State Financial Supports for Small Businesses in Ireland
Small businesses in Ireland have continued to contribute to the growth and success of Ireland’s recovering economy. Many small businesses have been through some very difficult and testing economic times in recent years but remain one of the main driving forces for Ireland’s future economic growth.
Another key contributing factor to Ireland’s growth is the range of state support for such Irish small businesses. We have detailed below some of these State Financial Supports which may be of interest to small business owners in Ireland to assist them in their business and their growth.
Small Business Support Schemes
1. Employer Job (PRSI) Incentive Scheme
This scheme exempts employers from liability to pay their share of PRSI for certain employees for a maximum of 18 months. Employers who create new and additional jobs can avail of the scheme. While waiting for approval for the scheme, standard PRSI should be operated.
2. County Enterprise Board Employment grant
This grant scheme provides €8,000 to a business per new job created in respect of up to 10 employees in eligible projects and where it can be demonstrated a labour shortage does not exist. An application must be made to the Board for approval and must include details of PRSI and provide tax clearance certificate.
3. JobBridge – Internship Scheme
This schemes provides work experience placements to a business for a 6 or 9 month period. It offers valuable work experience for unemployed individuals wishing to learn new skills or jobseekers who are unable to get a job without experience. A business can avail of this scheme once it has a minimum of one full time employee working 30 hours or more per week and subject to Tax and PRSI. The intern receives an allowance of an additional €52.50 per week with their social welfare entitlement.
4. Revenue Job Assist
Employers who employ an individual who qualifies for Revenue Job Assist can make a double deduction of that employee’s wages from their company’s taxable income for up to 3 years provided that the employee remains with them. To qualify for this the position must be new, last at least 12 months and be for at least 30 hours per week.
5. Acumen Sales and Marketing Programme
There are a number of options available under this scheme whereby the salary of a full time sales person, part time sales person or a sales graduate can be funded by Acumen.
For example; Acumen will fund 50% of the cost of a full time Sales Person’s salary in the first year. The maximum cost covered can be up to €37,500 with Acumen paying up to €18,750.
Should you have any queries on any of the above support schemes please do not hesitate to contact us.