A €302,000 cash injection has been announced by the Fingal Local Enterprise Office (LEO) through a number of its grant schemes aimed at supporting 20 small and start-up businesses.
Fingal Local Enterprise Office has announced that 20 small businesses and start-ups have been approved for financial support in the third quarter of 2018. This will result in 19 direct new jobs immediately, with more than 55 new jobs planned over the coming three years in the businesses.
The latest funding figures announced by Fingal LEO today will also result in significant additional spending in the local economy, boosting the local supply chain.
Announcing the latest LEO investment of over €302,000 in small businesses, LEO Fingal stated that 2018 continues to see significant growth in employment in the small business sector.
The Mayor of Fingal Cllr. Anthony Lavin and Oisin Geoghegan, Head of Enterprise presented grant approval letters of offer to the successful businesses at a specially convened awards event held in the Atrium of County Hall today. The businesses were approved for business priming grants (for start-ups), feasibility study grants, business expansion grants, Trading Online Vouchers and Micro-Exporters’ grants.
Presenting letters of offer to each of the grant approved businesses, the Mayor commented on the announcement:
“I am delighted to see so many of our local businesses start-up and grow with the support of Fingal County Council through our Local Enterprise Office. Our economy continues to perform well and the contribution of small businesses to our economic growth in terms of job creation is very significant. By investing in start-ups and business growth, LEO Fingal is at the forefront of enabling local job creation and in helping us to ensure that our small businesses are given the environment they need to flourish.
Many diverse sectors feature among the 20 approved businesses including food and beverage manufacturers, IT and virtual reality solutions providers, supply and manufacture of candles, IT compliance management systems, luxury goods providers, international supplier of barriers, high-tech air sterilisation system, digital communications, among others.
Announcing the latest grant approvals for the Fingal businesses, Paul Reid, Chief Executive of Fingal County Council said: “I want to congratulate all the entrepreneurs and businesses that are receiving their letters of offer today. In receiving this funding, they have demonstrated to the LEO that they have the potential to grow their business and create jobs in the local economy. The diverse mix of small businesses approved for funding is a very positive indicator that our businesses are succeeding in various different sectors. We should ensure that our local and national economic policy encourages sectoral diversity in our economy.”
Commenting on the latest round of LEO funding, the Head of Enterprise in Fingal and Chair of the National Network of Local Enterprise Offices, Oisin Geoghegan said: “The national economy and labour market is continuing to grow and I’m delighted that this trend is reflected in Fingal, underpinned by the support of the LEO office. I can’t emphasise enough how important it is for prospective entrepreneurs, and existing small businesses, to engage with their Local Enterprise Office and avail of the supports and resources available. In addition to the 20 businesses receiving funding today, many hundreds more have already attended LEO events and management training courses this year in Fingal and this is replicated in LEOs all around the country.”
Note on the types of funding provided:
A Business ‘Priming Grant’ is a business start-up grant for qualifying small businesses. The ‘Business Expansion grant’ is designed to assist the business in its growth phase after the initial 18 month start-up period. Both the ‘Business Priming Grant’ and the ‘Business Expansion Grant’ are strongly linked to job creation with a prerequisite of each being that a portion of the grant must be used to support new employment. Feasibility Study Grant assistance is provided to individuals or businesses that wish to develop new products or services or explore international markets. Business Priming and Expansion grants are ordinarily capped at €80,000 per application, while Feasibility Study grants are €20,000 maximum. The Trading Online Vouchers grant is part of the National Digital strategy aimed at supporting Irish small businesses while they enhance their online presence. It provides up to €2,500 to assist companies to develop an e-commerce platform and in so doing increases their market reach by enabling them to trade online. The Technical Assistance for Micro-Exporters grant provides up to €2,500 in matched funding to businesses who are looking to expand their export lines. All funding is co-financed by the European Regional Development Fund. TOV funding is provided by the Department of Communications, Climate Action and the Environment.
