Dáil Éireann Debate, Thursday - 18 April 2024
107. Deputy Niamh Smyth asked the Minister for Enterprise, Trade and Employment what supports are in place for financial assistance by way of grants for the self-employed; what agencies offer these supports in counties Cavan and Monaghan; and if he will make a statement on the matter. [16699/24]
Amharc ar fhreagraI would recommend that anyone looking to start their own business or become self employed to first speak with their Local Enterprise Office (LEO). The Cavan LEO is located in the Cavan Innovation and Technology Centre, Dublin Road, Cavan. The Monaghan LEO is located in Unit 9, M:TEK Building, Knockaconny, Monaghan.
The 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. The 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 would particularly recommend that anyone exploring self-employment enquire about the Start Your Own Business (SYOB) Programme, which assists participants in assessing their business idea, its viability and then making an informed decision on whether to proceed or take a step back. The programme is designed to guide participants through the various aspects of business and business planning with no prior business knowledge necessary.
The Local Enterprise Offices can offer direct grant aid to small businesses operating in the manufacturing and internationally traded services sector. The LEOs also provide funding for consultancy supports in Lean, Green and Digital.
The LEOs can 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.
There are also number of Tax Credits which can be applied if you are a sole-trader, such as the Start Up Refunds for Entrepreneurs (SURE) scheme, which is a tax refund scheme that allows eligible people to get a refund of up to 41% of the capital they invest in starting a business. Under the SURE scheme, you may be entitled to a refund of PAYE income tax that you paid over the 6 years before the year in which you invest.
I would strongly recommend speaking to a Business Advisor in a Local Enterprise Office as they have the experience and knowledge to help those who are self-employed.
