Your Guide to Financial Support for Small Businesses

August 22, 2024
|In Grants
|By Angela O'Leary

Through the initiation of their business grants, the Local Enterprise Office (LEO) Cork City strives to help startups overcome the financial challenges they face during the early years of business.

What Are the Available Grants?

  • Feasibility Study Grants: For businesses at the feasibility stage.
  • Priming Grants: For businesses trading for less than 18 months.
  • Business Expansion Grants: For businesses trading for over 18 months.
  • Technical Assistance for Micro Exporters (TAME): For businesses looking to explore export markets.
  • Trading Online Vouchers: To support businesses in enhancing their online trading presence.

 Stages of the Business Journey and AG Associates’ Involvement

Business StageDescriptionAG Associates’ InvolvementAccounting Services Needed
Feasibility StageExploring the viability of a business idea, including market research and sustainability assessments.AG Associates helps assess financial viability and prepare feasibility reports.– Feasibility analysis
– Market research
– Financial forecasting
Startup (0-18 Months)The initial stage of launching and establishing the business, focusing on getting operations running.AG Associates assists with setting up financial systems and managing initial funding.– Business setup
– Bookkeeping setup
– Cash flow management
– Payroll setup
Growth (18+ Months)The business is expanding, increasing operations, and entering new markets.AG Associates provides financial planning, growth strategy, and scaling support.– Financial planning
– Budgeting
– Tax planning
– Expansion strategy
Digital TransformationEnhancing the business’s online presence and adopting digital tools for improved efficiency.AG Associates guides on the financial implications of digital investments.– Cost-benefit analysis
– Digital strategy budgeting
– Online trading financials
ExportingThe business is ready to explore international markets and expand its reach globally.AG Associates offers expertise in managing export-related financial complexities.– Export cost analysis
– Currency management
– International tax compliance

 

Details of Each Grant:

  • Feasibility Study Grant:
    Offers up to 50% funding (max €15,000) for market research and sustainability assessments of new products/services. Eligible costs include prototype development, research, consultancy, and related expenses, with specific caps on own labor and miscellaneous costs.
  • Priming Grant:
    A startup grant available to micro-enterprises within the first 18 months of their operations. Eligible costs include capital items, salary costs, utility costs, marketing costs, consultancy costs, and business-specific training.
  • Business Expansion Grant:
    Provides assistance to businesses in the growth phase, after the initial 18-month startup period. Eligible costs include capital items, salary costs, utility costs, marketing costs, consultancy costs, and business-specific training.
  • Trading Online Vouchers (TOV):
    Designed to support small businesses in enhancing their online trading presence, with a grant value of up to €2,500. The TOV can be used for the purchase of internet-related software, online advertising, app development, implementation of a digital marketing strategy, and more.

 

Grants Applicable at Each Stage of the Business Journey

GrantApplicable Business StageDescriptionWhen to Apply
Feasibility Study GrantFeasibility StageUp to 50% funding for market research and sustainability assessments of new products/services.Apply during the feasibility analysis stage.
Priming GrantStartup (0-18 Months)Startup grant for micro-enterprises within the first 18 months. Covers capital items, salary, utilities, marketing, etc.Apply within the first 18 months of trading.
Business Expansion GrantGrowth (18+ Months)Support for businesses in the growth phase. Covers capital items, salary, utilities, marketing, etc.Apply after 18 months of successful trading.
Trading Online Voucher (TOV)Digital TransformationGrant up to €2,500 for enhancing online trading presence.Apply when planning to invest in digital tools and online presence.
Technical Assistance for Micro Exporters (TAME)Exporting StageSupport for micro-enterprises looking to explore export markets, covering export-related expenses.Apply when ready to explore international markets.

 

These grants from the Local Enterprise Office Cork City are invaluable resources for small businesses at every stage of development. Whether you’re just starting out, looking to expand, or aiming to boost your online presence, these supports can provide the financial assistance and guidance you need to succeed.