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Banking supports

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Micro Finance Ireland

If your business is impacted or may be impacted by COVID-19 resulting in a reduction of 15% or more in actual or projected turnover or profit, AND you are having difficulty in accessing  finance from commercial lending providers, the MFI COVID-19 Business Loan may be able to help your business.

In addition, Local Enterprise Offices in every county provide a range of business supports for micro- enterprises including business continuity and preparedness advisory supports connected to the  COVID-19 outbreak. Contact your Local Enterprise Office for more information.

Eligibility

  • Any business (Sole Trader, Partnership or Limited Company) with less than 10 employees and annual turnover of up to €2m
  • Not in a position to avail of finance from Banks and other commercial lending providers
  • 15% of actual or projected turnover or profit is negatively impacted by COVID-19

Product Features

  • Loans from €5,000 – €50,000
  • Supports businesses who have been impacted negatively by coronavirus in Ireland
  • Loan terms typically up to 3 years
  • Up to 6 months Interest only payments
  • No fees/no hidden costs/charges
  • Fixed repayments/no penalty for early repayment

Application process

Application documentation can be found at this web address – https://microfinanceireland.ie/loan-packages/covid19/

  • Complete application form
  • Prepare monthly cash flow forecast for 12 months
  • Complete Micro Finance Ireland Business Plan
  • Submit six months bank statements and in the case of a Limited company six months bank statements for Directors and Shareholders holding 25% or more of the issued share capital of the company.
  • For Limited company applicants only – A central Credit Register report for each Director and for any Shareholders holding 25% or more of the issued share capital of the company.

Strategic Banking Corporation of Ireland

The Department of Business, Enterprise and Innovation announced a number of supports for businesses facing challenges being presented by the current Covid-19 situation. The Credit Guarantee Scheme is in place and available now to SMEs subject to the relevant terms and conditions. Separately the SBCI is currently working to finalise the terms and conditions of the SBCI COVID19 Working Capital Scheme and the eligibility application process for this. The SBCI website will be updated as soon as these are finalised. In the interim if you wish to be kept informed on developments please email the SBCI at info@sbci.gov.ie

SME Credit Guarantee Scheme (CGS) 

The Scheme aims to assist viable SMEs, which under normal lending criteria are unable to borrow from their bank, in accessing credit. The scheme operates by providing an 80% guarantee to participating finance providers (currently AIB, Bank of Ireland and Ulster Bank) on qualifying loans to SMEs.

The Scheme is operated on behalf of the Department of Business, Enterprise and Innovation (D/BEI) by the Strategic Banking Corporation of Ireland (SBCI) and is available from the participating banks (AIB, Bank of Ireland and Ulster Bank). If you are an SME,  you can approach any one of the participating banks and apply for a loan facility under CGS.

Key Features of the Scheme:

  • Facilities of €10,000 up to €1m
  • Terms of up to 7 years
  • Term Loans, Demand Loans and Performance Bonds

 

Who is eligible for the Scheme? 

SMEs may be eligible if they:

  • Are involved in a commercial activity
  • Are a sole trader, partnership, franchise, co-operative or limited company
  • In the lender’s opinion have a viable business proposal
  • Are able to repay the facility

 

How to apply do for the scheme

The scheme is available through participating lenders AIB, Bank of Ireland and Ulster Bank at the web addresses below:

AIB : https://business.aib.ie/products/finance-and-loans/credit-guarantee-scheme

BOI : https://businessbanking.bankofireland.com/credit/credit-guarantee-scheme/

Ulster Bank : https://digital.ulsterbank.ie/business/loans-and-finance/alternative-financing.html

 

Allied Irish Bank (AIB)

AIB’s Covid 19 supports are available at this web address – https://aib.ie/covid19

The financial supports include the following

Cashflow products available to customers and web address for applications

Business Credit Line – https://business.aib.ie/products/finance-and-loans/business-credit-line?_ga=2.155766331.160936585.1584353997-1581556376.1584353997

Farmer Credit Line – https://business.aib.ie/products/finance-and-loans/business-credit-line?_ga=2.155766331.160936585.1584353997-1581556376.1584353997

Promptpay – https://business.aib.ie/products/finance-and-loans/promptpay-and-insurance-premium-finance?_ga=2.146517556.160936585.1584353997-1581556376.1584353997

Business loans of between €2,000 and €60,000 can be applied for on line at this web address : https://business.aib.ie/products/finance-and-loans/business-loans?_ga=2.185208617.160936585.1584353997-1581556376.1584353997

