Eric Byrne (Dublin South Central, Labour)
Link to this: Individually | In context | Oireachtas source

304. To ask the Minister for Jobs, Enterprise and Innovation the various different types of funding available for start-up business and specifically targeted funding for new enterprises; and if he will make a statement on the matter. [50173/13]

Richard Bruton (Dublin North Central, Fine Gael)
Link to this: Individually | In context | Oireachtas source

The main sources of direct support through my Department are Enterprise Ireland and the City and County Enterprise Boards (CEBs). Entrepreneurs can access a range of pre-investment supports from Enterprise Ireland which enable them to investigate the viability and potential of a business idea and to help accelerate their business development. These supports are accessible to entrepreneurs who come forward with strong innovative business ideas. Within this there is a programme focus on the promotion of female-led and regional start-up enterprise creation. When companies have reached the stage where they are investor ready, they can access Competitive Start Fund Funding which is awarded through a competitive call for applications, or Enterprise Ireland’s “High Potential Start Up” offer which provides equity investment to support the implementation of company business plans.

In addition to taking direct equity stakes in companies, the State through, Enterprise Ireland has invested heavily in stimulating and facilitating Business Angel investment through the Business Angel HALO programme and in providing access to finance for new and established enterprises through the Seed & Venture Capital Schemes, the Development Capital Schemes and Innovation Fund Ireland. I launched the Seed and Venture Capital Scheme 2013-2018 this year and this should further increase the availability of capital in the market. In recent months I launched the new €20m Frontline VC fund and had the opportunity to announce the MML €125m Development Capital Fund targeted at investing in more established businesses.

All CEBs provide a source of support for micro-enterprise in the start-up and expansion phases, promote and develop indigenous micro-enterprise potential and stimulate economic activity and entrepreneurship at local level. Their primary role is to support individuals and firms in achieving commercial viability, with priority given to those engaged in manufacturing and internationally traded services. CEBs can provide both financial and non-financial assistance to a project promoter. The forms of financial assistance available cover a range of business costs, subject to certain restrictions and conditions, and comprise of, Priming Grants, Business Expansion / Development Grants, and Feasibility / Innovation Grants.

Micro Finance Ireland is also a source of capital to new companies and entrepreneurs seeking to establish new businesses. MFI lends between €2,000 and €25,000 for commercially viable proposals that have been declined bank credit. This scheme was specifically designed to alleviate the challenges for entrepreneurs establishing businesses who found they could not get bank source bank debt. My Department continues to work through the Action Plan for Jobs with its agencies and other government departments to increase the availability for funding for entrepreneurs and SMEs.