Financial Supports For Business Part 1/6. Enterprise Ireland Support

Enterprise Ireland’s investment in its client companies is keenly focused on export and job creation potential. Enterprise Ireland has a broad spectrum of supports, which are focused on meeting client companies’ development needs at various stages of development. In addition to the supports noted below Enterprise Ireland also offers client companies a series of supports such as mentoring and skills based workshops for senior executives.

1. Job Expansion Fund

Background: The aim of the competitive Job Expansion Fund is to assist Enterprise Ireland client companies achieve enhanced growth through increased employment. Support available: The fund provides grant support up to a maximum of €150k towards the recruitment of new employees. Applications for funding will be accepted on a specific call close date and funding will be awarded on a competitive basis. Who qualifies: The fund is open to Small to Medium Sized Employers who have been trading for at least 2 years, employ 10 or more full time staff and are involved in manufacturing and/or high growth potential traded services company. In addition companies must be seeking to create at least 3 new jobs which do not result in the displacement of existing jobs. There must be a minimum increase in turnover of €350k over the next two years. How to apply: Applicants must return a completed application form along with latest audit and management accounts to Enterprise Ireland. For further information please check: www.enterprise-ireland.com or contact Job Expansion Fund by email.

2. Innovation Vouchers

Background: The Innovation Voucher initiative was developed to build links between Ireland's public knowledge providers (i.e. higher education institutes, public research bodies) and small businesses. If you own or manage a small limited company and have a business opportunity or problem that you want to explore you can apply for an innovation voucher. Support available: Innovation Vouchers worth €5k are available to eligible companies. You can pool your voucher with up to ten other companies to create a larger fund to a maximum of €50k to address an issue of common concern. Who qualifies: The Innovation Vouchers initiative is open to all small companies with less than 50 employees. Your voucher will also be accepted by registered knowledge providers in Northern Ireland as part of Enterprise Ireland’s arrangement with Invest Northern Ireland. How to apply: Submit an application form through Enterprise Ireland Innovation Fund program. For further information please check: www.innovationvouchers.ie or send an email inquiry.

3. Competitive Start Fund

Background: The purpose of the Competitive Start Fund is to accelerate the growth of start-up companies that have the capability to succeed in global markets. The fund is designed to enable those companies reach key commercial and technical milestones, for example: - Evaluate overseas market opportunities and reach firm conclusions regarding the viability of the proposed business - Build a prototype - Secure a reference site - Develop a market entry plan for exploiting international opportunities - Secure partnership deal or strategic alliance - Identify suitable channels to international markets - Secure third party investment e.g. business angel, venture capital Support available: The maximum support available is €50k for a 10% ordinary equity stake in the start-up company. The investment shall be released in two equal tranches. The first tranche will be released to successful applicants only when it provides confirmation of additional new cash investment for equity of €5k. This new investment in equity of €5k by the successful applicant is to occur post the relevant call close date. Capitalisation of existing director/related party loans will not qualify. The company must also meet the general terms and conditions of the scheme. Who qualifies: Eligible companies include existing or potential clients of Enterprise Ireland’s High Potential Start-Up Department. In addition, applicants must fulfil all of the following criteria: - Must be a manufacturing or an internationally traded services business - Must not have received equity funding of €100K or more prior to the competition closing date (Cash invested for an equity shareholding in the business i.e., sweat equity / directors’ loans do not apply) - Must be pre-trading or recently commenced trading, i.e. does not have annual revenues in excess of €60k in the current financial year to date or in any previous financial year - Must be less than six years old i.e. date first employee commenced full time employment - Must be capable of creating 10 jobs in Ireland and realising sales of €1m within 3 years of starting up or, where a company is required to have FDA or CE approval, within three years of approval to sell - Must not be involved in activities that fall within gambling or "gaming" as defined in the Gaming & Lotteries Act 1956 How to apply: All applicants must complete an online application form. Enterprise Ireland then invite the highest 30 ranking applications to pitch their proposals to an evaluation panel of industry experts who will assist Enterprise Ireland in awarding funding. For further information please check: www.enterprise-ireland.com or contact Competitive Start Fund by email.

4. R&D Fund Small Projects – Expenditure less than €150k

Background: This fund is specifically aimed at companies that are relatively new to formal R&D processes. The R&D Fund - Small Projects provision is to support companies that want to achieve the following: - Establish or increase R&D activity leading to an on-going R&D commitment in driving company development - A demonstrable connection between R&D and the overall business objectives - A culture of innovative thinking throughout the company which aims to harness the skills of all staff towards defined business goals - Establish or increase the R&D capability of a company - Establish or develop quality R&D management systems and procedures Support available: The maximum grant rates for all companies applying to the R&D Fund is up to 50% of the total cost of the project. The maximum relief available is determined by the size of the company. Who qualifies: The fund is open to Enterprise Ireland, Údarás na Gaeltachta and County Enterprise Board clients who are manufacturing or internationally traded services companies that can show adequate cash resources to implement the proposed project. How to apply: Enterprise Ireland strongly advise interested parties to contact them in advance of completing an application form. As part of the application, companies are requested to submit their latest audited and management accounts. For further information please check: www.enterprise-ireland.com or send an email inquiry.

1.5 R&D Fund Large Projects - Expenditure less than €650k

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19/06/2013