Customer in Difficulty (Forbearance Requests)

AIB have a number of possible solutions available depending on your circumstances

  • Capital Moratorium
  • Capital and Interest Moratorium
  • Covenant Waivers

AIB Advisors are available in branch or on the phone 1890 478 833

 

Bank of Ireland

The supports offered by Bank of Ireland are as follows:

  • Emergency working capital, prioritising loan decisions for impacted customers, payment flexibility on loan facilities, and the provision of trade finance and foreign currency products to support sourcing products from new suppliers internationally.
  • Customers who are concerned about the impact of COVID-19 on their business are encouraged to make contact with their Business Relationship Manager or ring 0818 200 348.
  • Bank of Ireland sectoral experts – in agriculture, manufacturing, hospitality, health, food and beverage, and retail convenience – are also available to support customers.

A full listing of supports from BOI are at this web address: https://businessbanking.bankofireland.com/covid-19/supports-for-businesses/

 

Ulster Bank

Ulster Bank have introduced a financial assessment that is designed to evaluate your financial situation and to offer support where you need it most.

Specially trained staff will carry out a financial review. They will review your current financial situation and take you through the repayment options available. These options include:

  • Extending loan terms
  • Temporarily moving to interest only payments
  • Reduced payments on a temporary basis
  • Postponement of monthly repayments for a defined period of time

A full listing of supports from Ulster Bank are at this web address: https://digital.ulsterbank.ie/personal/help-and-support/struggling-financially.html

 

Revenue Irish Tax Firm

Revenue Announce Measures during Covid 19 Outbreak

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In recent days, the news around the spread of Covid-19 has become inescapable and naturally worrying for individuals, families and business owners. Here at EcovisDCA we have and will always be committed to providing SME and larger business owners with practical and useful advice to help their businesses survive and thrive, and we intend to continue that trend during this period of adversity and whatever aftermath lies ahead.

In the brief few minutes of the recent announcement by Taoiseach Leo Varadkar regarding the Covid 19 pandemic, it seems that Irish life and business life would be instantly changed. As all schools, childcare facilities and tourism sites would be closed for a period of at least 2 weeks, workers worried about their capacity to continue working. Following on from that, new social distancing recommendations suggesting that workers should work from home where possible and limit direct social contact in the form of group lunches and face-to-face meetings instantly changed how businesses would function in Ireland. Obviously, this is uncharted territory and something that wasn’t planned for in anyone’s business plan for 2020 so it is natural that the business landscape and our economy will suffer to some extent as a result. We here at EcovisDCA will be updating on any and all information pertaining to business life and any news that may light up the uncertain darkness we find ourselves in.

  • Due to the new recommendations and the concerns that workers had for their working capacity going forward, the Government and Revenue have announced updated advice to support workers and SMEs who may experience cashflow issues.
  • All debt enforcement activity is suspending until further notice.
  • The Relevant Contract Tax review due to take place this month is suspended until further notice.
  • A customs ‘green routing’ status will be given to critical pharmaceutical products and medicines.
  • Tax returns should continue to be sent on time.
  • Extended availability of Government subsidised or Government guaranteed loan finance will be offered to businesses affected by Covid 19.
  • Extended grant availability through Enterprise Ireland, Udaras na Gaeltachta and local Enterprise Offices specifically allocated for businesses affected by Covid 19.

Meanwhile, Bank of Ireland and Ulster Bank have also become the first banks to assure their customers that practices like deferrals will be put in place for mortgage holders who may find themselves unable to keep on top of their payments during this time.

For social welfare support for self-employed please click on the links to get the latest information from Revenue:

https://www.revenue.ie/en/corporate/press-office/press-releases/2020/pr-130320-revenue-announce-measures-to-assist-smes-experiencing-cashflow-difficulties-arising-from-covid-19.aspx

https://www.revenue.ie/en/corporate/press-office/press-releases/2020/pr-100320-engage-early-with-revenue-key-advice-to-businesses-experiencing-tax-payment-problems.aspx

Should you find that your business is beginning to struggle during this time, it is advisable that you contact Revenue directly to discuss your own specific case.

Covid-19

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It is currently impossible to avoid the news of the Covid-19 epidemic at the moment as the situation unfolds rapidly and becomes an increased risk of becoming a global pandemic. A pandemic is an issue that we in this country would be unlikely to have prepared for in a business sense and as a result we may see this virus affect our business landscapes in ways we may not have expected. As cases begin to grow in number and community transmission begins to become more apparent, it is important for businesses to have a plan in place for keeping their employees safe.

