Irish Enterprise Centres Get A Financial Boost From Government

Supporting entrepreneurs and businesses across Ireland

On the 12^th August, the Tánaiste and Minister for Enterprise, Trade and Employment, Leo Varadkar unveiled a new €12 million Enterprise Centre Fund administered by Enterprise Ireland. The fund is designed to support enterprise centres struggling with the coronavirus pandemic.

Located across the Republic of Ireland, enterprise centres administer grants, provide advice, and offer training and space to hundreds of entrepreneurs and businesses countrywide. They will therefore play a vital role in the country’s economic recovery post-coronavirus, with many situated in populated areas of deprivation and high unemployment.

This new Enterprise Centre Fund means that eligible enterprise centres can continue to offer essential services to start-ups across Irish towns and villages, and the news has been welcomed.

Tánaiste and Minister for Enterprise, Trade and Employment, Leo Varadkar said:

“We are determined to do everything we can to assist businesses during this difficult times. Enterprise centres support over 2,000 companies and thousands of jobs in every region of the country.”

Applications are now open

Applications can now be submitted for the Enterprise Centre Fund, enabling Irish enterprise centres to receive grants of between €10,000 and €150,000. This money will prove particularly useful in developing a recovery plan for businesses looking to mitigate the impacts of COVID-19.

How to apply

The closing date for funding applications is noon on Wednesday 30th September 2020. The Enterprise Centre Fund makes up part of the government’s a €7.4 billion July Stimulus Package; a range of measures designed to create jobs and stimulate growth during these turbulent economic times.

The Enterprise Centre Fund is open to both profit-making and not-for-profit enterprise centres, which have been hit hard during the pandemic. Successful applicants can put the money into their recovery plans for the next six to 12 months. Funding of up to 80% of eligible costs highlighted in an applicant’s submitted recovery plan may be given.

Funding will be allocated based on how well an applicant can demonstrate the ability to finance the remaining 20% needed to put their recovery plans in action. The balance of funding required can be revenue generated through the centre’s core activities across the plan’s duration.

Further information on how to apply is available on the scheme overview page on the Enterprise Ireland website.

Remember, as with all public funding competition is fierce

Grant funding such as this is highly valuable and will make a lasting, positive impact on organisations that secure it. But only the very highest quality applications will make the grade.

The temptation here is to simply go it alone. To carefully fill in the application, before submitting it and hoping for the best. However, this can often lead to disappointment; after all, how can you be absolutely sure you’re hitting the mark? If this is your first time applying for either an Enterprise Centre grant or another Enterprise Ireland funding support, it’s easy to go off in the wrong direction.

Getting an expert on your side is the best way to optimise your chances of success

If you are a fast-growing, innovative business, funding is essential in pushing your projects forward. This is why it’s so important to know what grant options are available at any one time, and when funding competitions open and close.

By the way, don’t forget that it’s also possible to combine your R&D grant with any R&D Tax Credit claims too. It’s a highly lucrative way of maximising the cash you end up with, put your growth plans into practice.

What are R&D Tax Credits?

We won’t go into too much detail here as there’s a wealth of information about R&D Tax Credits available on our website. But in a nutshell, R&D Tax Credits are a Revenue-backed funding incentive designed to help growing Irish companies with the costs involved in innovation. Perhaps the company has looked to create a brand new product, system, service or process, or to appreciably upgrade an existing one. If so, then R&D Tax Credits may well apply.

The scheme works by providing companies with a reduction in their Corporation Tax of 25% of their R&D expenditure. This is on top of the 12.5% standard rate offered, making the total amount claimable a highly valuable 37.5%. Companies that have made a loss aren’t excluded either, as they can claim the benefit as cash instead.

R&D Tax Credits can be claimed by any Irish company, regardless of size or sector. The important thing is that an advance was made in science and/or technology - even if the project was ultimately unsuccessful.

If you’d like to know more about R&D Tax Credits and how to apply, why not take a look at our R&D Tax Credits page.

Back to the grant funding - how will Myriad Associates help put together an outstanding application?

Now is the time to benefit from Myriad Associates’ extensive experience in selecting the right grant for your project and boost your chances of success. The Myriad team has an enviable track record with R&D grant application success, giving you a significant competitive advantage over other grant applicants.

We will assess your chances of success before writing your grant application on your behalf. We’ll also put together your financial plan, making sure it meets all the relevant criteria for the option you’ve chosen.

The process in brief

Having discussed your innovative projects and your chances of success with you, we’ll then research, prepare, and write a superior R&D grant application. When it’s complete, the application will be sent to you for your review and approval. Finally, we’ll submit your web-based grant application for you.

Grant assessors typically offer feedback on both successful and unsuccessful grant applications. Our team will be happy to go through this feedback and make recommendations where necessary.

Make sure your grant funding application outshines the rest

Having spent almost two decades working in this niche area of accountancy, we’re in the very best place to advise you. To discuss any aspect of government R&D funding, simply call our friendly expert team on +353 1 566 2001 or drop us a message and we'll call you back.