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For Written Answer on : 23/04/2024
Question Number(s): 251 Question Reference(s): 17541/24
Department: Enterprise, Trade and Employment
Asked by: David Stanton T.D.
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QUESTION
To ask the Minister for Enterprise; Trade and Employment the measures put in place by his Department to support innovators and entrepreneurs, in particular where start-up businesses are concerned; and if he will make a statement on the matter.
REPLY
My Department supports entrepreneurs and innovators through the 31 Local Enterprise Offices, across the country. Any entrepreneur looking to start their own business should in the first instance speak with their Local Enterprise Office (LEO). 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. LEOs also 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 particularly recommend that any budding entrepreneur 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.
Local Enterprise Offices can offer direct grant aid to small businesses operating in the manufacturing and internationally traded services sector. However, it should be noted that Local Enterprise Offices cannot provide direct grant-aid to areas such as retail, personal services, local professional services, construction/local building services, as it may give rise to the displacement of existing businesses in the locality.
LEOs can also 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.
I would again, strongly recommend anyone looking to start their own business first speak to a Business Advisor in a Local Enterprise Office as they have the experience and knowledge to help entrepreneurs with business ideas and business plans. Details on Local Enterprise Office locations can be found on www.localenterprise.ie.
