3 October 2014
    
IN THIS ISSUE
Quintas Quarterly Newsletter
Introduction
Retirement Planning
Funding for SMEs - Whats available
Current Vacancies
7 tips to get the right Life Insurance
Tax Implications on Debt Writedown
Diesel Rebate Scheme (DRS)
EII - What is it? Old BES v's New EII
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Funding for SMEs - Whats available
by Yvonne Barry
 
Do you need help bridging a financial gap for your business, but the bank has turned you down? Don’t be disheartened; there are other sources of funding that might be able to help.

As well as being a partner with Quintas I am a non-executive director of Microfinance Ireland and also the Chairperson of Cork Foundation which helps both small to medium enterprises (SMEs) find funding when banks have said no.

Microfinance Ireland (MFI) is a not-for-profit lender; established to deliver the Government’s Microenterprise Loan Fund. The fund forms part of a suite of financial schemes provided through the Department of Jobs, Enterprise and Innovation to help businesses across all industry sectors.

Many people have start-up or growing enterprises that may be commercially viable and need a loan, but don’t meet the conventional criteria required by banks.  MFI has a much higher risk appetite; and are not profit oriented so the parameters are different. Helping create or sustain jobs is at the heart of what we do.

Launched a year ago, MFI provide loans up to €25k for business of fewer than 10 employees; with an interest rate of 8.8% to be repaid over 3 – 5 years.

You’ll still have to show evidence of cash flow; turnover and a solid business plan, you can apply directly or via your local enterprise board who will help you with the application process.

The Cork Foundation can also help by providing access to funds for investment in Cork enterprise.

With some impressively experienced strategic advisors on the board, the Foundation works on finding funding solutions outside existing models. A unique aspect of the Cork Foundation is that it is self-funded through contributions from the Cork/Irish Diaspora, Cork based businesses and philanthropists. We aim to connect contributors directly to private and community enterprises in Cork City and County.

Applying for a loan is an arduous and daunting prospect; and being turned down is very dispiriting.  We like to see more people realise that there is funding out there, nobody is going to drop it into your lap; as with most things worth fighting for, it’ll take an extra bit of drive to get it over the line!

An entrepreneurial spirit; a passion for your business and the commitment to make it work are what success stories are made of.

If you’d like to find out more contact me at Quintas on 021 464 1400 or email  yvonne.barry@quintas.ie.

Article as previously featured in the Cork News.


Cork Foundation Upcoming Event:

Cork Foundation will host their inaugural Dublin lunch at Fire Restaurant, The Mansion House, Dublin on 10th of October at 12.30pm. The aim of the event is to bring together key business people from both Cork and Dublin to generate jobs for Cork City and County. Director of the European Investment Bank and Former Secretary General of the Department of Finance, John Moran, will be the guest speaker on the day.

Limited tickets are still available via http://corkfoundationlunch.eventbrite.com

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