There are a number of grants and supports available so make sure you make the most of them. The first thing I would recommend you to do is getting in touch with one of the LEO (Local Enterprise Office) advisors. You can book a one-to-one meeting for as little as €15. However, in my experience the advisors at LEO can be hit or miss. At the very least they will be able to provide you with plenty of advice on the grants which are available to you.
LEO Grants
There is more detailed information available here: https://www.localenterprise.ie/Discover-Business-Supports/Financial-Supports
Feasibility Study Grants
Pays the lesser of up to 50% or €15,000 to allow you to assess if your new business is a viable venture. It covers market research as well as consultancy costs. More information.
Priming Grants
Pays the lesser of up to 50% or €150,000, available for sole traders, partnerships or limited companies. For the initial 18 months of a business. More information.
Business Expansion Grants
Pays the lesser of up to 50% or €150,000, available for sole traders, partnerships or limited companies. After the initial 18 months of a business. More information.
Technical Assistance for Micro Exporters
Pays the lesser of up to 50% or €2,500. The Technical Assistance for Micro Exporters (TAME) grant enables clients to explore and develop new market opportunities. More information.
Micro Finance Loans
Loans offered at 5.5% if done though LEO (normally 6.5%). Loans of €2,000 to €25,000 over a 1 to 5 year period. More information.
Trading online Voucher Scheme
Offers up to €2,500 with co-funding from the business of 50%. Aim is to help small businesses trade online and reach new markets. The business must have been operating for 6 months. Businesses who have already applied can apply for a second voucher if an upgrade is needed. More information.
Energy Efficiency Grant
€1,000 to €5,000, covers 50% of costs. The aim is to reduce the impact of businesses on the environment. Must have taken a Green Strategy Audit, turnover in excess of €30,000 and trading in excess of 6 months. More information.
LEO & Enterprise Ireland (EI)
Research, Development and Innovation Supports
There are four different types of grants available. RD&I Funding, IP Strategy Offer (IP Start and IP Plus) Innovation Partnership Programme and the Innovation Vouchers.
RD&I Funding
Available to clients of LEO or EI trading internationally in manufacturing or an eligible services industry.
IP Strategy Offer
Available to clients of LEO this grant is aimed at supporting Companies to obtain the necessary external expert IP advisory and support services to address immediate IP issues.
Innovation Partnership Programme
Can provide up to 80% of the cost of research work towards the development of new and improved products, processes or services, or generate new knowledge and know-how.
Innovation Vouchers
€5,000 vouchers are made available to companies to get assistance from an educational institution. This is a wonderful scheme which fosters relationships between businesses and third level universities and students.
Enterprise Ireland
Innovative HPSU Fund
Designed for business with high potential to scale internationally. Providing funding to develop an innovative product or technology and support for global expansion. More information.
Unemployed & Starting A Business
If you are unemployed and qualify for jobseekers benefits there are a number of supports and grants available to you to help you start a business.
Back to Work Enterprise Allowance (BTWEA)
This scheme allows you to keep a percentage of your social welfare payments for up to 2 years while setting up a business. More information
Short-Term Enterprise Allowance (STEA)
This scheme gives support to those who lost their job and would like to start a business. You must be in receipt of Jobseeker’s Benefit (JB). The Short-Term Allowance is paid instead of JB. More information.
Enterprise Support Grant
In addition to the two allowances mentioned above the Enterprise Support Grant (ESG) allows the department to provide additional income support. The grant is available to current recipients of BTWEA or STEA. It provides up to €2,500 spread across specific expenses requiring a minimum contribution of 10% – 20%. More information.
Start-up Corporation Tax Relief
Finally, if you start a company between January 2009 and December 2026 you may be able to apply for relief from Corporation Tax if your new company meet certain conditions such as having corporation tax due of less than €40,000. It is also subject to PRSI payments which must be a maximum of €5,000 per employee and €40,000 overall. There are additional conditions which you can read on the Revenue’s website.
R&D Tax Credit
A 25% tax credit applies to qualifying expenditure. From accounting periods commencing on or after the 1st of January 2024 the tax credit is increased to 30%.
There are a number of qualifying factors to consider which include:
- The expense must be within the corporation tax charge in Ireland
- The research can be carried out in Ireland, EEA and the UK.
- The expenditure does not qualify for a tax reduction in another country.
Employment Investment Incentive (EII)
The Employment Investment Incentive (EII) scheme provides investors with tax relief of up to 40% when they invest in qualifying companies.
For shares issued after 8th of October 2019, the relief is available in full in the year of investment.
Investors can invest up to €250,000 and hold those shares for four years or they can invest up to €500,000 and the shares must be held for seven years.
Digital Transition Fund
As per their website the Digital Transition Fund will drive transformative digitalisation of enterprise in Ireland, particularly amongst SMEs. The programme will help companies at all stages of their digitalisation journey.
They have 2 grants available. The discover grant provide up to €5,000 to cover 80% for project costs up to a maximum of €6,300. This is to support a digital expert for a 7 day engagement which can include training and advisory services.
The next grant they have is the Digital Process Innovation grant. It is aim at business aiming to integrate digital technology for improved productivity. For SMEs and Large Companies, 50% of the costs up to a maximum grant of €150,000.
Courtesyhttps://https://irishsmallbusiness
