Securing funding through small business grants is often the key to unlocking growth and new opportunities for startups and small business owners in Ireland. However, so many grants are available that it can be overwhelming. The one certainty is that you need a cash injection to take your venture to the next level. So, for those wondering where to start, we have compiled this guide to introduce you to the broad range of small business grants in Ireland.
Whether you need funding for research and development, hiring new staff, expanding your premises, or investing in technology, this comprehensive guide will break down the different types of grants available. We’ll explore eligibility criteria, application processes, key types of grants on offer, and handy tips for submitting a successful application.
From government schemes to private initiatives, there has never been a better time to explore the opportunities on offer!
There are several types of small business grants in Ireland, each catering to different business needs:
Applicants must typically meet specific criteria to qualify for small business grants in Ireland. These criteria usually focus on aspects such as the size and stage of business. For example, most small business grants target startups, micro-enterprises, or small and medium-sized enterprises (SMEs) in the early stages of development.
Business location is often a key consideration, as many grant programmes support regional economic development and only support companies in that particular geographic area or county. Some grants focus solely on sectors such as technology, manufacturing, or social enterprises.
Finding the right funding source for your business can take time. The grant application process can seem daunting, but it’s important to remember that the sooner you submit your grant application, the better. This ensures you have your funding in place before you start incurring costs.
Start by consulting with local enterprise centres or government agencies to establish what they can offer. It’s also a good idea to join local networking groups to meet other small business owners who may have previously secured funding.
Once you have identified the array of small business grants in Ireland, the next step is to review your eligibility, the application requirements and the grant guidelines. This includes understanding the focus area of each grant programme, the eligibility criteria, the type of information and documentation required, and the deadlines for submitting your application.
Finally, before applying for a grant, it is essential to note that the application process is highly competitive and time-consuming, with many challenges. Therefore, careful preparation is crucial.
A well-prepared grant application will rest on four critical factors, as discussed below:
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The Irish government offers various grants for small businesses at different development stages:
31 Local Enterprise offices (LEOs) across Ireland operate locally as first-stop shops for information and support for startups and existing small businesses. LEOs provide advice, information, mentoring, training programmes and financial support schemes for various business lifecycle stages. They can also assist you in the grant application process, providing guidance, clarifying which grants you may be eligible for, and helping you prepare your application.
The Local Enterprise Offices offer a range of grants, including:
LEOs also help small and medium-sized businesses (up to 50 employees) improve their digital technology with the Grow Digital Voucher.
The Microenterprise Loan Fund, administered by Microfinance Ireland (MFI), was established as part of the Government’s Action Plan for Jobs and forms part of a suite of financial programmes to assist startups and established businesses of different sizes and at various stages of development across all industry sectors.
The Fund provides unsecured business loans to micro-enterprises, both startups and existing businesses with viable businesses, who cannot obtain funding through traditional sources. Sole traders, partnerships and limited companies are all eligible. (Microenterprises are businesses with less than 10 employees and /or Turnover <€2m). As MFI works closely with LEOs, companies can apply for a standard MFI loan through their Local Enterprise Office.
Enterprise Ireland, the Irish government’s enterprise development agency, supports companies from startups to SMEs with the primary objective of helping high-potential Irish companies (defined as High Potential Startups (HPSUs)) to develop growth strategies and scale their operations in global markets. An HPSU is a company capable of creating at least 10 jobs and generating €1 million in sales within three years.
With a network of 39 international offices, Enterprise Ireland provides funding, advisory and development support.
Enterprise Ireland offers a range of supports and grants for companies developing their business idea, including the New Frontiers Entrepreneur Development Programme, HPSU Feasibility Grant, Innovation Voucher and Pre-Seed Start Fund. These initiatives enable entrepreneurs to access the insights and expertise of a vibrant startup community.
Enterprise Ireland provides initiatives such as Digital Marketing Discovery, GreenPlus, Key Manager Support and the Market Discovery Fund. These initiatives enable companies to access funding to improve their digital marketing strategies, recruit senior managers and develop market entry strategies at a crucial stage in their growth.
