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  • Small Business Finance - Information and guidance on how to finance your business.
    equipment or expand your premises it s important to look at the range of funding options available Investing in People More than half of Ireland s workforce is employed by small businesses with more than 650 000 people employed by businesses with less than 50 people Irish government departments and agencies provide a range of supports through grants and tax reliefs to encourage job creation and retention as well as training For more details of government supports please click here Investing in Capital Businesses need to invest substantial sums in premises motor vehicles equipment and other assets to produce and supply their products and services Most businesses need to look beyond their own financial resources to finance new investments The most appropriate type of financing will depend on the type and scale of investment required the business s plan stage of development and growth potential the sector in which it operates and the appetite of the business for additional credit or new investors Financing options include New private equity such as through the tax based incentive schemes business angels or venture capital For more information on private equity please click here Medium or long term bank and non bank finance

    Original URL path: http://www.smallbusinessfinance.ie/grow-your-business/category/invest-grow-overview (2016-02-16)
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  • Small Business Finance - Information and guidance on how to finance your business.
    Each business aims to set itself apart from the competition It could be an entrepreneur testing the potential for a new business proposition or an established company researching new markets or developing new products or services Innovation helps businesses to differentiate themselves from others in the market and to plot a course for future growth Some entrepreneurs and businesses choose to fund innovation or research and development from their own

    Original URL path: http://www.smallbusinessfinance.ie/grow-your-business/category/innovate-grow-overview (2016-02-16)
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  • Small Business Finance - Information and guidance on how to finance your business.
    business overseas overview Develop Business Overseas Many Irish businesses look to international markets for growth opportunities Overview Many Irish businesses look to international markets for growth opportunities A business plans to export or establish operations overseas needs to have in place a different range of financing than firms focussed on the domestic market New Opportunities Managing the Business Trade Payment Options Other Trade Finance Overview New Opportunities Overview Equity Credit

    Original URL path: http://www.smallbusinessfinance.ie/develop-business-overseas/category/overview (2016-02-16)
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  • Small Business Finance - Information and guidance on how to finance your business.
    full by customers and making payments to suppliers and other creditors when they re due Managing Your Credit Much of the focus and energy of businesses is focussed on obtaining credit Businesses must also actively manage their credit to ensure they can meet their credit repayments and to identify any issues as they arise Businesses should work with their bank to manage their credit Some important steps that help businesses to maintain a good working relationship with their bank include Keeping the bank up to date with the business s performance whether the business is doing well or not Presenting current and accurate financial information on a regular basis Inviting the bank s relationship manager to visit the business premises so that they can see how it operates Seeking advice and information from the bank especially if the business has or could have cashflow or repayment problems or if the business is at risk of going over its agreed limit If the business does go over its agreed limit it may incur increased charges and it may also affect the business s credit rating Sticking to the terms of any lending agreement Managing Credit Policy Getting paid is crucial to

    Original URL path: http://www.smallbusinessfinance.ie/managing-your-finances/category/overview (2016-02-16)
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  • Small Business Finance - Information and guidance on how to finance your business.
    Online Guide is intended to help Irish start ups and small businesses navigate the range of Government supports and to help them find the most relevant potential supports for them You will need to contact the relevant Department or Agency to establish if you do qualify for these potential supports Small Business Finance will continue to provide basic information of Governments supports and provide links where appropriate to the new

    Original URL path: http://www.smallbusinessfinance.ie/blog/supporting-smes-online-guide-to-government-supports (2016-02-16)
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  • Small Business Finance - Information and guidance on how to finance your business.
    SME in relation to its decision on a repayment arrangement within 15 business days of having received all the necessary information A lender must inform an SME of its right to appeal the lender s decision on the repayment arrangement A lender must respond to an appeal within 15 business days of receiving the appeal from the SME Where an SME is concerned about meeting repayments and approaches the lender a lender must offer the SME an immediate review meeting to discuss their circumstances and assess the potential for the SME to be offered an alternative repayment arrangement The code is available on the Central Bank s website here BPFI Protocol on Multi banked SME Debt In January 2014 Banking Payments Federation Ireland BPFI launched the BPFI Protocol on Multi banked SME Debt This is designed to allow an SME in financial difficulty and with multi banked debt to communicate with IBF member banks on a collective basis and to allow those banks to collectively discuss and consider the case The Protocol is intended supplement existing bilateral bank SME customer relationships At the request of an SME customer or of a bank with the customer s consent this Protocol will see the setting up of a banks Liaison Group to enable the indebted SME to engage with all debtor banks at the same time and to facilitate collective consideration of that particular case by those same banks The operational framework underpinning the Protocol provides for an SME Customer Consent Form and an SME Customer Request Form as well as various processes and timelines to facilitate the provision of full information by the SME and of a response by the participating banks The following categories of debt are covered Direct SME Debt comprises debt advanced directly to the SME business by member banks to finance the SME business Indirect SME Debt comprises debt advanced indirectly to the SME business by member banks which finances any asset including premises which is essential to the functioning of the SME business Such debt is most likely to be in the name of a party other than the SME SME Related Debt comprises debt other than Direct or Indirect SME Debt which depends primarily for its repayment on the viability and cash flow of the SME business The following banks subscribe to the Protocol ACCBank AIB Bank Bank of Ireland Danske Bank KBC Bank Ireland Permanent tsb Ulster Bank A copy of the Protocol as well as the Protocol Customer Consent Form and the Protocol Customer Request Form can be viewed on the BPFI website under the BPFI Protocol on Multi Banked SME Debt If your business is in financial difficulties and has multi banked debt you should contact your main bank Overview Managing Cash Managing Payments Managing Credit Overview Bank Credit Applying for Credit Government Credit Initiatives Agri Finance Social Finance Managing Credit Policy Financial Planning Dealing with Financial Difficulties Notable Events Further Information Department of Jobs Enterprise and Innovation Managing Out of the

