Grants for Small Businesses Ireland: Top 10 Essential in 2024

Introduction

Grants for small businesses in Ireland are a great way to get the financial support you need to start, grow, or sustain your business. If you’re an entrepreneur with big ideas, these grants could be just what you need to turn your ideas into reality. Whether you’re just starting out or looking to expand, various grants are available to give you that necessary boost.

Here’s a concise overview of what you need to know:

• Types of Grants: There are numerous grants tailored for different needs including feasibility studies, innovation, and start-up funding.
• Eligible Institutions: Grants are available from bodies such as Enterprise Ireland and Local Enterprise Offices.
• Application Process: Typically involves detailed applications and meeting strict eligibility criteria.

Grants are financially advantageous since they don’t need to be repaid, unlike loans. This makes them especially valuable for small businesses with tight budgets or those aiming to explore innovative ideas without the burden of debt.

Types of Grants Available

When it comes to grants for small businesses in Ireland, there are several options to explore. Let’s break down the main types of grants and financial supports available:

Bank Finance

Banks in Ireland offer various financial products and services tailored for SMEs and early-stage businesses. For instance, the Bank of Ireland provides a Business Startup Package that includes a business current account and loans with both secured and unsecured interest rates. Banks can be a reliable source for small business loans, and it’s worth discussing your funding needs with your bank.

Key Enterprise Supports

Local Enterprise Office (LEO): LEOs are the go-to for new business starters and small businesses looking to expand. With 31 teams across Ireland, LEOs offer grants, mentoring, and training. They also facilitate access to the Microfinance Fund, which provides loans of €5,000 to €25,000 for micro-enterprises with fewer than 10 employees.

Future Growth Loan Scheme: This scheme offers up to €800m in loans for terms of 7-10 years. It’s designed to support long-term investments for businesses in various sectors, including agriculture and seafood.

Strategic Banking Corporation of Ireland (SBCI): SBCI loans are up to 2% cheaper than market rates, saving SMEs between €15,000 and €20,000 on a €400,000 loan over five years.

Credit Guarantee Scheme: This scheme provides an 80% government guarantee on loans ranging from €10,000 to €1m for up to five-and-a-half years. It aims to encourage lenders to provide additional liquidity to Irish businesses.

Research & Development (R&D) Tax Credit

Ireland offers a 25% R&D tax credit to incentivise innovation. This credit can significantly reduce the cost of R&D activities, making it easier for businesses to invest in new technologies and processes.

Crowdfunding

Crowdfunding platforms allow businesses to raise funds from a large number of people, usually via the internet. This method can be particularly useful for startups with innovative products that capture public interest.

Venture Capital

Venture capital firms in Dublin provide another avenue for funding. These firms invest in high-potential businesses in exchange for equity. They often bring in not just money but also expertise and networks that can help your business grow.

Angel Investors

Angel investors are individuals who provide capital for startups, often in exchange for convertible debt or ownership equity. They can be a great source of early-stage funding and often offer valuable mentorship.

Summary Table of Key Supports

Understanding these options can help you navigate the financial landscape and choose the best funding route for your business. Next, we’ll dive into specific grants available for small businesses in Ireland.

Key Enterprise Supports for Small Businesses

When it comes to grants for small businesses in Ireland, several key enterprise supports can help you get started and grow. Let’s break down some of the main supports available:

Local Enterprise Office (LEO)

Your Local Enterprise Office is a fantastic first stop. They offer a range of supports to help small businesses at various stages of development. Here are some of the key grants available:

Feasibility Grants

Feasibility or Innovation Grants are designed to assist with researching and developing new business ideas. They can cover costs such as:

• Market research
• Prototype development
• Consultancy costs

These grants are perfect if you need to explore the viability of your business idea before fully committing.

Priming Grants

Priming Grants are aimed at micro-enterprises (businesses with fewer than 10 employees) in their first 18 months of trading. They can help cover:

• Capital expenditure
• Salary costs
• General overheads

This grant is especially useful for start-ups needing initial funding to get off the ground.

Business Expansion Grants

For businesses that are up and running but looking to expand, Business Expansion Grants can provide the necessary boost. They support:

• Capital investment
• Hiring new employees
• Increasing production capacity

These grants can help you scale your business to the next level.

Technical Assistance

LEOs also offer technical assistance to help businesses improve their operations. This can include:

• Mentoring services
• Training programmes
• Advisory services

For example, if you’re looking to improve your digital presence, LEOs can provide guidance and resources to help you succeed.

Trading Online Voucher Scheme

Having an online presence is crucial. The Trading Online Voucher Scheme offers financial assistance to small businesses looking to develop or enhance their online trading capabilities. The voucher covers:

• Website development or upgrade
• Digital marketing strategies
• E-commerce solutions

This scheme can provide up to €2,500, making it a valuable resource for businesses looking to tap into online markets.

Understanding these supports can make a significant difference in how you fund and grow your business. Next, we’ll explore specific grants available for small businesses in Ireland.

