Another support scheme being promoted by the Local Enterprise Offices is the Business Expansion Grant. This grant is designed to assist the business in its growth phase after the initial 18 month start-up period. Grants may be awarded to sole traders, partnerships, community groups or limited companies that fulfil the following criteria:
- Located within the Enterprise Offices’ geographic area.
- A business employing up to 10 employees.
- A Manufacturing or Internationally traded service business.
- A Domestically traded Service business with the potential to trade Internationally.
The maximum Business Expansion Grant payable is 50% of the investment or €150,000 whichever is the lesser. Grants over €80,000 and up to €150,000 are the exception and will only apply in the case of projects that clearly demonstrate a potential to graduate to Enterprise Ireland and/or to export internationally. Subject to the 50% limit a maximum grant of €15,000 per full time job created shall apply in respect of any employment support granted.
What are the Benefits of the Grant?
Business Expansion Grants and Priming Grants are a fantastic way for eligible companies to raise finance to assist with the future growth of their business. There are always hoops to jump through in order to access such funding, as if there wasn’t everyone would be submitting all types of applications making the process cumbersome all round.
Visit Avid Partners for further information on the scheme. Click here www.avidpartners.ie/news for further details. Avid Partners can assist in the application process and can carry out some of the online trading work applicable to the scheme. Call us on 01 4286900. www.avidpartners.ie.