LEO grants are specifically designed to assist entrepreneurs like yourself in getting their businesses off the ground and thriving. In this article, we will explore four key LEO grants that can help you achieve your goals:
Feasibility Grant : This grant provides support for conducting market research and assessing the long-term viability of your product or service. Eligible expenses under this grant include market research, consultancy costs, technical development, prototype and innovation expenses, salary or labour for research purposes, and miscellaneous expenditure. The maximum grant amount varies depending on the region, but it is either 50% or 60% of the total investment, up to €15,000.
To be eligible for the Feasibility Study Grant, your business should be in the manufacturing or internationally traded service sector, employ no more than 10 people, operate in the commercial sphere, and be established within the geographic area covered by the Local Enterprise Office. Additionally, you must demonstrate a market for the product or service you intend to develop.
Priming Grant : This grant provides crucial support to startups in their first 18 months of operation. It is available to sole traders, partnerships, and limited companies that have the potential for growth in domestic and/or export markets and creating new jobs. The maximum grant amount is either 50% of the investment or €150,000, whichever is lower.
Expenses that can be covered by the LEO Priming Grant include tangible and intangible assets necessary for establishing and growing your business, such as equipment, machinery, computer purchases, website development, marketing and consultancy costs, research and development, rental or accommodation costs, and utility costs. It's important to note that you cannot use the Priming Grant to pay for any expenditure incurred before your approved application.
Trading Online Grant Voucher : The Trading Online Voucher Scheme stands out as a highly sought-after grant for small businesses. This initiative provides financial support, with the potential to receive up to €2,500. However, it's important to note that you are responsible for covering 50% of this amount yourself. For instance, if you receive the maximum grant of €2,500, you will need to contribute €1,250 from your own resources. In most cases, eligibility for LEO (Local Enterprise Office) funding programs necessitates that the business has fewer than 10 employees. This grant is quite
Business Expansion Grant : Similar to the Priming Grant, the Business Expansion Grant aims to support businesses beyond the initial 18 months of operation. The same criteria and usage restrictions apply.
To apply for a LEO grant, you should contact your Local Enterprise Office and complete the online grant application form. Supporting documentation required typically includes a strong business plan, audited accounts or financials, projected monthly cash flow and profit and loss accounts, quotations, evidence of matching finance, and a Tax Clearance Certificate Status/Verification. For more information on Local Enterprise office supports click here https://www.localenterprise.ie/Discover-Business-Supports/Financial-Supports/
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