Dáil Éireann Debate, Thursday - 25 April 2024
170. Deputy Jennifer Whitmore asked the Minister for Enterprise, Trade and Employment to provide details of support offered by his Department for companies operating in the circular economy (details supplied); and if he will make a statement on the matter. [18619/24]
View answerCompanies operating in the circular economy looking for advice and guidance should in the first instance speak with their Local Enterprise Office (LEO). LEOs are the ‘first-stop-shop’ for providing advice and guidance, financial assistance, and other supports to those wishing to start or grow their own business. LEOs also provide a ‘signposting’ service for all government supports available to the SME sector and provide information and referrals to other relevant bodies under agreed protocols.
I am informed that this company has been in contact with their Local Enterprise Office and have been advised of existing supports that might be suitable. Information on LEO supports that could help businesses in the circular economy such as Trading Online Voucher, Priming Grant, Mentoring and Training was provided. I understand that the company was also advised about supports offered from other agencies like Leader, Social Enterprise supports and the Circular Economy Innovation Grant.
Local Enterprise Offices can offer direct grant aid to small businesses operating in the manufacturing and internationally traded services sector. However, it should be noted that Local Enterprise Offices cannot 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 in the locality.
LEOs can also provide a referral to Micro Finance Ireland (MFI), which is a not for profit lender that offers small business loans of between €2,000 and €25,000 (unsecured). Loans for commercially viable proposals can be used to help fund start-up costs, working capital or business expansion and by applying through their Local Enterprise Office, clients can avail of a 1% reduction in the interest rate charged.
I strongly recommend that this company keep engaging with their Local Enterprise Office as they have the experience and knowledge to assist such businesses.