The Back to Work Enterprise Allowance (BTWEA) supports unemployed individuals starting a business. Eligible individuals must be under 66 and have received Jobseeker’s Benefit (JB) or Jobseeker’s Allowance (JA) for at least nine months. This scheme allows them to retain social welfare payments for up to two years, providing financial stability during the critical startup phase while encouraging entrepreneurship and employment creation.
InterTrade Ireland is a North-South Implementation Body established under the 1998 Belfast Agreement to develop cross-border trade and assist SMEs with growth, capacity building, and R&D. Intertrade’s range of supports includes webinars, conferences, funding advisory services and trade export clinics. Seedcorn is its best-known initiative and is the largest business competition for early-stage/high-growth companies, with a prize fund of €300k, on the island of Ireland – applications for the 2025 Seedcorn competition open in March.
Enterprise Ireland’s female entrepreneurs programme offers dedicated support to women starting and growing businesses. These programmes provide financial aid and facilitate networking and mentorship opportunities essential for early-stage female entrepreneurs.
The Going for Growth programme aids women entrepreneurs in any sector across Ireland in scaling their businesses by connecting them with experienced lead entrepreneurs for guidance and support. The ACORNS programme (funded under the Rural Innovation and Development Fund through the Department of Agriculture, Food and the Marine) helps female entrepreneurs overcome rural entrepreneurship challenges by connecting them with experienced mentors and facilitating network development.
Beyond government grants and initiatives, there is a range of other substantial supports for startups:
The National Enterprise Hub is a single source of information on all government support initiatives for businesses. Working with a network of government agencies and business groups, it consolidates over 180 government resources, enabling companies to easily access information on grants and funding, loans, training programmes, and expert advice on everything from tax reliefs to intellectual property matters.
Social Entrepreneurs Ireland is a not-for-profit, private organisation providing direct funding through its Impact Programme and accelerator programmes, such as Ideas Academy. These supports specifically help entrepreneurs with unique, scalable business ideas tackle social problems and drive social change in Ireland.
With hubs in Dublin, Cork, Kerry and Galway, the National Digital Research Centre, or NDRC, is a national accelerator programme designed to support technology “startups with global ambition” in Ireland. NDRC’s Pre-Accelerator and Accelerator programmes offer funding, mentorship, training, office space and networking services to aspiring entrepreneurs with viable products or concepts that are globally scalable.
Supported by Enterprise Ireland, there are four regionally based Business Innovation Centres whose mission is to identify, select and support innovative business ideas with high-growth potential which can contribute significantly to the economic development of their region. Supports include assistance in securing funding, business consultancy, networking events, accelerator programmes, and mentoring, as well as providing the most effective aid to startups, early-stage, and scale-up enterprises.
In addition to government-funded grant programmes, numerous private and non-profit organisations in Ireland offer valuable support to startups and SMEs, complementing the assistance available from government initiatives. For instance, the Bank of Ireland has a range of accelerator funds, such as the MedTech Accelerator Fund, which is focused on funding Life Sciences companies with high growth and/or export potential.
Without briefly touching on the wealth of private-sector options such as venture capital, angel investors, and crowdfunding, no discussion on funding support would be complete. In addition to funding, these options also open up network and mentorship opportunities that might also be available.
Venture capital is equity funding provided by venture capital funds to startups and new companies with high growth potential in exchange for partial ownership of the company.
Angel investment is where wealthy individuals or groups invest their own money in exchange for an ownership stake in the company.
Crowdfunding has become popular in recent years with the advent of social media, which allows entrepreneurs to fund projects by collecting small amounts of money from a large number of people through online platforms. We have listed some key Irish websites to research these options at the end of this post.
As with all options discussed, preparation is the most critical element – entrepreneurs must be well-prepared with a solid business plan containing detailed financial statements and cash flow forecasting. Finally, the role of accountants or business advisers cannot be overstated. Their financial expertise and practical insights, acquired over years of experience, could be the game-changer that enables you to secure funding and make your dream a reality!
o’donnell+co has over 27 years of experience with startups and company formations. Our experts offer a one-stop shop service to guide you through every stage from company formation to tax filing and compliance with Revenue. Our service is backed by sound, objective advice coupled with a proactive approach, helping you to make the right decisions at the right time to drive growth. For more information, please call us on 061 317500 or email us at info@odonnellaccountants.ie.
