a critical funding boost of up to €50,000,” added Early.

For further information on the CSF for all sectors, with a focus on ICT, visit the Enterprise Ireland site here.

Meanwhile, if you’re a budding entrepreneur seeking advice on your business structure and cashflow position, your local TaxAssist Accountant can help you from day one. They will help you to formalise a solid business plan to understand your current business position and provide an accurate indication of your future possibilities.

For an initial consultation at your nearest TaxAssist Accountant office, call us today on 1890 98 76 09 or drop us a line using our online enquiry form.

Date published 23 Jan 2018 | Last updated 23 Jan 2018