Specific Grants for Small Businesses in Ireland

Navigating grants can be a game-changer for your small business. Let’s dive into some of the specific grants for small businesses in Ireland that can help you get started, grow, or overcome temporary hurdles.

HPSU Feasibility Study Grant

The HPSU Feasibility Study Grant is perfect for early-stage companies and entrepreneurs aiming to explore the viability of a new, export-focused business. Offered by Enterprise Ireland, this grant covers activities such as market research, business planning, technical research, and prototyping.

To be eligible, your business must:
– Be export-oriented
– Have a foundation in innovative technology or services
– Aim for significant growth within 3 years, including sales of €1m per year and at least ten employees
– Be managed by an experienced team with a mix of technical and commercial skills

Innovation Vouchers

Innovation Vouchers worth €5,000 are available to help SMEs explore business opportunities with specified ‘knowledge providers’ from a registered list. According to Enterprise Ireland, for every €1.00 invested by the Innovation Voucher Programme, company turnover increases by €11.83.

However, this programme excludes:
– Agriculture businesses
– Companies with charitable status or those that are ‘not for profit’
– Trade associations
– Holding companies
– Representation bodies such as Chambers of Commerce
– Sports bodies and associations

Competitive Start Fund

The Competitive Start Fund offers up to €50,000 for start-ups with the potential to reach global markets. This grant also includes specialist support for female entrepreneurs. To apply, you need to submit a video pitch alongside a written proposal. The fund aims to accelerate the growth of early-stage start-ups, enabling them to cover operational costs, develop market-ready products, and build essential skill sets.

New Frontiers

New Frontiers is designed for businesses in the early stages of setup. While open to a range of businesses, those with strong technical skills, a proven management team, and a clean track record are more likely to succeed. This programme offers funding and support to help you build a sustainable business.

Digitalisation Voucher

The Digitalisation Voucher is tailored for manufacturing firms and those in internationally traded service sectors. Worth up to €9,000, this voucher can pay for technical help or advice from approved providers to adopt digital tools and techniques. This can be a lifeline for businesses looking to modernise and improve efficiency.

Enterprise Support Grant

The Enterprise Support Grant offers up to €1,000 to support sole traders who received the Pandemic Unemployment Payment (PUP). This grant can help cover costs associated with restarting your business, making it easier to get back on track after the disruptions caused by COVID-19.

These specific grants can provide the financial boost your small business needs to thrive. Next, we’ll look at grants available during the COVID-19 pandemic.

Grants for Small Businesses in Ireland During COVID-19

The COVID-19 pandemic has been tough on many businesses. Thankfully, there are grants designed to help small businesses navigate these challenging times. Here are some key grants available:

Digitalisation Voucher

The Digitalisation Voucher is aimed at manufacturing firms and those in internationally traded service sectors. Worth up to €9,000, this voucher can cover technical help or advice from approved providers to adopt digital tools and techniques. This can be a game-changer for businesses looking to modernise and improve efficiency.

Enterprise Support Grant

The Enterprise Support Grant offers up to €1,000 to support sole traders who received the Pandemic Unemployment Payment (PUP). This grant can help cover costs associated with restarting your business, making it easier to get back on track after the disruptions caused by COVID-19.

COVID-19 Online Retail Scheme

The COVID-19 Online Retail Scheme is targeted at retailers who already have an online presence. Administered by Enterprise Ireland, this scheme aims to strengthen online offerings, enabling businesses to reach a wider customer base. Successful applicants receive funding ranging from €16,000 to €40,000, covering up to 80% of project costs.

So far, 145 retailers have been approved for €5.3m in funding under this scheme. This support has been crucial in helping retailers adapt to the increased demand for online shopping during the pandemic.

These grants can provide the financial boost your small business needs to thrive. Next, we’ll look at grants available for energy efficiency and sustainability.

Grants for Energy Efficiency and Sustainability

Energy costs are a significant concern for many small businesses. Fortunately, there are several grants available in Ireland to help businesses become more energy-efficient and sustainable.

SEAI Grants

The Sustainable Energy Authority of Ireland (SEAI) offers various grants to support energy efficiency and renewable energy projects. Here are some key grants:

• Community Energy Grants: This scheme offers funding for community-based energy projects. It supports a mix of domestic and non-domestic projects, including businesses.

• Support Scheme for Renewable Heat: This scheme provides financial support to businesses for the installation of renewable heating systems.

• EXEED Grant Scheme: EXEED (Excellence in Energy Efficient Design) supports businesses in adopting high energy performance standards. Grants of up to €5m are available.

• Non-Domestic Microgen Scheme: SEAI provides up to €2,400 towards the installation of solar PV systems for businesses. This can lead to annual savings of €2,000 – €3,000 depending on the installation size and current utility rates.

Climate Enterprise Action Fund

The Climate Enterprise Action Fund offers three types of supports to help businesses become more sustainable:

• Climate Action Voucher: A €1,800 grant to engage consultants for developing plans related to resource efficiency and renewable energy.

