Funding Applications
Funding to develop and grow your business
Successfully securing finance can provide the business with the resources it needs for growth
When supporting or expanding operations, there are several finance options to consider. With a variety of choice, matching the type of finance to the purpose and timeframe of the requirement can make a significant difference how much the funds cost in both financial and practical terms. There are four main types of finance available to most businesses:
Short Term: Bank Overdraft, and invoice discounting. Loans from family or friends.
Debt: Longer Term Financing, where a business borrows from an external source to meet its business requirements.
- Asset finance, which covers leasing and hire purchase arrangements
- Term loans
Equity: An owner can inject funds for further shares or seek funds from an outside investor in return for part of the ownership of the business to support its growth.
Grants: There are numerous grants/funding available from government agencies aimed at start-ups and expanding small businesses.
- Local Enterprise Office
- Enterprise Ireland
- Revenue Incentives
It is important that the business has a clear understanding of any obligations associated with the type of finance they select and is advisable to take the right advice and ensure that any requirements and restrictions are understood.
The application process can be time consuming and complex. Taking a planned approach is essential to finding the right type of finance for the business and preparing and managing the application process successfully.