Business Start up Grants available in Northern Ireland
Financial support is a key requirement when starting up a new business and there are a wide range of schemes available to assist new and developing enterprises in Northern Ireland. The following list gives details of some bodies that may provide Grants or other financial assistance although it is not exhaustive.
Enterprise Northern Ireland Loan Fund
Enterprise Northern Ireland is a network of 32 enterprise agencies which support businesses by offering business advice, information and financial support.
The Enterprise Northern Ireland Loan Fund is available to all small businesses in each of the District Council areas in Northern Ireland, and is made up of the collective resources of Enterprise Northern Ireland member organisations.
The aim of the Loan Fund is to make funding more accessible to those individuals starting or operating a small business, and in support of the loan to provide advice on cash-flow and other business activities.
Who is eligible?
• Applicants must be 18 years of age or over, there is no upper age limit
• The business must be legal, moral and non-discriminatory
• It must be commercially viable
What help is available?
• Unsecured loans of up to £25,000 for start-up and existing businesses
• Free help with developing a viable business proposal from an accredited business advisor
• Gap financing to complete a funding requirement
• Repayable over a maximum of 5 years
• Attractive fixed interest rate
• Ongoing business support
How can I apply?
Applicants must demonstrate a viable business proposal to support the loan. An application form is available online at: wwwenterpriseni.com
Invest Northern Ireland
The financial assistance available from Invest NI is targeted towards helping businesses that can grow and compete in international markets. If your businesses activity is primarily within the Northern Ireland market it would be advisable to contact Enterprise Northern Ireland instead.
Who is eligible?
To be eligible for financial assistance you must also be a manufacturing business or a business offering internationally tradable services. If a project is to be approved for financial assistance it must:
• be viable
• show a need for Invest NI support
• generate a positive return to the economy
Further information is available at: www.investni.com
The Prince’s Trust Northern Ireland
The Prince's Trust is a charity which provides training, mentoring and financial assistance to help young people start up in business.
Who is eligible?
The Business Programme is available to people:
• aged 18-30
• who are unemployed or working less than 16 hours a week
• and living Northern Ireland
What help is available?
• A low interest loan of up to £4,000 (up to £5,000 for a partnership)
• Ongoing advice from a business mentor
• Access to a wide range of products and services
• A grant of up to £1,500 in special circumstances (subject to local availability)
• A test marketing grant of up to £250 (subject to local availability)
How can I apply?
Call 0800 842842 or apply online at: www.princes-trust.org.uk
Small Firms Loan Guarantee
In certain circumstances the Government will act as a guarantor of loans to small businesses with viable business proposals. A Small Firms Loan Guarantee allows a business to get a loan from a bank or other financial institution which they would otherwise be turned down for because they do not have assets to offer as security.
The Small Firms Loan Guarantee (SFLG) helps to overcome this by providing lenders with a government guarantee against default in certain circumstances.
The SFLG is a joint venture between the Department for Business, Enterprise and Regulatory Reform (BERR) and a number of participating lenders.
The main features and criteria of the scheme are:
• A guarantee to the lender covering 75 per cent of the loan amount, for which the borrower pays a two per cent premium on the outstanding balance of the loan.
• The ability to guarantee loans of up to £250,000 and with terms of up to ten years.
• Availability to qualifying UK businesses with an annual turnover of up to £5.6 million and which are up to five years old. This is generally determined by the date the business came within the charge of corporation tax (for a company) or became liable to pay Class 2 National Insurance contributions (for a self-employed individual). In the case of a business transfer the five-year age limit applies to both the business making the acquisition and the business being acquired.
Further information is available: www.berr.gov.uk
Rural Business support organisations
Department of Agriculture & Rural Development
The Department of Agriculture & Rural Development will provide grant assistance for on-farm and off-farm diversification projects through a range of programmes. Funding applications are normally judged on the soundness of the proposed enterprise, the strength of the business plan submitted and the overall viability of a project. Further information is available from the Rural NI website: www.ruralni.gov.uk
© Northern Ireland Association of Citizens Advice Bureaux (NIACAB) 2008