    Original URL path: http://www.smallbusinessfinance.ie/managing-your-finances/category/dealing-with-financial-difficulties (2016-02-16)
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  • Small Business Finance - Information and guidance on how to finance your business.
    the business directly nor does it make the decision on whether a business should get a loan The funding is provided indirectly through partnered commercial banks and financial institutions These lenders decide whether or not to provide the loan to a business and set the conditions of financing interest rate loan period etc although the loan periods will typically range between five and 12 years To be eligible for the type of loan a business be an SME that is it should normally have fewer than 250 employees and the funds must be used to support new productive investments The benefit of EIB loans is that it can be cheaper for lenders to borrow funds to lend to small businesses loans from the EIB than from another source Participating banks pass on this cost advantage a given amount in basis points to eligible SMEs as agreed with the EIB which means that small businesses directly benefit from the lender s lower costs of borrowing This financial advantage is clearly communicated to the final beneficiary in the loan documentation How do I apply Small businesses interested in applying for an EIB loan should contact one of the EIB s intermediary banks The EIB maintains a list of current intermediaries and their contact details on its website here The EIF provides two types of funding supports for small businesses equity investment through venture and growth capital or credit products primarily guarantees Like the EIB the EIF does not provide finance directly to small businesses but works through intermediaries European Investment Fund Venture Capital Facilities The EIF acts as a fund of funds supporting venture capital and private equity funds that invest in small businesses particularly high growth and innovative companies that are in their early stages of development Most of the EIF supported funds investing in Ireland concentrate on companies involved in information and communications technology ICT or life sciences The EIF equity portfolio in Irish small businesses was 98 million by the end of 2010 How do I apply The EIF does not provide funding directly so entrepreneurs looking for investors with EIF backing should contact one of the funds supported by the EIF These funds decide make investment decisions based on their own commercial criteria A full list of all venture capital and private equity funds that have been backed by the EIF is available on the EIF website here What is venture capital Venture capital is medium to long term finance provided by professional investment companies in return for an equity stake The companies typically invest in businesses which are not listed on a stock exchange with high growth potential at the early seed or start up or growth stage of development For more information on venture capital in Ireland visit the website of the Irish Venture Capital Association here Competitiveness and Innovation Framework Programme CIP EU Guarantees The EIF also provides credit insurance guarantees and credit enhancements to institutions providing small business loans These guarantees are known as

    Original URL path: http://www.smallbusinessfinance.ie/grow-your-business/category/eu-funding (2016-02-16)
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  • Small Business Finance - Information and guidance on how to finance your business.
    a return on their investment or be able to repay credit provided While lenders seek much of this information in their application forms investors and lenders look for additional information to support requests for finance These documents typically include Business plan Independent financial accounts Tax clearance certificate Statement of assets and liabilities Security collateral available Information Sought and Why It s Needed Business plan The business plan explains what the business is how it plans to make money its aims and objectives and what its strategy and plans are Lenders and investors use the plan to assess the business its current and future plans and its owners Banking Payments Federation Ireland BPFI and the Consultative Committee of Accountancy Bodies Ireland CCAB I have prepared Business Planning Guidance Independent financial accounts and financial projections especially cashflow forecasts This information provides an insight into the business s past current and future performance The information will help to indicate how the business will repay existing or upcoming debt over the medium to long term It is crucial to state the assumptions behind any forecasts and to clearly explain why these are reasonable Tax clearance certificate This is a a written confirmation from the Revenue Commissioners that a person s tax affairs are in order at the date of issue of the Certificate A statement from an accountant confirming that your tax affairs are up to date may also be accepted A statement of business and owner assets and liabilities This information is used to assess the overall financial position of the company and its owner It takes into account the property assets of the owner any savings or investments as well as any loans or other liabilities Security collateral available The level and type of security collateral available to a business to support

    Original URL path: http://www.smallbusinessfinance.ie/managing-your-finances/category/financial-planning (2016-02-16)
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