Neale Richmond (Dublin Rathdown, Fine Gael)
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I would recommend that anyone looking to start their own business first speak with their Local Enterprise Office (LEO). The LEOs are the ‘first-stop-shop’ for providing advice and guidance, financial assistance, and other supports to those wishing to start or grow their own business. In the first instance the LEOs provide a ‘signposting’ service for all government supports available to the SME sector and provide information and referrals to other relevant bodies under agreed protocols.

I would particularly recommend that anyone exploring self-employment enquire about the Start Your Own Business (SYOB) Programme, which assists participants in assessing their business idea, its viability and then making an informed decision on whether to proceed or take a step back. The programme is designed to guide participants through the various aspects of business and business planning with no prior business knowledge necessary.

Government recognises the importance of trades and tradespeople to the economic landscape and wish to encourage individuals to secure their own futures by pursuing self-employment. However, there are significant challenges to providing direct grant support to domestically trading firms which include avoiding excessive displacement, funding activity that would have taken place anyway, and ensuring we don’t raise barriers to entry for entrepreneurs and new firms by supporting incumbents, thereby reducing competition and innovation for consumers.

The LEOs can provide a referral to Micro Finance Ireland (MFI), which is a not for profit lender that offers small business loans of between €2,000 and €25,000 (unsecured). Loans for commercially viable proposals can be used to help fund start-up costs, working capital or business expansion and by applying through their Local Enterprise Office, clients can avail of a 1% reduction in the interest rate charged.

In addition, there are a number of Tax Credits which can be applied for as a sole-trader, such as the Start Up Refunds for Entrepreneurs (SURE) scheme, which is a tax refund scheme that allows eligible people to get a refund of up to 41% of the capital they invest in starting a business. Under the SURE scheme, you may be entitled to a refund of PAYE income tax that you paid over the 6 years before the year in which you invest.

For further information on the assistance available to Sole Traders and the steps involved in setting up as such, I would strongly recommend speaking to a business advisor in a Local Enterprise Office as they have the experience and knowledge to help individuals with these decisions.