Are you an established business? Are you looking for new business opportunities but have no access to funding? Here is the why and how you need to expand your business.
In my previous Quintas Newsletter article I referred to the fact that now is the time for new start-ups to gain access to the market and exploit the opportunities/incentives that the Irish government are making available. The same applies for established businesses looking to expand their business model and now is the time to do it!
In this article I will be looking at the options for any SME looking to expand and will then look at the options for larger companies in our next Newsletter edition. So, if you are an SME here are the incentives you need from Enterprise Ireland:
SME Funding
To qualify for SME funding, a company must:
- Not be a HPSU client;
- Have an established trade and employ between 10 and 250 employees;
- Have an annual turnover of less than €50 million or an annual balance sheet total of less than €43 million.
It is important to note that although your company qualifies based on the above, if you have previously received funding from Enterprise Ireland this may have an impact on your eligibility for these SME supports.
Enterprise Ireland will offer the following supports depending on which type of expansion suits your business model:
Market Research Support
Be Prepared Grant - Provides aid to SME’s to prepare for the effects of Brexit by covering the costs such as researching their feasibility of moving into international markets and providing an opportunity to improve their operational competitiveness. Such funding can also be used to cover the cost of consultancy and travel expenses.
Market Discovery Fund- Incentivises companies to research suitable and attainable strategies of entering into new markets. This covers both internal and external costs for conducting such research.
Excel at Export Selling - This provides companies with a series of workshops which is aimed at rapidly incorporating good international selling practices into the sales teams across a vast range of industries.
International Selling Programme-This is a 10-month programme aimed at managers and sales staff of companies with the aim of enhancing their ability to access new markets and enhance their sales growth and selling strategies.
Supports for Product, Process or Services Development
Be Prepared Grant – Provides aid to SME’s to prepare for the effects of Brexit by covering the costs towards planning for mitigating risks and seizing opportunities. Such funding can also be used to cover the cost of consultancy and travel expenses.
Exploring Innovation Grant - This grant offers companies funding to investigate developing new or existing products or services.
Agile Innovation Fund - This offers support to companies in accelerated industries to maintain their technology position in the market. This however only applies to projects that cost less than € 300,000. By getting involved with this funding, the application for same has fast track approval.
Business Innovation - This supports a company to improve their production/delivery methods to increase their competitive position in both home and global markets.
Research, Development and Innovation Fund - This supports the research and development of new or the improvement of existing products, processes or services. You can only apply for this if the project cost is over €300,000.
IP Strategy Support - If a company is engaging in any form of Research and Development, it is necessary to protect the IP of such development. This type of support does just that in that it helps companies to manage and protect their IP by the use of, for example, patents, brands and copyright.
Innovation Voucher - Worth €5,000, these are available to companies to assist them to work with a registered college or knowledge provider to investigate new business opportunities.
Innovation Partnership Grant Programme - This provides financial support to companies that want to work with colleges. The administration of such a project will be managed by the college in question.
Horizon 2020 - Any companies who are looking to work on collaborative projects with EU companies can access a variety of international programmes which will allow this relationship to foster.
Innovation 4 growth Programme - This allows companies to go through innovation learning to deliver one or a number of new innovations.
Supports to Enhance and Develop your Management Team
Mentor Grant - This provides mentoring to companies to help them develop new or existing products, processes or services.
Strategic Consultancy Grant - This grant can only be used towards the cost of planning or implementing a new initiative in making developments in your company. It can’t be used towards the cost of general consultancy supports.
Key Manager Grant - This supports companies who are looking to hire a new key manager however this manager must be critical to the company’s development and have the skills necessary to contribute to the company’s senior management.
Go Global 4 Growth - This is aimed at SME top teams that are committed to developing their business for global growth. This is a world class programme that provides customised management skills by Ireland’s fastest growing University - Dublin City University. Enterprise Ireland have teamed up with the University to bring companies a unique and most innovative programme to kick start global growth using the best learning providers.
Productivity and Business Process Improvements Supports
Be Prepared Grant – Provides aid to SME’s to prepare for the effects of Brexit by covering the costs towards planning for mitigating risks and seizing opportunities. Such funding can also be used to cover the cost of consultancy and travel expenses.
Capital Investment Initiative Fund – This will provide a company with up to a maximum of €250,000 to put towardsnew equipment and technology with the aim of improving a company’s productivity and competitiveness.
Gradstart – This gives companies the opportunity to recruit 3 graduates at any one time which will have a two-year contract. Enterprise Ireland offers a website called www.gradhub.ie which can be used by a company to advertise their positions.
Lean Start Grant – This is given as a supporting cost towards a “Lean Start Assignment” which is a short assignment undertaken by a Lean consultant/trainer. This is however limited to the cost of hiring such a consultant/trainer for a maximum of 7 days.
Greenstart Grant - This is given as a supporting cost towards a GreenStart Assignment which is a short assignment undertaken by an Environmental consultant/trainer. This is however limited to the cost of hiring such a consultant/trainer for a maximum of 7 days.
Building Information Modelling (BIM) – This provides aid to a company who are looking to implement a digital roadmap which will enable growth. This 7 day programme will assist companies to set out their own digital roadmap and help them to understand how they can apply BIM.
Business Process Improvement Grant - This supports companies for a short-term period focusing on developing the capabilities of their management team and driving improvements in their processes. Projects under this grant include – LeanPlus, E-Marketing or GreenPlus.
Lean Transform Grant – This is used to support a “Lean Transform Project” which is a large and extensive programme conducted by an international team of consultants The costs that can be claimed under this grant are the cost of an external consultant and any associated training costs required.
Operational Excellence Offer - Provides a company with support for a transformational project which brings Lean Transform, Business Innovation and the Capital Investment Initiative into a single project.
Company Expansion Projects
Job Expansion Fund – The purpose of this is to allow a company to attract new employees by offering them up to a maximum of €150,000 to enable them to do so. Applications for same will be accepted on specific call close dates.
Tailored Company Expansion Packages – If you have an ambition to expand your business and the aim of this expansion is to create employment and strive for sales growth in international markets, Enterprise Ireland will help tailor a financial support package to your needs and expectations.
We are happy to assist any business owners that wish to investigate if they are eligible for any of the above schemes.
Regards
Nicola Mullen
