Extra Funding For Job Creation Through DCEB
Applications to Dublin City Enterprise Board for funding supports are now being accepted.
Demand
In the last two years, demand for services in Dublin City has rocketed by about 200%. Today we are very pleased to announce that this situation is being addressed with approval by the Department of Enterprise, Trade and Innovation, and the Taoiseach’s office of additional funding up to €387,500 for Dublin City.
Dublin City is in a position to create an additional 60 jobs and generate addition supports for start up and developing businesses in the City.
Jobs
In 2010 DCEB have already approved the creation of 63 Jobs and with this additional funding this will bring the total to 123 for the year.
DCEB Funding supports
To apply to DCEB for funding an Entrepreneur will have to meet the qualifying criteria, which is for manufacturing, export potential and or innovative product or service. Projects are rejected on enterprise policy grounds of Viability, Deadweight, Job Displacement or Sector not supported. It is anticipated that up to 30 business proposals in the City area will receive support between now and Christmas. Applications are now open through the Website www.dceb.ie. This will be achieved through the approval of Feasibility, Priming and Development Grant and Loan supports with details on the website.
On this occasion we also welcome applications for Preference Share Investments up to €75,000 per investment which are used on a limited basis for growth businesses with a good track record. This scheme enables companies that are in the growth phase of their development to raise capital through the sale of redeemable preference shares. Generally repayments may take place over a period of three to five years. A dividend may be payable, a moratorium on repayments may be offered and the promoter is required to source matching funding. Boards are authorized to support companies through the purchase of shares, provided the normal criteria for eligibility and limits are met. Any amounts representing dividends or other money by the Board in respect of shares purchased, taken or subsequently sold under this heading will be retained by the Board for local redistribution. In the last eight years DCEB has invested in 42 businesses using preference shares of which 40% has been paid back for reinvestment in new businesses.
Closing Dates for applications:
Noon Thursday 28th October followed by Board Approval date Tuesday 16th November
Noon Monday 15th November followed by Board Approval date Wednesday 8th December
Note All approved funds must be drawn down by Wednesday 15th December 2010.
For further information contact: Greg Swift, CEO, Dublin City Enterprise Board. T: 01 635 1144. E-mail: info@dceb.ie