• GreenStart: Up to €5,000 to measure carbon footprint and identify actions to reduce emissions and operate more sustainably.

• GreenPlus: Grant funding of up to 50% to develop a multi-annual climate change plan aligned with international standards and frameworks.

Accelerated Capital Allowance

The Accelerated Capital Allowance is a tax incentive that allows companies to deduct the full cost of qualifying energy-efficient equipment from their profits in the year of purchase. This encourages investment in energy-saving technologies.

SME Energy Audit

Eligible companies can receive a €2,000 voucher towards the cost of a professional energy audit. This audit helps identify opportunities for energy savings and efficiency improvements.

Energy Contracting Support Scheme

This scheme provides financial assistance for implementing energy efficiency and decarbonisation projects. It supports external consultancy and specialist advisory costs related to project appraisal and procurement of pay-for-performance energy contracts.

These grants can significantly reduce energy costs and help businesses operate more sustainably. Next, we’ll address some frequently asked questions about grants for small businesses in Ireland.

Frequently Asked Questions about Grants for Small Businesses in Ireland

What grants are available in Ireland?

There are numerous grants available for small businesses in Ireland. Here are some key ones:

• Vacant Property Refurbishment Grant: This grant helps businesses refurbish and repurpose vacant properties. It’s ideal for businesses looking to revitalise unused spaces.

• Home Energy Upgrade: Although primarily for homeowners, small businesses operating from residential properties may benefit from this grant. It covers insulation, heating, and energy-efficient upgrades.

• Warmer Homes Scheme: This scheme targets low-income households but can be relevant for small business owners who qualify. It provides free energy efficiency upgrades.

• Better Energy Homes: This grant supports energy efficiency improvements like insulation and heating control upgrades. It’s accessible to both homeowners and small business owners.

• Housing Aid for Older People Grant: While mainly for elderly homeowners, small business owners who qualify can use this grant to make essential home improvements.

Who is eligible for the ICOB grant?

The ICOB grant (Innovation Capability Development Programme) is designed for businesses that meet specific criteria:

• Qualifying Businesses: To be eligible, your business must be involved in innovative activities, such as R&D or deploying new technologies.

• Commercial Rate Bill: Your business should have a valid Commercial Rate bill, which indicates that it operates from a commercial property.

• Eligibility Criteria: Detailed eligibility criteria may include the business’s size, sector, and specific innovation projects. Always check the latest guidelines from the grant provider to ensure your business qualifies.

Can I get a grant for new windows in Ireland?

Yes, you can get a grant for new windows through the Better Energy Warmer Homes Scheme. This scheme offers support for energy efficiency upgrades, including the replacement of old, inefficient windows.

To qualify:

• Welfare Benefits: You must be in receipt of certain welfare benefits. This ensures the scheme targets those most in need.

• Replacement Windows: The grant covers the cost of installing energy-efficient windows, helping to reduce energy bills and improve comfort.

These grants are a fantastic way to support your small business, whether you’re looking to improve energy efficiency, refurbish a property, or innovate.

Next, we’ll delve into the importance of these grants and how they can help your business grow sustainably.

Conclusion

Grants for small businesses in Ireland are a powerful tool to help you achieve your entrepreneurial goals. Whether you’re just starting out, looking to expand, or need a boost to overcome a hurdle, grants can provide the financial support you need without the burden of repayment.

Why Are Grants Important?

Grants are essential because they offer a lifeline to small businesses, enabling them to innovate, grow, and contribute to the economy. They can help you:

• Kickstart Your Business: Initial funding can cover essential costs like market research, business planning, and prototyping.
• Expand Operations: Grants can fund new projects, hire additional staff, or enter new markets.
• Overcome Challenges: Financial support can help you navigate through tough times, such as economic downturns or unexpected expenses.

How The Digital Projects Can Help

At The Digital Projects, we understand the challenges small businesses face. Our expertise in SEO and CRM workflow automation can help you streamline your marketing efforts and grow sustainably.

Imagine your website attracting the right customers, your schedule filling itself, and automated follow-ups securing more jobs. That’s the power of a well-executed digital marketing strategy combined with automation.

Achieving Sustainable Growth

By leveraging grants and our digital marketing services, you can:

• Increase Your Online Visibility: Get found by potential customers who are searching for your products or services.
• Enhance Customer Experience: Use CRM automation to manage customer relationships more efficiently.
• Focus on What You Love: Let automation handle the repetitive tasks so you can concentrate on growing your business.

Streamline Your Marketing Efforts

With our support, you can ensure that your hard work doesn’t go unnoticed. We provide the tools and expertise to help you:

• Optimise Your Website: Improve your search engine rankings and attract more organic traffic.
• Automate Workflow: Save time and reduce manual effort with automated processes.
• Track Performance: Use analytics to measure success and make data-driven decisions.

Grants for small businesses in Ireland, combined with effective digital marketing strategies, can be the key to your business’s success. Let’s work together to make your entrepreneurial dreams a reality.

For more information on how we can help, visit our Small Business SEO page.