Dáil Éireann Debate, Tuesday - 25 January 2022
157. Deputy Thomas Pringle asked the Tánaiste and Minister for Enterprise, Trade and Employment the financial supports that are available for a person (details supplied) starting their own business; and if he will make a statement on the matter. [2941/22]
View answerI would encourage any person looking to start, expand or pivot their business to contact their Local Enterprise Office as they provide a ‘first stop shop’ for all available Government business supports.
In regard to a business operating in the construction sector, such as the one mentioned in the detail, it should be noted that the Local Enterprise Offices do not ordinarily provide direct grant-aid to areas such as retail, personal services, local professional services, construction/local building services, as it may give rise to the displacement of existing businesses.
However, the Local Enterprise Offices do provide a wide range of high-quality business and management development programmes that are tailored to meet specific business requirements. Whether it is starting a business or growing a business there is something suitable for anyone exploring self-employment as an option.
In particular, I would encourage the person to enquire about the Start Your Own Business Programme. The objective is to assist clients in assessing their business idea, its viability and helps them decide if they should proceed or take a step back. The programme covers topics such as Starting up / getting started, identifying, understanding, and researching your target market, developing your business plan amongst other vital areas of interest to a new business.
I would also suggest seeking the advice of a LEO Business Mentor; the Mentor programme is open to both new and existing businesses located within the Local Enterprise Office region and 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. The mentor contributes independent, informed observation and advice to aid decision making.
Mentors can also advise on finance options available to entrepreneurs and can assist with applications and referrals to Micro-Finance Ireland, which provides vital support to eligible microenterprises by lending to businesses that cannot obtain loans from other commercial lenders and who do not meet the conventional risk criteria applied by commercial lenders. It offers loan funding, including Start-up Loans, from €5,000 to €25,000. As of December 2021, Microfinance Ireland has approved 4,177 loans worth €70 million since establishments in 2012, with 9% of these loans approved to the construction sector.
