Allow Cavan LEO to help you on your business journey

For many people the key barrier in getting their business idea off the ground and finding out if it can be a success is finance.

With that in mind Cavan Local Enterprise Office can provide a feasibility grant available to individuals even before they have set up the business.

“That grant is worth up to €15,000 and available to clients to test the strength of their concept,” explains Senior Enterprise Development Officer, Gillian Madden, “and it’s 60% grant aided so that you have to come up with the balance”.

She continues: “It gives them a very clear idea around: is a product viable? Is there a market appetite there? What’s the demand? Who are my key markets?”

The grant allows the person to employ consultants to undertake this work and/or develop prototypes.”There’s an amount of own labour that can be claimed in this as well, so that really does make a huge difference in terms of assisting any person with a business idea to move it from the idea stage to decide, ‘Is this a business I could actually set up and there’s a demand for?’”

Gillian works with the person in these early stages to get the idea ready to pitch to the committee, comprised of experienced business owners and professionals to decide on whether to grant the funding.

“We only bring the best concepts and ideas to our committee who approve the grants,” she assures.

“Obviously not everyone who comes to us will get over this hurdle the first time, and we may then offer other supports to them such as mentoring to help them refine their ideas and clarify what they want to achieve and maybe put a business plan in place so that they have a clearer concept of what they want.

“We rarely, if ever, say no, because we have such a range of supports that we can, generally, if the client is willing, work with them to get where they need to be.”

If the feasibility report returns with a positive outlook, the idea can germinate into a business. The entrepreneur can draw on the advice and support to nurture the business. They can also avail of a priming grant from the LEO.

“That grant offers 50% funding for whatever they might need like machinery, capital expenditure on equipment, we can contribute grants towards the hiring of staff, more consultancy, maybe marketing,” outlines Gillian.

Once a business has gained “traction” and is up and running for 18 months or more, they can apply for a business extension grant.

“We can then give them further capital, salary support, consultancy, whatever it is they need, around growing the business to the next level,” details Gillian.

Finally, the LEO is available to assist businesses in reaching “the next level” with export development programmes.

“This is to help them get their product or their service overseas and start rolling it internationally - whether that’s the UK, Europe or further afield, an - we can help them every step of the way.”

Over the last five years Cavan LEO has handed out over 400 grants across all their financial supports.

“There’s very few businesses in the county who haven’t come to us at some stage and got benefits from us, and that’s what we want, that’s what we are here for - it’s a Local Enterprise Office, and it’s called local for a reason.

“We will rarely, if ever, say no because there’s something we can do to help. Not every business is eligible for a grant but we will explain that to them and we will direct them as to what they are eligible for.”

Gillian believes the relationships between the clients and the Local Enterprise Office is essential.

“We’re somebody you can actually speak to - there’s a face and a name, a phone line and an office that you can come in to, and that’s becoming more and more important because you can be overwhelmed with the level of information that’s out there.”

Gillian adds: “Many of our clients are with us a very long time - they go through a journey with us and they develop relationships with us and with our mentors.”