This page contains a Flash digital edition of a book.
FEATURE | SME Support FEATURE | Heading

Nationwide, EBS, and Anglo Irish Bank) are signed up to the credit review process, but Sean Murphy believes that in the interests of transparency on the issue of credit facilities, all banks trading in the Irish market should sign-up. “We are calling on all banks to participate in this process so the wider market can gain an insight into exactly what has been going on,” he says. “The establishment of this office will

certainly help us to determine that, but we do need full participation. I think it is fair to say that there is a broad diversity of actions underway in the banking sector between AIB and Bank of Ireland who want to be here for the long-term and those that give the impression that they are leaving the Irish market. We cannot afford to generalise here; there needs to be a distinction between the banks that are playing their part to

DeveloPment­suPPorts­for­business

++++++++++++++++++++++++++++++++++++++++++++

The Credit Review Office, the establishment of which was announced at Budget 2010, is hosted by Enterprise Ireland (EI) and reports directly to the Minister for Finance. Viable companies can also access support from EI to plan for future business growth; develop the necessary skills, capabilities and innovation required to achieve that growth; and gain access to new markets and technologies, as well as finance to help them on their way. “The current difficult business environment is producing a strong demand for certain Enterprise Ireland offers,” says Niall O’Donnellan, Head of Investment Services at Enterprise Ireland. “For example, the Enterprise Stabilisation Fund is attracting a high level of demand from client companies. The Stabilisation Fund process involves, in a similar way to other Enterprise Ireland client engagements, company management teams working closely with their assigned Enterprise Ireland executives to ensure that they have long-term viable business plans to take them beyond any current difficulties. The new business plans involve financial commitment from the other stakeholders (e.g. banks, company shareholders) as well as EI.” In the light of the current funding difficulties, in particular for early stage companies, Enterprise Ireland has recently put a number of responses in place. These include investment with the banks in new/expanded seed and early stage equity funds (the €53 million AIB Seed Fund and the new €25 million Bank of Ireland Seed & Early Stage Fund). Enterprise Ireland has also, in association with InterTrade Ireland, supported the appointment of a new Halo Business Angel National Director, who is targeted with putting together relatively large (€0.25m - €0.5m) syndicates to invest in early stage businesses. “In a further response to current difficulties, Enterprise Ireland has now assigned specific staff members to introduce

26 InBusiness May 10

client company investment opportunities to a wide range of potential investors using both the contact databases of Enterprise Ireland and external financial intermediaries,” explains Donnellan.

Enterprise Ireland encourages client companies to discuss with their respective development advisor (i.e. relationship manager) how the full range of Enterprise Ireland services, both financial and non-financial, can best be accessed. New clients can obtain a full review of all Enterprise Ireland services, relevant to their stage of development, and also obtain contact details on the Enterprise Ireland website www.enterprise-ireland.com

Enterprise Ireland’s support programmes are designed to achieve substantive and ongoing growth in Ireland’s exports. At a company level this means there is a focus on: • Scaled company growth (prioritising those companies that can achieve real international growth);

• Driving sectoral growth (prioritising sectors that present particular opportunities); and

• Driving the internationalisation of services businesses.

At a programme level this means driving export growth through: • Supporting the development of innovative business plans;

• Supporting technical innovation through R&D supports; and

• Providing flexible support for new innovative high potential start-ups.

At a financial level Enterprise Ireland funding packages are specifically designed to support the underlying business development strategy. Enterprise Ireland’s financial offer to companies is both direct and indirect (i.e. through investment in Irish seed and venture

capital funds). Mechanisms for direct funding include: • Exploring Opportunities Funding – small initial grants for feasibility, market assessment and related areas;

• Innovative HPSU Funding – flexible equity packages for high potential early stage businesses;

• Growth Fund – grant funding for business innovation and growth;

• R&D Fund – grant funding for new product and process development; and

• Enterprise Stabilisation Fund – a preference share based response to the current cash flow pressures being experienced by Irish businesses.

Indirect funding for Irish business is provided through Enterprise Ireland investment in Irish seed and VC funds. To date over €300 million in 35 funds has been committed by Enterprise Ireland since 1994 and €175 million has also been committed in the current 2007-2012 Seed & Venture Capital Programme. Total funds available for investment in businesses under this programme are now over €500 million with a sum of over €600 million projected to be available on completion of current negotiations. Also, €78 million is now specifically available for the seed funding of Irish companies.

help the market and those that are not.”

SMEs, sole traders and farm enterprises are eligible to apply to the Credit Review Office for a review of decisions by participating banks to refuse or reduce credit facilities (including

applications for restructured credit facilities) up to €250,000.

For more information the Credit Review Office log on to www.creditreview.ie.

Niall O’Donnellan, Head of Investment Services, Enterprise Ireland. Page 1  |  Page 2  |  Page 3  |  Page 4  |  Page 5  |  Page 6  |  Page 7  |  Page 8  |  Page 9  |  Page 10  |  Page 11  |  Page 12  |  Page 13  |  Page 14  |  Page 15  |  Page 16  |  Page 17  |  Page 18  |  Page 19  |  Page 20  |  Page 21  |  Page 22  |  Page 23  |  Page 24  |  Page 25  |  Page 26  |  Page 27  |  Page 28  |  Page 29  |  Page 30  |  Page 31  |  Page 32  |  Page 33  |  Page 34  |  Page 35  |  Page 36  |  Page 37  |  Page 38  |  Page 39  |  Page 40  |  Page 41  |  Page 42  |  Page 43  |  Page 44  |  Page 45  |  Page 46  |  Page 47  |  Page 48  |  Page 49  |  Page 50  |  Page 51  |  Page 52  |  Page 53  |  Page 54  |  Page 55  |  Page 56  |  Page 57  |  Page 58  |  Page 59  |  Page 60  |  Page 61  |  Page 62  |  Page 63  |  Page 64  |  Page 65  |  Page 66  |  Page 67  |  Page 68  |  Page 69  |  Page 70  |  Page 71  |  Page 72  |  Page 73  |  Page 74  |  Page 75  |  Page 76  |  Page 77  |  Page 78  |  Page 79  |  Page 80  |  Page 81  |  Page 82
Produced with Yudu - www.yudu.com