Questions and Answers

Are there any schemes to help me expand my business?

2020 was actually a good year for my business and I want to expand. Are there any schemes to help me?

There have been many schemes announced in 2020 to help businesses who have experienced a reduction in turnover. However, there are some businesses that did not see any loss in income, and are now in a position to expand their operations.

Here are 2 places businesses could look for finance to expand:

1. Future Growth Loan Scheme

The Future Growth Loan Scheme is a long-term, lower-cost loan offered by the Strategic Banking Corporation of Ireland (SBCI) available to SMEs.

Loans are available for amounts from €25,000 up to a maximum of €3,000,000. There is a max interest rate of 4.44% per annum.

The loan is available through financial providers including AIB, Permanent TSB and Ulster Bank.

Find out more on the SBCI website here

2. Grants with your Local Enterprise Office

If you are planning to expand your business to progress to trade internationally your Local Enterprise Office may have grants to help.

These grants may be awarded to sole traders, partnerships or limited companies that fulfil certain criteria.

2 of the most utilised grants for businesses looking to take the next step in their development are the Priming Grant and the Business Expansion Grant

Those businesses who feel they may be eligible should reach out to their Local Enterprise Office for more information and assistance.

Date published 1 Dec 2020

This article is intended to inform rather than advise and is based on legislation and practice at the time. Taxpayer’s circumstances do vary and if you feel that the information provided is beneficial it is important that you contact us before implementation. If you take, or do not take action as a result of reading this article, before receiving our written endorsement, we will accept no responsibility for any financial loss incurred.

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