Finance

Money talks, remember you can't start a business without some capital. There are many options when seeking finance, whether it is your local enterprise board, bank or investors. It’s significant for your business that you find the one that’s best suited to your structure.

A clear and detailed business plan along with a pitch, must be ready to deliver in order to secure startup capital.
Many startup businesses are anxious when approaching the banks for startup funding. The main banks are still lending, but they tend to be more vigilant to previously when the economy was stronger. Bank of Ireland seem to market their “start your own business” quiet well. They offer attractive services such as charges and fees removed for the first two years. AIB also don’t charge fees for the same amount of time. Both banks have detailed description of packages available to startups. It is beneficial to choose the most suitable one for your business.

Local enterprise boards are set up to support businesses to get started. They provide very useful mentoring and startup advice. Most startup businesses contact their enterprise board in order to obtain funding, a multiple of different grants are available. The most popular for online businesses is the website development grant. Grants are awarded to a maximum of 50% of eligible costs, or €2,500. This figure depends on what county enterprise board you are eligible for.

First Step.ie provides finance to startups up to €25,000 and a minimum of €5,000.  First-Step charges interest at a current rate of 9% p.a. in addition to an administration fee. They have worked with 1,500 different businesses. To apply simply download their form, write a business plan and provide 2 references.

Cmypitch.ie is a network that connects entrepreneurs with investors. Events where ideas can be pitched to a room full of investors are frequently being held. The clever feature of this site is the ability to pitch online using a webcam. Investors anywhere in the world can view your idea, only certified investors can do so. Once your pitch has been uploaded it is emailed to hundreds of investors that are seeking that type of investment.
 
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