The Government have recently published an income support and economic stimulus package which outlines the following main points for companies who may find themselves on lock down or needing to self-isolate their staff or work from home or to reduce economic impact:

  • The 6 waiting days for sick pay with a medical cert will be waived.
  • The means test requirement for Supplementary Welfare Allowance for medically certified self-isolation will be removed.
  • Self-employed individuals will now be entitled to receive either illness benefit, or non-means tested supplementary welfare allowance.
  • A €200million liquidity support fund will be available for impacted firms.
  • The existing systematic short time working scheme is available for employees who may be placed on reduced working arrangements.

On a more global scale, it has been reported that businesses worldwide are changing and adapting practises to better cope with Covid-19. Many companies in Ireland, the United Kingdom and the United States have immediately implemented travel restrictions or a work from home policy for the foreseeable future in order to avoid community transmission within the office space. Unfortunately, these issues will naturally cause service issues for some.

From looking at the China model which involves the businesses who were first hit and continue to deal with the fallout of the virus, a few key pointers for other businesses worldwide have been outlined:

  • Plan ahead but be prepared for the need to be adaptable as the situation develops.
  • Keep employees informed consistently so that they feel safe and protected.
  • Relocate labour where possible. In situations where employees can work from home to prevent community transmission this can be effective as well as social distancing practises in roles that can not be completed at home.
  • Utilise social media and shift some operations to an online system where possible.
  • Prepare for recovery be it fast or slow moving.
  • Look for the positive points and identify where your business can improve in the face of adversity.
  • Use the situation to become more innovative and embrace innovation within your business and your employees. Thinking on your feet is essential in such a fast moving constantly unfolding landscape of change.

This will undoubtedly be a period of unease and difficulty for many on both a business and personal level, but through following the appropriate guidelines we can endeavour to keep all feeling safe.

 

How to Release Cash Flow from your Business

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Here at EcovisDCA we are constantly striving to ensure that our clients and friends have the most successful business and financial lives possible. We are not just a faceless company who talk the talk, we walk the walk. We know that your business is a labour of love and we endeavour to ensure the one-to-one advice and care you and your business deserve. With that in mind, we have decided to focus this week on ways in which you can release cash flow from your business. As you know, we are great supporters of Irish SMEs (Small and Medium Enterprises) and these businesses are often the first to suffer any ill-effects of a downturn and as such it is vital that they are protected. Cash doesn’t often flow readily in February after the excesses of the festive season and the January sales, so we are here to discuss the ways you can manage and release business cash flow.

Projections:

When projecting cash flow, the impulse is to assume regular income, however, the peaks and valleys of business life are often first seen through cashflow, so it is important to take this into account when projecting the year ahead regardless of the size or avenue of your business. Being armed with the knowledge of potential financial issues ahead and projecting a realistic cashflow cycle for the year ahead may allow you to avoid a cash shortage during tighter times.

Enforce Payment Terms:

The payment terms for your business should never be a casual affair, it is essential to create and enforce your payment terms. Create incentives for suppliers to meet your payment terms, and penalties for non-payment. It is worryingly becoming normal for payment terms and dates to be exceeded, if this becomes a problem, we advise strengthening these terms and consistently following up. Having suppliers be consistently late on payments can push you into debt. Enforcing terms will free up cash flow.

Marketing:

Marketing isn’t just a sales pitch; it is the creation of your brand and creates an image of your business in the minds of potential customers. It may seem counter intuitive to spew the adage “You have to spend money to make money” but in this case it is entirely true. Good or bad marketing can make or break your business, so it is worth investing time, money and resources in.

Keep it Simple:

Simplicity is often the key and we regularly find our cashflow tied up in long term projects which are offering no short-term return. Evaluate what are the essential projects your company is budgeted to work on and go from there. The same can be said for many business processes, are there ways your business can be more efficient, are you expending employee time in valuable or invaluable tasks?

Pay Debts:

Again, it seems counter-intuitive to insist on debt payment to release cash flow but once all company debt is paid, that cash becomes available and can be saved or re-invested into the business.

External Income:

Occasionally there will be times when it is not possible to finance your business internally. In these cases, applying to schemes, applying for grants or loans etc. can be the reason for the extended lifespan and rejuvenation of your company.

These are just a few of the ways in which you can better manage the cashflow of your business, should you have any concerns or questions about these or any business or financial matters, please do not hesitate to contact us here at EcovisDCA, where we will be happy to help.

