Dáil Éireann Debate, Wednesday - 16 January 2013
401. Deputy Finian McGrath asked the Minister for Jobs, Enterprise and Innovation if he will provide an update on the possible seed capital for a new business setting up in the northside; and if he will advise on where finances may be applied for. [1595/13]
View answerThe first port of call for any start up business should be to contact their local County Enterprise Board (CEB), where advice will be provided and, in certain circumstances grant funding maybe an option. The telephone number for Dublin City Enterprise Board is (01) 635 1144 and further information about Dublin City Enterprise Board can be found on www.dceb.ie. Information and contact details on all the CEBS can be found on www.enterpriseboards.ie . CEBs provide both financial and/or non-financial assistance to business.
In October 2012, I established the Microfinance Loan Fund to improve access to credit for entrepreneurs and micro-enterprises and to facilitate the growth and expansion of viable businesses from all industry sectors which have been refused access to credit by banks. The Fund has a significant entrepreneurship focus. It will add value to other Government schemes of support for entrepreneurs and unemployed persons, such as the Back to Work Allowance or the Seed Capital Scheme.
The Fund will provide support in the form of loans of up to €25,000, available to start-up, newly established, or growing microenterprises employing less than 10 people, with viable business propositions, that do not meet the conventional risk criteria applied by banks. The potential viability of the business proposal will be the dominant factor in all credit decisions. Applications should be channelled through the City and County Enterprise Boards, which in this case would be the Dublin City Enterprise Board.
Further supports could include the Seed Capital Scheme (SCS), in conjunction with its associated scheme, the Employment and Investment Incentive Scheme (EIIS), which are tax relief incentive schemes. The EIIS provides tax relief for investment in certain corporate trades, while the SCS provides for a refund of tax already paid by an individual, when that individual sets up, and takes employment in, a new qualifying business. An employee, an unemployed person or person made redundant recently, interested in starting their own business, may be entitled to avail of the tax refund available under the Seed Capital Scheme. Further information can be obtained from the Revenue Commissioners website www.revenue.ie
Finally in respect of supports for new businesses Enterprise Ireland operates a Seed and Venture Capital Scheme to assist business grow and develop. The Seed and Venture Capital Scheme 2013-2017 was announced as part of the recent Budget. This will enable Enterprise Ireland to make commitments totalling €175 million to business during the operation of the scheme. This is expected to leverage a further €525 million in private sector funding. The scheme is currently being finalised and a further announcement of the details is expected shortly. In addition, Enterprise Ireland and IntertradeIreland fund the HALO business angel partnership programme that is mandated to match business angels to appropriate projects which they would be interested in. HALO also works to develop business angel syndicates.
