What is Business Funding And Why It’s Important For Irish SMEs?
Business funding is a type of financing that helps businesses to grow. It is a form of debt financing, which means the company will have to repay the funds with interest. There are many different types of business funding available for Irish SMEs, but it can be difficult for small businesses to get the capital they need.
There are many ways in which business funding can help a small business grow; it can provide funds for expansion, help with cash flow and also provide working capital.
There are many different types of business funding available for Irish SMEs, but it can be difficult for small businesses to get the capital they need. There are many ways in which business funding can help a small business grow; it can provide funds for expansion, help with cash flow and also provide working capital
One of the biggest challenges Irish SMEs face when trying to grow their business is seeking financial support from government agencies. Many applications can require a lot of work, too much work for some companies who feel overwhelmed just by the thought of having to fill out more forms, particularly if it is a first-time application.
These forms require a lot of information about you and your business and for those who do not have cloud-based accounting systems, the company information can be a bit of a quagmire.
Get Started with Business Funding
There are many different types of funding available for businesses in Ireland, and it is important to know how to get them. The first step is to identify the type of funding you need, then find out which organisations provide it.
Picking an experienced partner to help you with applications can take the headache out of funding application and be the difference between you receiving government grants and not – both Enterprise Ireland and the Local Enterprise office (LEO) are keen to give companies money but as it’s public money they are handing out they must be accountable for it.
aperio have worked with Enterprise Ireland clients of all sizes and from various industries giving us years of expert knowledge on how best to help you on your funding journey.
Our first piece of advice is to check out what supports your company needs and then look at which agency will best suit those needs. That is where our huge experience in this area makes a difference. We have worked with so many clients on a huge range of projects that we are able to evaluate your project from the outset and best advise you which agency will suit best.
As an approved service provider and mentor to Enterprise Ireland clients, we can help eligible companies identify and apply for funding support. There is a wide range of support available to cover areas including operational/process improvements, people development/training, culture, productivity & quality, strategy & growth (incl researching/validating new markets).
Many companies are not even familiar with the support that may be available to them and could be missing out on an opportunity to scale their business, upskill their staff or seek support for researching/ validating new markets. Take for example the Enterprise Ireland Digitalisation Voucher – this voucher will fund 100% of the cost of a €9,000 consultancy engagement to begin or develop your Digital plans. That takes a huge cost burden off your company and can be used to plan where you want to take your firm digitally over the short and medium term. This empowers companies to work with external consultants to identify where they are on their digital journey and create a plan for digital adoption based on where the business is today and specific challenges it is facing.
For companies to get this sort of clarity on where they are, where they want to be, and the journey in between can be of huge benefit for goal setting and selected KPIs for the company for the next number of years.
Your local enterprise office (LEO) should not be forgotten about either as it provides a range of financial support as well for Irish SMEs which are designed to assist with the establishment and/or growth of business in Ireland employing from one to ten people.
Some of these common business supports include
TRADING ONLINE VOUCHER WORTH UP TO €2,500
AGILE INNOVATION FUND FOR RD&I PROJECTS UNDER €300,000
PRIMING GRANT FOR START UPS
BUSINESS EXPANSION GRANT UP TO A MAX OF €150,000
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Get in touch with a Business Funding Company
For many Irish SMEs, particularly local businesses, LEO is generally the first of the government agencies they will deal with. The type of support will be very much dependent on the clients’ needs including trading online vouchers, priming grants, employment grants and much more. As an approved service provider and mentor for Leo in West, South and North Cork, we can help eligible companies identify and apply for funding support.
To find out more about the potential funding available to you and your business and how aperio can help you with applications or mentoring please book a consultation with us today.