There are over 80 different government supports available to small businesses but many of them are not well known or understood. Each week in the SFA e-zine, we will profile a different support that could improve your business, giving you information and advice.
Business Expansion Grant
A cash grant of up to €150,000 to assist growing businesses. The grants are primarily aimed at manufacturing and services businesses with the potential to trade internationally.
The grant can be used to co-finance (maximum 50%) the following expenditures as part of a business expansion project:
- Capital items
- Salary costs
- Consultancy/innovation/marketing costs
- General overheads
The relatively small size of the domestic market means many companies seeking to expand their business must look to overseas markets for growth. Thousands of Irish companies are already selling successfully around the world. Export sales growth leads to an increase in demand for Irish goods and services and increases the flow of income into the Irish economy. This is fundamental to job creation and maintenance in Ireland.
Some of the benefits of exporting for your company could include: increasing sales and profits, faster growth, reducing risk and balancing growth, economies of scale, extending the product/service lifecycle, improved innovation, greater competitiveness and enhanced credibility.
Business Expansion Grants are available from the Local Enterprise Offices (LEOs). To find your nearest LEO, visit the LEO website.
To apply for the grant you must fill out an application form with details of your business, the list of items to be purchased, other grants which the company receives, current and potential employment and the source of the remaining finance for the project (at least 50%). You must also provide a business plan, three quotations for any expenditure items over €5,000, your CV and a tax clearance certificate.
If you are interested in applying for a Business Expansion Grant, don’t forget:
- The grants are for established businesses which have been trading for at least 18 months.
- The grant can be accessed by sole traders, partnerships or limited companies.
- On application for the grant, the business must have less than 10 employees.
- The grants are aimed at companies which, on growth, will have the capacity to progress to the Enterprise Ireland portfolio.
- Grants above €80,000 are the exception and are available to companies with a clear potential to export internationally.
- Companies considering exporting should consult the Enterprise Ireland Export Start Guide.
- More information about the Business Expansion Grant is available on the Local Enterprise Offices website.