Tullamore Chamber promotes new business funding

business people gathered in the Tullamore Court Hotel recently to attend the chamber event, “How to Score in 2012 – New Funding Opportunities for your Business”.

business people gathered in the Tullamore Court Hotel recently to attend the chamber event, “How to Score in 2012 – New Funding Opportunities for your Business”.

The event organised by Tullamore and Midlands Gateway Chambers was a unique opportunity for local businesses to hear first hand of the new funding opportunities available for businesses, in particular the Small and Medium Enterprise (SME) sector, despite the difficult economic landscape. Attendees received practical information on new ways to raise money for their business expansion, focusing on the Employment Incentive Investment Scheme (EIIS).

Bobby Connolly, Branch Manager AIB Bank Tullamore, spoke about the different ways AIB can support local businesses. Mr. Connolly explained how AIB are helping businesses gain access to credit, “AIB are committed to the Government Approved Lending Plan of €3.5bn for Irish SME’s in 2012, with the development of a new standard “SME Application Form” Bobby further said, “We have increased our Seed Capital Funding from €53m to €75m and introduced an AIB Job Creation Fund.” Bobby closed by saying that, “AIB locally will continue to work hard to support small business” and he encouraged customers to keep engaging with their bank.

Martin Nally, founder of Lir Investors a locally based Business Angels Syndicate explained that Lir Investors has “strong funding facilities whose purpose is to encourage entrepreneurs to establish, expand or diversify strong growth potential businesses”.

Lir Investors offer support for “investor ready” businesses seeking to base or grow in the midlands. Mr. Nally explained, “We are also interested in hearing from companies already started which have high growth potential beyond our shores”.

Mary Cosgrove, Byrne, Casey & Associates spoke about the potential 41% tax savings available for SME Investors, the “Employment Incentive Investment Scheme” (EIIS). Mary explained how the scheme, “Gives full income tax relief to a qualifying individual who subscribes for eligible shares in a qualifying company where those funds will be used to increase or maintain employment or fund increase research and development activities”.

Commenting on the scheme, Mary Cosgrove, said, “Businesses have been thrown a lifeline by this new scheme, which is designed to be flexible and easy to operate and most trading companies qualify for it. It offers substantial tax relief to investors. We act for a large number of clients across the SME sector; restriction of bank and trade credit is a significant challenge for these businesses. They need all the help they can get and this scheme will assist them in raising additional equity”. For more information about the scheme please contact Mary Cosgrove, 05793 66700 or email marycosgrove@bca.ie.