Expert 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 support, advice or financial assistance although it is not exhaustive.
Enterprise Northern Ireland Loan Fund
Enterprise Northern Ireland is a network of 32 local enterprise agencies which support businesses by offering business advice, information and financial support.
The Enterprise Northern Ireland Loan Fund is available to 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.
Local Enterprise Agencies
Local Enterprise Agencies (LEAs) are independent not-for-profit companies focusing on local economic and business development. LEAs are usually the first port of call for new business start-ups. They offer advice, support and low cost business premises across Northern Ireland.
LEAs deliver numerous training and mentoring programmes and on behalf of Invest Northern Ireland they deliver the Start a Business Programme to aspiring entrepreneurs.
Invest Northern Ireland
The financial assistance available from Invest NI (INI) is targeted towards helping existing businesses that can grow and compete in international markets. If your business activity is primarily within the Northern Ireland market it would be advisable to contact Enterprise Northern Ireland instead.
Invest NI also delivers tailored support and mentoring initiatives to Social, Female, Young and Rural Entrepreneurs. It also provides an excellent online resource of practical business advice NI Business Info website
.
The Prince’s Trust Northern Ireland
The Prince's Trust is a charity which provides training, mentoring and financial assistance to help young people gain employment or to start up a business.
If you have a business idea, and are aged 18-30 and unemployed, the Business Programme could be for you. It provides a loan of up to £4000, your own business mentor and lots of other support.
Assistance available includes
- 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. This includes our free legal helpline, sponsored by Barclays.
- 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)
To apply call 0800 842842 or complete The Prince's Trust Enquiry Form
Enterprise Finance Guarantee
As a small to medium-sized enterprise, you may have viable business plans that need funding and for which a loan would be appropriate. However, you may be struggling to access the finance or working capital required because of the additional risks arising from the economic downturn. The Enterprise Finance Guarantee helps to overcome this by providing lenders with a government guarantee, mitigating their risk exposure to just 25 per cent of the loan value.
Participating lenders administer the eligibility criteria and make all commercial decisions regarding borrowing. The decision whether or not to use the Enterprise Finance Guarantee with any loan rests with the lender and follows their commercial assessment of the proposition.
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 2 per cent premium on the outstanding balance of the loan, payable to BERR (the first year premium will be 1.5 per cent)
- the ability to guarantee loans from £1,000 to £1 million and with terms of up to ten years
- availability to qualifying UK businesses with an annual turnover of up to £25 million
- availability to businesses in most sectors and for most business purposes, although there are some restrictions
For further information contact Department for Business Enterprise and Regulatory Reform (BERR) - Enterprise Finance Guarantee
Rural Business Support
The Rural Development Programme (RDP) is an initiative managed by the Department of Agriculture and Rural Development (DARD) and part financed by the European Agricultural Fund for Rural Development (EAFRD).
The RDP aims to increase farm household income and create employment opportunities by providing assistance for farm households to diversify into non-agricultural activities on farm. The Programme will provide support for existing micro-enterprises and for individuals wishing to set up a new microenterprise in a non-agricultural sector.
With the exception of the Diversification into Non-Agricultural Activities, which is directed specifically at farmers and farm families, there will be a wide variety of opportunities available to both individuals and community groups.
For further information on what is currently open for applications together with further details of each scheme/programme and how to apply please visit the DARD website
See Also:
- Enterprise Northern Ireland
- Invest NI
- NI Business Info website
- Prince's Trust
- Department for Business Enterprise and Regulatory Reform (BERR) - Enterprise Finance Guarantee
- Department of Agriculture and Rual Development (DARD)
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| Comments: | 0 Add Your Comment |
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| Permalink: | Business start up support in Northern Ireland |
| Themes: | Work |
| Categories: | Business |
| Life Events: | Running a business |
| Target Groups: | Self-employed, All |
| Last updated: | 06 July 2010 |
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