Supports - Financial Aid

Funding, and cash, in particular, is the lifeblood of any business. Plan your financial projections carefully, anticipating problems and adding in contingency factors to your forecasts. Most businesses need to borrow to get started. The banks and credit unions are obvious points of contact. However, organizations such as Louth County Enterprise Fund and First Step were set up to provide loan funding to small business.
Louth County Enterprise Board offers financial aid in a variety of ways to selected projects.

Finacial Support available - Click here for PDF >>

Ordinary Shares
The Board can invest in a company, providing funding of up to €75,000 for an agreed percentage share in the business.

Redeemable Preference Shares
The Board can invest, through a preference share arrangement, whereby the company pays back the original investment, including interest, over a 5 year period.

Priming Grants
Eligible clients may be awarded a Priming Grant within the first eighteen months of setting up the business. The maximum Priming Grant payable is 50% of the investment or €150,000 whichever is the lesser. A Priming Grant may be payable to purchase new equipment, assist with direct business costs such as salary, accommodation/rental, utilities, marketing, consultancy, training etc. Grant assistance is not allowable for the purchase of a building, land or mobile assets. Louth County Enterprise Board may award a repayable grant with a one year payment moratorium followed by a three year payment period with low interest rates.

Download Priming Grant application form here >>

Business Expansion Grants
Business Expansion Grants may be awarded to qualifying companies in any stage of their life cycle. The maximum payable is 50% of the investment or €150,000 whichever is the lesser. A Business Expansion Grant may be payable to purchase new equipment, assist with direct business costs such as salary, accommodation/rental, utilities, marketing, consultancy, training etc. Grant assistance is not allowable for the purchase of a building, land or mobile assets. Louth County Enterprise Board may award a repayable grant with a one year payment moratorium followed by a three year payment period with low interest rates.

Download Business Expansion Grant application form here >>

 Feasibility Study Grants
A Feasibility Study Grant may be used to assess the viability of a business proposal and to ascertain whether a new product or service should be brought to the market. It may include research and development, prototype manufacture, test marketing, consultancy, preparation of a business plan and financial projections. Grant assistance is payable on the production of a completed feasibility study or report. A maximum of 60% of the cost of agreed work, subject to an overall limit of €20,000 in the case of any single study, is payable to eligible projects.

Download Feasibility Study application form here >>

The Enterprise Board’s Priorities
Priority may be given to manufacturing and traded services which, over time, can develop intostrong export entities. As these projects grow beyond 10 employees and annual revenues in excess of €1.27m., they may be transferred to, and become clients of Enterprise Ireland. Tourism projects which attract overseas visitors may also be considered for support along with locally provided services which are led by promoters who have been unemployed, or made redundant in the recent past. Project promoters should demonstrate that:

• A market for the proposed product or service exists
• Adequate finance is available to fund the project
• Sufficient management and technical capacity exists to implement the proposed project

Projects, seeking assistance, should add value to generate income (or supplement income) for those involved and should have the capacity to create new direct employment. They should, at a minimum, contribute to the maintenance of employment in existing enterprises.

Financial Aid Application Process
The Enterprise Board strives to make the application and awarding process as straightforward and as fast as possible.  It is important to contact the Enterprise Board in advance to fully explore the project’s eligibility for grant aid. From the applicants perspective the key action is to submit a fully completed application form before the monthly closing date (see schedule  below ). Funding decisions are made at the regular LCEB Board meetings (10 per year) based on the recommendations of the Project Evaluation Committee, who meet in advance of the Board meeting. .
In assessing projects for eligibility for financial support, the following factors are taken into account:

• Is it a fresh idea which will convert into a viable, sustainable business?
• Does the project need grant aid?
• Is the promoter capable of managing the enterprise?
• Is there competition in the marketplace?
• Is there a market niche, supported by market research?
• Is the promoter making a financial contribution?
• Are there realistic financial projections?
• Does the project concur with legislation?
• Does the product or service have the potential to be exported?
• Does the promoter have a “can do” attitude?

Ineligibility
Projects may be considered to be ineligible for a number of reasons, mainly where the project represents a duplication or possible displacement of an existing product or service. Projects in the retail, professional services and primary agricultural sectors normally fall outside the grant assistance capacity of the Board. However, application from these sectors may be considered for non-financial assistance. Existing businesses, which already have an established relationship with other agencies, may also be ineligible for grant assistance. Grants cannot be paid retrospectively. Recipients of a Primary Grant are ineligible to receive a Business Expansion Grant until at least eighteen months after their final drawdown of the Priming Grant.

Notes:

• It is important that your completed and signed application is received before the closing date. This ensures that your application will be reviewed by the Evaluation Committee before the LCEB Board meeting.
• While unsolicited applications are welcome, it is recommended that that you contact the Enterprise Board before submission of your application for a discussion about your project.

Louth County Enterprise Board, Quayside Business Park, Mill Street, Dundalk, Co. Louth, Ireland. Telephone: +353 42 932 7099 Fax: +353 42 932 7101