There are several business startup grants in Ireland. These include Invest Northern Ireland’s Innovation Vouchers, the Regional Enterprise Development Fund and Student Entrepreneur Awards. You can also apply for the Accelerated Capital Allowance, which is a tax credit worth three times the initial investment. To apply for the Accelerated Capital Allowance, you must meet certain eligibility criteria. Invest Northern Ireland awards the Innovation Vouchers to the best applicants.
Invest Northern Ireland’s Innovation Vouchers
The Innovation Voucher Programme offers funding to help businesses develop new ideas and innovate. The vouchers can be used to access knowledge, equipment, and design services. The funding can also be used to develop new products. South West College has completed over 200 innovation vouchers, with a variety of successful businesses that have achieved significant sales growth. Innovation Vouchers are available for business startups and existing companies that are not yet trading.
Invest Northern Ireland’s Innovation Voucher Scheme is aimed at small and medium enterprises (SMEs) as well as third sector organisations. Eligible companies are businesses with less than 250 employees and have not received assistance from the Invest Northern Ireland Grant for Research and Development (R&D) programme in the last five years. Companies in the primary agricultural and transport sectors are not eligible for the scheme. Entrepreneurs can apply for up to five Innovation Vouchers at a time.
In addition to business startup grants, Invest Northern Ireland’s High Potential Start-Up (HPSU) team has a dedicated program for encouraging students to develop their concepts into successful start-ups. This programme has been running in Ireland for eight years and Irish teams have gained global recognition for their products and services. It is also part-sponsored by Microsoft. If you’re looking for more information, please visit the Invest Northern Ireland website.
The Funding is available to startups who meet certain criteria. To qualify, you must have a minimum of five employees and be working full time. The maximum grant amount is PS2,000, with many applicants receiving more than the maximum. If you’re not eligible for this scheme, try applying for UK-wide grants. Alternatively, you can apply for a business loan. But remember to apply early, as the process could take several months.
The Denbighshire County’s Business Grant scheme provides funding for websites, IT infrastructure, and tradeshows. It covers 40% of the total cost of the project. The aim is to help new and growing businesses grow. The funding can also help companies establish a physical presence. For those interested in this scheme, contact Business Gateway Fife and fill out an application today. While the program offers many benefits, it’s a good way to kick-start a new business.
Regional Enterprise Development Fund
The government of Ireland has decided to support budding businesses and startups with various government programs and initiatives. The Regional Enterprise Development Fund provides funding of up to EUR5 million for early-stage companies. Other programs offered by the government include the SURE grant, which provides funds to established companies to boost their growth. Income tax can also be claimed for employees and unemployed people who are interested in launching a new business. Another option is the STEA grant, which provides support for those who have lost their jobs and want to start their own business.
The competitive Fund was established as part of the overarching strategy for regional enterprise development. The fund supports significant regional initiatives that build on sectoral strengths and leverage identified resources to improve enterprise capability. The Regional Competitive Fund was launched over two calls in 2017 and 2018 and has already supported 38 feasibility and 42 main stream projects. Funded projects are located in every region of the country. You can apply to receive funding through one of these funds and discover what it can do for your business.
The NDRC provides two pre-accelerator programmes for budding tech startups and researchers. Successful companies can apply for either pre-seed investment or feasibility funding from the Enterprise Ireland. Google has a branch of its Ventures in Europe and has allocated an initial fund of $100 million for startups. The startup accelerator helps companies acquire funds from angels and supports fresh graduates. The Ignite Incubator Programme supports 20 promising startups each year.
NDRC’s Regional Enterprise Development Fund provides investments up to EUR135,000 for startup companies through its award-winning accelerator model. The program also includes tailored investor management and office space in Dublin, Galway, and Waterford. It offers expert guidance and support to help startups reach their next meaningful milestones. These milestones can include bootstrapping early growth, validation of an initial proposition, or attracting seed investment.
Invest Northern Ireland’s Student Entrepreneur Awards
Invest Northern Ireland’s Student Entrepreneur Awards encourage students to come up with business ideas and pitch them to local and national businesses. Winners of these awards receive EUR10,000 in business startup grants and support from Enterprise Ireland. Enterprise Ireland’s awards are now in their 40th year, and are sponsored by Cruickshank and Grant Thornton. All students from third level institutions in Ireland are eligible to apply.
Small grants are offered for individuals over 16, as well as not-for-profit companies and charities. These awards range in size from PS6,000 to PS45,000 and are available for a variety of needs. To qualify, students must have a minimum of 50% of the total project costs to qualify. The application process should take just a few minutes, and a decision is usually made within 30 days.
Catalyst is a programme of support for young people in the tech and eCommerce sectors. Funding is provided up to 60% of the business costs, and successful entrepreneurs are given access to Mastercard’s network of experts and investors. The deadline for applications is variable, so check with Invest Northern Ireland’s website to see when it’s open for applications. And remember to apply early – the competition is expected to fill up fast!
While Invest Northern Ireland’s Student Entrepreneur Awards are designed to encourage students to pursue their passions, they’re also a great way to get a jumpstart on your venture. They can help you launch your business, hire a professional salesperson, and more. By using Invest Northern Ireland’s Small Business Loan Fund, you can get a loan of up to PS100,000 that you can use to expand your business.
These business startup grants are aimed at helping students develop products that will improve society. One example is Mirr, a mirror that allows people to view YouTube beauty tutorials side by side with their own reflection. This product has already achieved national recognition, including a place on Enterprise Ireland’s New Frontiers programme. Mirr was also a winner in the Irish Student Entrepreneurship Forum Competition. The awards are open to all students.
Invest Northern Ireland’s Accelerated Capital Allowance
In addition to supporting the launch of new companies, Invest Northern Ireland also offers Feasibility Study Grants to help promoters of new products and services to market research and to evaluate their feasibility. The grants are available for a wide range of purposes including market research, feasibility studies and the sustainable development of a product or service. To apply for these grants, applicants must be a resident of Northern Ireland or be in the UK.
In Northern Ireland, Invest Northern’s accelerator scheme is a key component of the programme. It offers a PS15,000 salary subsidy to business start-ups to help them reach the next level of success. The scheme also supports the costs of employing a professional salesperson, allowing entrepreneurs to penetrate new markets and create a sustainable source of income. The aim is to encourage new business start-ups to expand across the border.
If you are considering applying for this scheme, you need to understand the terms and conditions of the grant. If you have an existing business in Northern Ireland, you can use the fund to support the growth of the business by identifying and implementing a contingency plan. The fund will assist you with identifying and developing a business plan that minimizes risks in areas that are potentially affected by Brexit.
You may qualify for this grant scheme if you are a manufacturer or supplier of goods and services and have fewer than 250 employees. In order to apply, applicants must demonstrate their need for the grant and show how the money will help the company grow. Business Development advisers will guide you through the process. In many cases, the grant covers 30% of your startup costs. There is a waiting list, so apply early.
The Enterprise Ireland voucher scheme is another funding scheme for new businesses. It offers EUR2,500 in matched funding for a business with a minimum turnover of EUR350,000. This fund also offers training in digital marketing, social media, and online trading. Businesses must be established at least two years to apply for the fund. And, once approved, companies must have at least ten employees.