Louise O'Reilly
Question:98. Deputy Louise O'Reilly asked the Tánaiste and Minister for Business, Enterprise and Innovation the funding streams available for newly established businesses specifically to help with advertising. [19795/20]
View answerThursday, 30 July 2020
Questions (98)
Written answers
My Department through Enterprise Ireland and the Local Enterprise Offices (LEOs) provides assistance for new start-ups and existing business through a wide range of initiatives and programmes.
For Start- ups or expanding businesses, the 31 LEOs, located in the Local Authorities nationwide may be able to offer ‘soft’ support in the form of training or provide a mentor to work with the business proposer including courses such as:
The Start Your Own Business programme guides clients through the various aspects of business and business planning. The objective is to assist clients in assessing their idea, its viability and to decide if they should proceed or take a step back.
The Mentor Programme is designed to match up the knowledge, skills, insights and entrepreneurial capability of experienced business practitioners with small business owner/ managers who need practical and strategic one to one advice and guidance.
Companies may also avail of the Trading Online Voucher Scheme which is administered by the LEOs on behalf of the Department of Communications, Climate Action and Environment (DCCAE). An initiative under the Government’s National Digital Strategy, eligible businesses can apply for a voucher of up to €2,500 matched by own funding which has been reduced from 50% to 10%. The Scheme helps small businesses trade more online to boost their sales and reach new markets. Funding can be used towards eligible costs such as digital marketing strategies, e-commerce websites or app development. Businesses that have already received a Trading Online Voucher can now apply for a second voucher, where upgrades are required.
The LEOs can offer direct grant aid to any microenterprises (up to 10 employees) in the manufacturing and internationally traded services sector which, over time, have the potential to develop into strong export entities in the form of:
- Feasibility Grants (investigating the potential of a business idea)
- Priming Grants (to part-fund a start-up)
- Business Development grants for existing businesses that want to expand.
Full detail on LEO programmes are available on the Local Enterprise Office website at https://www.localenterprise.ie/Discover-Business-Supports/ .
Enterprise Ireland provides assistance to start-up companies with business planning, mentoring and development advice. The agency also provides feasibility funding and finance, often in the form of equity investment, as appropriate to the founder’s ambitions and the company’s potential and stage of growth.
- Enterprise Ireland’s New Frontiers Development Programme, the national entrepreneur development programme for early-stage start-ups, is ran in partnership with 14 Institutes of Technology throughout the country. In 2019, Enterprise Ireland supported 161 entrepreneurs across the country on this programme.
- On 7th July 2020, Enterprise Ireland launched two Competitive Start Fund (CSF) competitions – the ‘All Sectors’ competition and a ‘Women Entrepreneurs’ Competition. Each of the two €1,000,000 funds will provide up to €50,000 in equity funding to successful projects. Both funds will close to applications on Tuesday, 18th August 2020.
- Enterprise Ireland actively works with High Potential Start-Ups (HPSUs), companies with the potential to develop an innovative product or service for sale in international markets and the potential to create 10 jobs and €1m in sales within 3 to 4 years of starting up. In 2019 Enterprise Ireland supported 90 HPSUs within the Class of 2019 with equity investment.
- Enterprise Ireland launched a COVID-19 Online Retail Scheme in April to assist retailers to enhance their online capability and to develop a more competitive online offer. On 2nd July 2020, 183 retailers have been approved for €6.5m in funding as part of the scheme. The value of the scheme, which received 373 applications, was increased from €2m to €6.5m due to the high level of demand among retailers and the high quality of the proposals received. As announced in the July Stimulus a second call for the Online Retail Scheme will be announced by my Department in the coming weeks. Should a company wish to apply in a future call, I would recommend they take part in the information webinars which are held by Enterprise Ireland to inform applicants of what to cover in their application.