Feasibility Grant

Feasibility / Innovation Grants

 WHAT ARE FEASIBILITY /INNOVATION GRANTS ?

Feasibility / Innovation Grants are designed to assist the promoter with researching market demand for a product or service and examining it's sustainability.  It includes assistance with innovation including specific consultancy requirements, hiring of expertise from third level colleges, private specialists, design, and prototype development.

The maximum Feasibility / Innovation Grant payable for the BMW Region (including Westmeath) must not exceed 60% of the investment or €15,000 whichever is the lesser.

WHAT COSTS ARE ELIGIBLE FOR FUNDING ? 

Expenditure may be considered under the following headings :

Innovation Costs : Costs under this category may include prototype development, innovative design, research costs  and third level college consultancy.

Consultancy Costs :  These include design fees, architect, accountant and legal fees.

Miscellaneous Costs : This may include telephone costs, mileage costs at €0.26 per kilometre, subsistence & overnight costs, air travel etc.  The overall maximum drawdown in this category should not exceed 20% of the overall grant level.

(Note payments to state bodies including local authorities are excluded)

  1. Consultancy costs (to include all expenses) are subject to the Local Enterprise Office maximum limits which may be posted on its website from time to time. Subject to the foregoing, in respect of the approved cost for this project, the maximum daily rate for a Consultant is €[ ] per day;  
  2. Payments in respect of filing for a patent (including costs linked to drafting a patent specification or filing for a patent) or maintenance or defence of a patent shall not be eligible expenditure for the purposes of this Agreement. Costs in respect of searches in patent registers may be eligible expenditure when these have been specified in the Application and are not otherwise disallowed in this Agreement.
  3. The maximum eligible costs in respect of Own Labour costs shall not exceed 400 Euro per week and shall not exceed 20% of the total eligible costs incurred. Own Labour costs may not be claimed in respect of any period for which the Grantee is in receipt of Social Welfare payments (including Jobseeker’s Benefit, Illness Benefit, Maternity Benefit, Adoptive Benefit, Health and Safety Benefit, Invalidity Pension, State Pension(Contributory and Non-Contributory), Occupational Injuries Benefit, and Carer’s Benefit)
  4. 6.1            Travel and Subsistence Costs shall not exceed 20% of the total eligible costs incurred. Where such costs include car hire, train or air fares, only economy class costs shall be eligible expenditure.

 

  1. Travel and Subsistence costs are subject to the Local Enterprise Office maximum limits which may be posted on its website from time to time. Subject to the foregoing, the maximum current rates are:

                                   Mileage - 26 cents per kilometre

                                   Subsistence (to include all out of pocket expenses such as meals, taxis, local bus fares, incidentals) – 20 Euro per day

                                   Overnight Subsistence (where justified) – 50 Euro per night

  1. To obtain and submit evidence that every attempt was made to achieve value for money in terms of expenditure. To obtains one verbal quotation for all grant-aided work less than €5,000 and three competitive quotations for all grant-aided work in excess of €5,000.


What is the criteria for assistance ?

The Enterprise Office offers direct assistance to small enterprises through the provision of financial assistance. To be eligible for financial assistance a project must meet the following requirements:

  • The business must be established, registered and operate within County Westmeath.

  • The enterprise must not employ more than 10 people

  • The project must be capable of achieving commercial viability without continuing EU and State support

  • Add value to a product, process or service so as to generate or supplement the income of those involved

  • Demonstrate that there is adequate market potential for the business 

  • Comply with existing policies on tax and certification matters

  • Does not display deadweight

  • Ability of the promoters to carry out the project

  • The business must have potential for growth in domestic and/or export markets and have potential for new job creation.

    Priority for grant aid is given to:

  • Projects in the manufacturing or internationally traded services which over time can develop into strong export entities and graduate to the Enterprise Ireland Portfolio;

  • Unique Tourism services projects aimed predominantly at overseas visitors; - Please note only salary support may be offered to Tourism related businesses. These projects cannot give rise to deadweight and/or displacement in the local economy.

  • Financial Assistance is not available to retails businesses, personal services, professional services, construction/building services.

 

How to Apply ?

  • Before submitting an application for Financial Assistance, you are strongly advised to contact the Local Enterprise Office Westmeath first to discuss your business idea/proposal to confirm eligibility for assistance.

 

Supporting Documentation Required for Financial Grant Assistance :

  • Completed Application Form
  • Evidence of Borrowing Facilities / Own Funds  
  • Planning Permission      (where applicable)    
  • Health Board Approval   (where applicable)
  • Quotations, tenders and specifications for equipment and /or construction work
  • Historical Accounts (3yrs ), in the case of existing business
  • Projected Accounts - Cash-Flow Profit/Loss and Balance Sheet 
  • Certificate of Incorporation and Share Certificate, for an existing Limited Company
  • Site Drawings /Layouts (where applicable)
  • Business Plan
  • Tax Clearance Certificate

Related Documents:

Related Documents

Feasibility Study Link https://submit.link/P