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Micro Enterprise Financial Supports

Micro Enterprise Financial Supports. Eibhlin Curley. Eligibility for Funding. Micro-enterprises with 1 – 10 employees, hiring new full-time paid employee(s) Business operating full-time within the Dublin City Council area

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Micro Enterprise Financial Supports

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  1. Micro Enterprise Financial Supports • Eibhlin Curley

  2. Eligibility for Funding • Micro-enterprises with 1 – 10 employees, hiring new full-time paid employee(s) • Business operating full-time within the Dublin City Council area • Not getting other state financial support eg Enterprise Ireland at the same time • Sectors: Financial support is focused on • innovative niché market businesses that are: • Manufacturing eg Food producers • Internationally traded services eg software • Services with overseas customers • Not retail, trades, professionals, imports or local services

  3. Feasibility Study Grants • Maximum €20,000 • For Product development & Market research • Use an Enterprise Ireland Innovation Voucher if possible • Application Form & LEO Feasibility Proposal Framework • Must have the money to spend it and get 50% refund based on receipts (excluding VAT) • 50% consultancy - 3rd party costs • 50% patent costs • 50% prototype development - 3rd party costs

  4. Business Development Grant • Commercially viable businesses trading over 18 months • Must to hiring at least 1 new full-time permanent paid employee • Eligible Costs: • Job Creation Salary costs average €10,000 per person • Capital items (50% costs towards manufacturing/ industrial equipment). Mobile assets not eligible (van, laptop etc) • 3rd party Consultancy/ Marketing

  5. Business Development Grant/Loan up to €80,000 depending on # jobs created • Terms & Conditions: • Must be at least 1 new full-time job created • A portion could be refundable (no interest charged) after 1 year moratorium • Grants up to €20,000 0% refundable • Grants over €20,000 50% or 66% or100% • Refundabilitydecided on a case by case basis depending on amount of grant, number of jobs created, assets etc • A current valid Business Tax Clearance Certificate required

  6. Application Process Identify what type of grant & eligible business expenses you are applying for and get 3 quotes for each item, identify possible candidates for the new job(s)You will need to have the finance to pay for the items above since the grant covers 50% excluding VAT based on the proof of the 100% payment.Submit; Application Form, C.V., Business Plans (LEO Framework)For Priming & Business Development Grant 12 month projected cashflow, 3 year projected Profit & Loss A/c, plus most recent Management Accounts (Audited A/cs for larger loans)Deadline: 1st October and 5th November 2014 at 12 noon

  7. Meet a LEO ExecutiveEvaluation & Approvals Committee decision up to €40,000Enterprise Ireland approval needed for funding over €40,000 - €80,000Letter of offer issuedGrant/ Loan accepted Grant claim must be within 4 months Payment made when the necessary paperwork is submitted and signedRepayments begin 12 months after the final drawdown

  8. Reasons why projects are rejected; • Sector • Deadweight • Displacement • Commercial viability • Grant Claim if approved funding • Payments made based on receipted expenditure of approved expenses, bank statements • Salary contribution is made in 2 instalments 6 months apart • Business Tax Clearance Certificate (not personal) • Accountants letter confirming employees full-time paid • Annual employment survey and follow up every year – report to Dept of Jobs, Enterprise & Innovation • Audited by C&A.G. and EU, Internal Audit & external auditors – correct procedure and paperwork a must Re

  9. Other Types of Funding from LEO • Export Grant • To exhibit at overseas trade shows • 50% of expenses up to a maximum of €3,500 • Eligible expenses: • Marketing material (Quotes from 3 suppliers) • Exhibitor fees, Travel & Accommodation • Online Trading Voucher • Purpose to promote online sales for bricks & mortar business • Compulsory a half day workshop • 50% of expenses up to a maximum of €2,500 • Must get quotes from 3 suppliers

  10. Thanks for listening

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