The Local Enterprise Office has grants to help Irish SMEs grow. They’re a great resource and should be taken advantage of. We have availed of a few here at Posude and they have been an incredible support.
Read this one article to fund your next business idea!
Welcome back to our blog series, which is dedicated completely to the Local Enterprise Office and the support they have available to you! In the past the LEO has really helped me out, so they were first on my list of guests to call for this series. Enda Cannon, of the LEO Roscommon, explained three fantastic innovation grants that are available to Irish businesses to me.
Keep reading to see exactly how you can get funding for your business.
- Innovation Vouchers
These vouchers are worth up to €5,000 and aim to help small businesses explore a business opportunity with a registered knowledge provider (a higher education institution or a public research body).
You can apply for an innovation voucher if you are any SME in Ireland. There are also clauses that emit those who are non-profit, have a charitable association, or are a sports club, as well as a few other criteria.
A company can use a maximum of three vouchers – one of which must be a 50/50 co-funded, fast track voucher (the company has to contribute half of the project costs in cash). But you can only have one active voucher at a time.
They can be used on all kinds of innovation – new product development, business model development, service development or training. Costs that can be covered include exports, internships, training courses, sales activities, advertising material, marketing, legal assistance, and much more.
Apply for yours here.
Watch Enda explain innovation vouchers in his own words in the 45-second clip below.
2. Agile Innovation Fund
This grant is similar to the innovation vouchers, but on a much larger scale. It’s for established businesses who want to take on a large scale project.
The funding amount for this grant is much larger – at up to 50% of the investment, or up to €300,000. It covers all aspects of the innovation venture – from salaries to consultancy, to costs of materials for prototypes.
The fund requires very little paperwork so it is an easily accessed resource. The application process is quick and now even has a fast-track option, which allows businesses to streamline applications online.
The grant can often involve a partner from a third level institution or an outside consultant, as there may not be the right team available in-house.
To see more information, or apply for this fund, see here.
Hear Enda go into detail in the clip below – but be warned, the amount is out of date now! It’s €300,000 currently rather than €200,000.
If your business is innovating, the above 2 grants are great resources for you to look into.
No matter what kind of business you are, the LEO should be your first port of call. Even if the above grants aren’t suitable, there will be something they can do for you. When I got in touch, they had a variety of supports that helped me get where I am today. It’s a no-brainer – check out what they can offer you!