Monaghan Enterprise Board provides a range of financial supports designed to assist with the establishment and or growth of small scale businesses. Eligible enterprises include those employing 10 or less full-time employees and satisfy the criteria set out below.
Eligibility Criteria for Financial Supports
- Projects in manufacturing or internationally traded services, which in time can graduate to the Enterprise Ireland Portfolio.
- Other worthwhile commercial ventures promoted by long term unemployed or those made redundant, or females returning to the workplace, can be supported provided that those enterprises do not give rise to concerns about deadweight(where projects would have proceeded anyway) and/or displacement(where the projects simply displace business from other players in the market).
- Tourism enterprises aimed at overseas visitors.
- Innovative projects emerging from work in second or third level colleges.
Projects must be in the commercial sphere, demonstrate a market for the product/service, and have a capacity for growth and local job creation. Business must have a registered address in Co. Monaghan, and provide employment locally.
- Retail enterprises ( eg. restaurants, cafes, mobile food outlets, etc. ) wholesale enterprises, personal services (e.g. gardeners, hairdressers etc.).
- Projects in the local service sector which give rise to deadweight and displacement.
- Mainstream professional services (e.g. accountants, solicitors).
- The trades and construction.
- Accommodation type projects.
- Projects which involve primary agricultural production.
- Alternative healthcare practices.
- Once off projects ( eg. conferences and seminars ).
- Projects which are contrary to public policy.
- Companies which already have a relationship with Enterprise Ireland, IDA Ireland, SFADCo or Udaras na Gaeltachta.
- Companies in the Manufacturing or internationally traded services area whose present or potential employment exceeds 10 persons.
Synopsis of Financial Supports
Priming Grants may be approved covering up to 50% of qualifying capital costs up to a maximum of €150,000 within the first eighteen months of operation. Grants in excess of €80,000 shall be the exception and shall only apply in the case of projects that clearly demonstrate a strong potential to export or graduate to Enterprise Ireland. Eligible costs include capital costs, salary for 1st year of employment, rental accommodation, utility costs, marketing costs, consultancy costs and business specific training.
Business Expansion Grant
Business Expansions Grants of up to 50% of qualifying costs to a maximum of €150,000. Grants in excess of €80,000 shall be the exception unless export potential and potential graduation to Enterprise Ireland proven. A business which availed of a priming grant shall be ineligible for a Business Expansion Grant for an 18 month period. Eligible costs include capital costs, salary for 1st year of employment, rental accommodation, utility costs, marketing costs, consultancy costs and business specific training.
Feasibility Study Grant
For the purpose of assessing market demand for a proposed new product or service. Up to 60% of eligible expenditure to a maximum of of €20,000 for eligible projects. Eligible costs include innovation, research, own labour and miscellaneous costs. The miscellaneous costs associated with a Feasibility Study must not exceed 20% of overall grant level. Payments to state bodies are not deemed eligible costs.
Financial Supports may cover business costs directly attributable to starting a new business or growing and developing a business, or for carrying out a Feasibility/Innovation study, except payments to State Bodies.
Amount of Grant Aid
Year period. The payments of all grants will be subject to enterprises reaching agreed milestones as per their business plans and the Board’s Letter of Offer.