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Bank Finance Vs Grants

  • 17-07-2008 3:02pm
    #1
    Downtown
    Closed Accounts Posts: 4 ✭


    Hi all

    We are raising finance at the moment and will need in the range of 20K to get us up adn running and transacting business. We have approached the banks and while they are willing to give us it the terms of repayment are not great and the support isn't too hot either.

    Someone mentioned to me they some of the enterprise boards offer grants. Has anyone any info on these and what are the terms and conditions of them.

    Or if there are any other bodies that offer support in terms of finance also.

    We are unwillingly to offer a % of the business for finance and it is one of these business "angels" are are after.

    Any advice much appreciated.

    Downtown.


Comments

  • #2
    information
    Closed Accounts Posts: 362 ✭✭information


    Downtown wrote: »
    Hi all

    We are raising finance at the moment and will need in the range of 20K to get us up adn running and transacting business. We have approached the banks and while they are willing to give us it the terms of repayment are not great and the support isn't too hot either.

    Someone mentioned to me they some of the enterprise boards offer grants. Has anyone any info on these and what are the terms and conditions of them.

    Or if there are any other bodies that offer support in terms of finance also.

    We are unwillingly to offer a % of the business for finance and it is one of these business "angels" are are after.

    Any advice much appreciated.

    Downtown.

    Banks lend money and charge you for it, your business can either afford the repayment or it can't.

    The enterprise boards have grants, did you look at their website ?
    2.5k for a website grant, half of the costs of the site
    7.5k for an employment grant, half of the employees salary X 2
    40-70k loan to buy equiptment, repayable when you start making money
    As far as I'm aware they have no money left for this year.

    For 20k I doubt any investment person /body would be interested, to much work for a small amount.

    http://www.boards.ie/vbulletin/showthread.php?t=2055249060


  • #3
    jerryob
    Closed Accounts Posts: 52 ✭✭jerryob


    in addition to what information posted, the Enterprise Boards can offer up to €5.1k market research grant (matching funds needed) and up to €75k as a CRCP Loan (Cumulative Redeemable Convertible Preference Shares) . This is basically a loan with an annual coupon, that can be converted into preference shares or repaid at a later date. Repayment terms are favourable. Go to your local enterprise board site for application details - usually its a "fill-in-an-application-form" and submission of business plan.
    Most enterprise boards will not be meeting again until end Sept. And I know some of them have already allocated all their funds for 2008 already....

    On top of whats already said, you might look into EI CORD funding. Its €38k over 12 months, but one of the requirements is that you're in an Enterprise Platform Program (like the Genesis Enterprise Program in Cork, or M50/Hothouse in Dublin).

    I have heard that funding could be forthcoming from government departments and quangos. I haven't gone down that road, but know someone that got a "decent" amount from combining funds from departments of environment, forestry (whichever dept. that comes under), and enterprise.


  • #4
    information
    Closed Accounts Posts: 362 ✭✭information


    jerryob wrote: »
    On top of whats already said, you might look into EI CORD funding. Its €38k over 12 months, but one of the requirements is that you're in an Enterprise Platform Program (like the Genesis Enterprise Program in Cork, or M50/Hothouse in Dublin).
    see my link in previous post


  • #5
    lanod2407
    Registered Users, Registered Users 2 Posts: 641 ✭✭✭lanod2407


    What about "seed capital" or something like that?

    Money you personally invest in the business can be submitted for tax rebate where you paid tax in the previous x years as a PAYE worker ........ I'm woefully short on detail, but it came up at a Business Start programme I attended a few months back - I'll try and dig out some details when I get back to base over the weekend.


    Here's the link to the EI site ..........

    http://www.enterprise-ireland.com/Grow/Finance/Seed_Capital_Scheme.htm


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