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~ DCA PARTNERS, DECLAN DOLAN & EAMONN GARVEY

In light of Brexit, is there an opportunity for more trade with China?

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Trade and Trade Alike

As Brexit conversations continue to get increasingly unclear and Ireland’s standing remains uncertain it is important that focus shift onto Ireland’s business and trade strengths rather than solely where we may have difficulties following Brexit, particularly in the event of a ‘Hard Brexit’. In the past, year we have spoken about Irish optimism ahead of Brexit and the ways in which Irish businesses could ensure their continued strength and prosperity going forward onto uncertain terrain.

As China’s leader Xi Jinping continues his European Tour, one might expect that Ireland would not crop up in conversation or be worth much note at this time. It may seem like an odd comparison to discuss Irish trade and business in relation to Italy and China, with our small island seeming to pale in comparison to such trade giants and global superpowers, but you may be surprised to learn that Ireland in fact currently supplies more food to China than Italy, proving again the vitality and strength of our independent trade.

Whilst Italy has recently slipped into somewhat of a recession, and Ireland continues to grow following our own economic crisis, we are on more even footing than we may even realise. Discussions within this European Tour will hope to encourage more openly reciprocated trade routes between the European Union and China, into which Ireland is certain to factor. The attempt to create something of a modern day ‘silk road’ has been met with equal parts scepticism and fear as Italy sign on.

It seems that European leaders are now intent on creating a new bond with global giants such as China, and on securing the global status of the EU especially as talks continue for Brexit. The EU’s labelling of China as a “systemic rival” was met with displeasure as the EU begin to clamp down on any issues or threats, following the messy divorce that Brexit continues to be. It has been stated that the EU will no longer naively go along with any deals that do not benefit the greater good of the EU and will no longer allow access to the EU market when access is not reciprocated. This could open trade routes going forward and ensure the continued power of the EU globally.

Whilst Brexit continues to drag on and loom large, and we do not have a crystal ball into the future, it is good to know that Ireland is safe in the hands of its big sibling, the European Union.

As always here at EcovisDCA we are happy to reciprocate and welcome any questions or concerns you may have that we can assist with, we are grateful for your continued support and friendship.

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~ DCA PARTNERS, DECLAN DOLAN & EAMONN GARVEY

2019 Economic Crystal Ball Gazing

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Hello and welcome to 2019! We here at EcovisDCA hope that all of our clients, colleagues and friends had a wonderful festive season and are well-rested and ready to face the working year ahead. With 2019 just getting ready to kick off, we have decided to begin the year with a little run down of the most prominent predictions for the financial year ahead. Chief Economist for EY, Professor Neil Gibson has given his predictions for the year even amidst all of the Brexit uncertainty surrounding the year, and it will be interesting to see what comes to pass.

  1. GDP Growth to rise by 4.2%

According to Dr. Gibson it is likely that 2019 will see GDP growth remain strong. Rising employment levels and increasing wages should all contribute to this growth which he estimates could reach 4.2% this year.

  1. Employment Growth to rise by 2.7%

In welcome news for our island’s continued economic recovery, it is predicted that employment rates will continue to rise in 2019. According to EY’s studies, Dublin is now the most popular relocation location for firms needing to move in full or part out of Britain due to Brexit

  1. Wage Growth to rise by 3.6%

Following on from the previous, it is predicted that wage growth will remain strong in 2019.

  1. Consumer Spending to rise by 2.9%

It is predicted that consumer spending will grow steadily in 2019, with Brexit making Ireland a very attractive trade location.

  1. Migration to Increase the Population by 40,000

In perhaps one of the more unexpected predictions, it is presumed that Brexit tensions and a growing labour market may create migration, as Ireland becomes a more attractive prospect for companies and workers alike. The risk here is that our ever increasing rent prices may postpone some of the influx.

  1. Inflation to Increase by 1.8%

It is predicted that in 2019 inflation may increase, as prices continue to push upwards.

  1. House Prices to Increase by 4%

An unwelcome prediction for many who already feel pressured by the house prices in Ireland. It is predicted that migration following Brexit may mean that this will be largely felt in rental prices.

  1. Construction Inflation to rise by 7.5%

As we have spoken about many times, there is an increasing demand for housing in Ireland and rising prices reflect this. It is predicted that the cost of construction will continue to rise in the year ahead.

  1. Housing Completions to top 25,000

Demand for housing is set to rise in 2019 and this is set to place a further push on the construction sector.

