Summary of Enterprise Ireland Supports
Despite the uncertainty, Irish companies can and should take immediate action to mitigate the potential risks and also position themselves to take advantage of opportunities as they arise. These actions will increase a business’s resilience and make practical business sense, irrespective of Brexit outcomes.
The following is a summary of some of the Enterprise Ireland supports that can be used to help you manage your Brexit response. A downloadable summary of the various supports can be accessed here.
The Border Stimulus Package
The main aim of the €28 million border stimulus package is to drive economic activity and make business more resilient and competitive across the region. Enterprise Ireland is responsible for the administration of the €15 million Border Enterprise Development Fund and the €8.5 million Brexit Transformation Fund:
- €3 million for the six Local Enterprise Offices (LEOs) in the border counties for capability development programmes for micro and small firms with ambition
- An €8.5 million Brexit Transformation Fund to enable firms to transform their businesses and diversify markets
- €1.5 million for Industry Fellowships targeted at businesses located in Border counties, administered by Science Foundation Ireland (SFI)
- A €15 million competitive Border Enterprise Development Fund, administered by Enterprise Ireland (EI)
Brexit: Customs Insights course
The Customs Insights course helps businesses understand the key customs concepts, documentation and processes required to move goods from, to and through the UK. The course will provide learners with a firm understanding of the customs implications for their business and the options from Revenue to make this process more efficient.
Brexit: Act On Initiative
The Brexit: Act On programme has been developed to focus on three main areas of capability (1) Financial and Currency Management (2) Strategic Sourcing and (3) Customs and Logistics. Delivered over the course of two half day sessions with an independent consultant, the initiative helps companies decide on specific actions over a short period to address some of the risks and opportunities from Brexit.
This initiative for Enterprise Ireland clients is delivered at no cost to the company.
Finance in Focus
The Finance in Focus grant offers Enterprise Ireland and Údarás na Gaeltachta clients funding of up to €7,200 to cover third party consultant’s fees. The grant supports the development of a financial and business plan that identifies funding needs and potential sources of funding.
Be Prepared Grant
The Be Prepared Grant is designed for Enterprise Ireland clients who would benefit from further research and external expertise in examining their exposure to Brexit and exploring ways of addressing this.
The grant, which offers up to €5,000 or 50% of the total cost in financial support, can be used to help cover consultancy, travel and expenses for both domestic and international employee travel. The grant is intended to provide strategic support to clients to use internal resources or a third-party consultant to undertake a short project to determine how the company could respond to Brexit.
Strategic Consultancy Grant
The grant supports the hiring of a strategic consultant typically over a longer period to assist the company in the development and/or the implementation of strategic initiatives. It is designed to facilitate business growth as the consultants can act as coach, mentor, facilitator, analyst for the company.
Eligible projects must be new assignments of strategic significance to the company such as a specific strategic review of one or more business functions e.g. review of the company’s treasury policy and/or implementation of a new strategic initiative e.g. preparation and implementation of new multi-currency forecasting tools and procedures.
Market Discovery Fund
One of the key aims of the Market Discovery Fund is to specifically support companies in their market diversification plans. The grant aims to incentivise companies to research viable and sustainable market entry strategies. Companies can seek support to develop new geographic markets for existing/new products OR develop new products for existing geographic markets. It provides support towards internal costs e.g. wages/ salaries, foreign travel and market research material and external costs e.g. market consultants, trade fair expenses, rental of temporary office space.
Agile Innovation Fund
The Agile Innovation Fund has been developed to support product, service and process innovation to build competitive advantage.
Compared to the other established Innovation supports from Enterprise Ireland, this fund is geared towards clients in sectors with rapid design cycles or have not previously applied for RD&I support. The key benefit of this support is that it allows for a simple application process and delivers a faster response time from application to approval.
The new Agile Innovation Fund allows companies to access up to 50% in support towards innovation projects with a total cost of up to €300,000.
Operational Excellence Offer
The new Operational Excellence Offer enables Irish companies trading internationally to develop or transform their wider business in order to compete more effectively.
Through a single, integrated application process the offer allows eligible companies to access financial support for business or operational change projects as well as the capability building and capital investment associated with innovation. The goal is to incentivise and support the key elements of a larger transformation project leading to significantly increased competitiveness.