Cork East Fine Gael TD, David Stanton has highlighted a number of initiatives contained in Budget 2014 specifically targeted at supporting entrepreneurship and business start-ups.
“The Budget contained a package of measures for business start-ups in particular an income tax exemption for people who have been unemployed for more than 12 months who set up their own business and a micro-enterprise loan of up to €25,000 for small businesses who have been refused credit by commercial banks.
“The new income tax exemption allows for people who have been unemployed for more than 12 months who set up their own business to be exempt from income tax to a maximum of €40,000 per annum for a period of two years”, said Deputy Stanton.
“Another initiative aimed at promoting entrepreneurship and improved access to finance is the micro-enterprise loans from Micro Finance Ireland. These loans are available to commercially viable proposals from small enterprises (with no more than 10 employees) that do not meet the conventional risk criteria applied by commercial banks. If approved for a loan, borrowers repay the loan at commercial interest rates. Further details are available at www.microfinanceireland.ie
“In addition to these two incentives, other measures to promote entrepreneurship contained in the Budget package are: capital gains tax relief, three year corporate tax reliefs for new companies, a seed capital scheme allowing for tax relief on capital invested into a company by a former PAYE worker who start-up a business in which he/she works full time and the establishment of a network of Local Enterprise Offices which will act as a first stop shop for enterprise supports in every county.
“Anyone wishing to learn more about the supports available to businesses can contact me at my office by telephone at 0214632867 or by email at firstname.lastname@example.org