  1. Tax Collected from Businesses and Tax Payers will rise by 4.2%

This is likely to be a simpler process due to PAYE modernisation, and it is said that a strong labour market and strong economic growth should see an increase in collected tax going forward.

  1. Government to Spend more than Collected in Tax by 0.1% of GDP

According to Dr. Gibson, “Ireland looks set to enjoy its first positive general government balance in a decade.” As the pressure to spend increases, it is thought that the balance may tip in a more positive direction this year.

  1. Unemployment will reduce further to 4.9%

Unemployment was an issue that plagued Ireland during the economic downturn, and it is predicted that growth will cause unemployment levels to drop even further, perhaps even down to the levels seen at the peak of the financial boom.
It remains to be seen whether these predictions will come to fruition, and it will be interesting to check back in on them next year. We ourselves are very much looking forward to the year ahead and as always, should you have any concerns, queries or require further information on these or any other business and financial matters please don’t hesitate to contact us we are always available to help.

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~ DCA PARTNERS, DECLAN DOLAN & EAMONN GARVEY

Is The Economy Overheating?

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Too Much of a Good Thing

When emerging blinking from the darkness of an economic crisis, such as the one Ireland experienced in the not so distant past, it becomes important to latch on to the positive steps in the right direction many of which we have spoken about in the past with new funding options being made available as well as a general increase in consumer confidence. Amidst all this good news there have of course arisen some issues such as the exponential rise in house prices and the general cost of living leaving many to question whether or not Ireland’s recovery will ever be felt in the average wallet. It’s important not to get too cocky or confident in the midst of a recovery as we have seen in the past than anything can happen with no notice.

These fears were somewhat verified this week as the Central Bank warned Ireland not to become complacent about recovery. Mark Cassidy, the Central Bank’s director of economics and statistics has warned that despite all signs pointing to continued strong growth and plenty of jobs being created, that there are many factors at play in the background that could possibly leave Ireland at risk of seriously overheating. Overheating refers to when growth begins to overtake ability to meet demand, something that we are already seeing some evidence of in our housing markets. From the possibility of a hard Brexit which we have spoken at length about to the recently discussed changes in international tax practises, there are many reasons to be wary and plenty of issues which threaten to place Ireland in an economically vulnerable state.

The Central Bank have issued several warnings in recent months that the risk of an external crisis causing issues for the Irish economy was high, but recently have announced that the possibility of an internal crisis is on the rise as Ireland begins to overheat. Last week, Central Bank officials postulated that it may be necessary for taxes to be increase in order to cool down our rapidly overheating economy.

The risk remains that if Ireland continues to recover at the same speed and manages to reach its full capacity for growth, it is of course a positive, but unless demand in various sectors begins to increase in conjunction with this, the risk of overheating and creating some form of downturn remains high.

Should you have any queries or require further information on this or any other business or financial matter please don’t hesitate to contact us here at EcovisDCA’s new head office, where as always we will be delighted to help.

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~ DCA PARTNERS, DECLAN DOLAN & EAMONN GARVEY

 

High Risk, High Reward

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We have spoken at length in the past about the importance of SMEs (Small and Medium Enterprises) are to the Irish economy. SMEs alone currently comprise over half of all Irish businesses, and have come to form the backbone of the ongoing economic recovery. As such, it has become increasingly important to protect and encourage these kinds of businesses.

In recent months we have seen the beginnings of a welcome change in the availability and range of funding and assistance options for SMEs which has shown a real shift in focus towards taking note of the importance of our Small and Medium Enterprises as well as our entrepreneurs.

Something which is rarely focused on is support for the financial backers of these seemingly higher risk enterprises and companies. The Government have created a scheme to act as an incentive for such financial backers called the Enterprise Investment Scheme. This scheme allows qualifying companies access to investment from shareholders, and in turn offers these shareholders tax breaks as incentive.

The purpose of the scheme is to assist some small and higher risk SMEs to raise capital where this may ordinarily be difficult or almost impossible. This will help to reduce the amount of SMEs forced to wind down due to a lack of financial investment.

It is hoped that this scheme will encourage investors to back what may be perceived as higher risk companies, in order to act as a buffer for these companies and increase their chance of continued survival. As these would be a higher risk investment, there are of course a number of enterprises which do not qualify, these are as follows:

Land shares, goods (except normal retail etc.), financial, legal and accountancy, property development, hotels and nursing homes, agriculture and power, etc.

There is also a time limit of two years applied during which the invested capital must be utilised and the investor must never have been previously connected with the business prior to investment.

