Local businesses hear of new funding opportunities

Over 50 business people gathered in the Sheraton Hotel Athlone for a seminar on new funding opportunities for businesses. The event, "How To Score In 2012 - New Funding Opportunities For Your Business", organised by the Midlands Gateway and Athlone Chambers was a unique opportunity for local businesses to hear first-hand how the Hodson Bay Hotel started through the old BES investment scheme and to learn about all the pitfalls and opportunities such investment schemes have to offer. The event highlighted 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). Joanne O'Connor, Branch Manager AIB Bank, Athlone, spoke about the different ways AIB can support local businesses. Ms O'Connor explained how AIB is helping businesses gain access to credit. "AIB is committed to the Government Approved Lending Plan of €3.5bn for Irish SME's in 2012. We have developed a new standard SME Application Form with Bank of Ireland and expect other banks to also adopt this standard," she explained. Joanne added: "We have increased our Seed Capital Funding from €53m to €75m and introduced an AIB Job Creation Fund. AIB locally will continue to work hard to support small business" and she encouraged customers to keep engaging with their bank." Martin Nally, founder of Lir Investors a locally-based Business Angels Syndicate explained that the network 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". John Lyons, Tax Partner at the Longford office of RSM Farrell Grant Sparks spoke about a new Employment Incentive Investment Scheme (EIIS), which offers 41% tax savings for SME investors. John said the scheme gives income tax relief to a qualifying individual who subscribes for eligible shares in a qualifying company for the purpose of carrying on relevant trading activities or incurring R&D expenditure where trading has not started and contributing to the creation or maintenance of employment. Commenting on the scheme, John said: "Struggling businesses have been thrown a lifeline by this new scheme, which is designed to be flexible and easy to operate and most trading businesses qualify for it. It offers substantial tax relief to investors." John O'Sullivan, owner of the Hodson Bay Hotel Group, spoke about his experience of the old BES scheme when, in his late 20s, after buying the old Hodson Bay Hotel, he needed to raise funds. He felt the BES was a positive experience but very complicated to operate and believes that the new EIIS is a lot simpler for business. The night finished off on a lighter note with football manager Roddy Collins speaking about his journey starting out as a football player to his experiences as a manager and what makes a football club successful. The organisers thanked the sponsors RSM Farrell Grant Sparks from Longford, AIB Bank, Athlone and the Lir Investors.