Companies wishing to avail of this scheme must be EII certified and must directly seek certification from the Revenue Commissioners.

As always we are available for any advice or guidance you may require on business or finance matters.

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~ DCA PARTNERS, DECLAN DOLAN & EAMONN GARVEY

Blowing Up the Housing Bubble

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The housing ladder has remained a hot topic of conversation since the economic downturn and subsequent changing of the rules for applying for a mortgage. The conversation doesn’t seem to be going anywhere as the concern of Ireland falling into the housing bubble trap increases as more and more prospective buyers find themselves unable to pay increasing asking prices.

This week it was reported that these increasing house prices do not look likely to slow down in the coming years. Goodbody Stockbrokers have stated in their latest economic report that the average price of a house is set to continue to rise by up to 10% this year followed by another 8% in 2018 meaning an additional 18% cost increase on houses which have already increased massively in price in the previous three years.

The report states that:

“Mortgage approvals, even excluding cash purchases, are in excess of the amount of new supply expected to come to the market, thus house price inflation is expected to remain strong over the forecast period. […]“While supply remains low, demand appears to be running ahead of expectations”.

Existing housing demand is said to be 30,000 per year, and it is reported that it will take another number of years in order for the number or houses built to match up to tahis demand. This lack of balance between supply and demand is what has encouraged this somewhat bleak forecast from Goodbody Stockbrokers, who have also stated that they expect there will be €13.5billion in new mortgage lending in the coming years.

An additional issue with supply and demand is that there are far more prospective homeowners being approved for mortgages than there are houses available, which continues to push prices higher. A recent infographic shows the increasing prices as they continue to grow. Mortgage approvals are being boosted by the Government’s popular help-to-buy scheme but many of those approved will find themselves without a home to buy.

Should you have any queries on home ownership, or any other financial or business matters, please don’t hesitate to contact us here at EcovisDCA, where we will as always be happy to help.

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~ DCA PARTNERS, DECLAN DOLAN & EAMONN GARVEY

SOWING THE SEEDS OF INTERNATIONAL GROWTH

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Success is a very strange beast which appears in different forms for all individuals whether business owners or not. For business owners in Ireland, often the first port of call is to establish some small measure of success on home turf, before seeking to grow the business elsewhere. In the years following the financial crisis we have seen a mass exodus of people leaving our country, visas in hand to find their fortunes elsewhere. It would appear that this has slowed considerably in recent times so today we are going to focus on the other side of the coin, managing to grow your Irish business internationally while remaining on home ground.

 

Recent reports have suggested that since Ireland’s financial recovery has started to pick up some form of speed, many of those who have travelled to Australia or elsewhere and found success there have returned to Ireland in order to utilise their newfound skills and level of success. The Enterprise Ireland office in Sydney is said to be working with more than 150 Irish companies, whilst a vast number of Australian companies are now expanding operations in Ireland. Similarly, Irish recruitment agency CPL created a pop-up office in Melbourne in which it interviewed Irish professionals for positions back in Ireland.

 

So what options exist for growing your Irish business internationally whether you are making your return or have stayed put?

 

The Enterprise Ireland Internationalisation Grant gives Irish businesses the opportunity to grow in international markets. This grant focuses solely on supporting the costs of undertaking new market research which is a valuable asset in growing your business in new areas and the research must focus on an area not already being covered by your business. There are a number of eligibility criteria available through the Enterprise Ireland website including that the business must be based in the Republic of Ireland and employ more than 10 people. There is also an available option for much larger companies. The maximum grant available here is €35,000, which would certainly garner valuable information for growing your company. This grant is open to applications all year round.

 

For smaller companies and SMEs, the Enterprise Europe Network is an invaluable resource which will assist in gaining new contacts and support networks beyond the door of your own business. This is a support network for SMEs and other companies with international ambitions assisting in gaining contacts and providing much needed information about funding available. This is also an important resource when looking to grow your business internationally as it provides valuable information on EU regulations which will ensure that your business is following all appropriate protocol.

 

The Enterprise Europe Network also provide an access to EU funding programme for SMEs to assist in this process as well as giving Irish companies the opportunity to give feedback on EU legislation. This is a resource we would urge all Irish SMEs whether dreaming big or small to engage with.

 

If you have any queries, please don’t hesitate to contact us here at DCA Accountants, where we will be happy to assist and advise in any way possible.

 

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~ DCA PARTNERS, DECLAN DOLAN & EAMONN GARVEY