Competitive Feasibility Fund - Agri Business

The Irish agri-business sector has an unrivalled reputation across the world. Agricultural machinery exports reach over €100m per annum primarily to the UK and Europe with several Irish machinery companies exporting on a global scale.

Enterprise Ireland recognise the need to encourage, grow and develop the next generation of Irish agri-business companies competing on a global scale.  The Competitive Feasibililty Fund for Agri-Business aims to support agri-business entrepreneurs grow scalable businesses.

The total fund size is up to €250,000. Applications for funding are considered on a competitive basis.

The objective of the Competitive Feasibility Fund for Agri Business Entrepreneurs is to assist new start-up company, or individual entrepreneur, to investigate the viability of a new growth-orientated business proposition which has the ability to become a High Potential Start-up [HPSU]. These are companies that can develop scalable innovative technologies, products or services for sale on world markets. We are seeking to support projects that are likely to achieve significant growth within three years (sales of €1m per annum and employment of 10 or more) or, where a company is required to have FDA or CE approval, to have €1 million in sales within three years of approval to sell.

 

Am I Eligible?

The applicant must be part of the lead management team, with a business start up that has the potential to create jobs and export growth.  The new business must be:

  • Less than 3 years since the date of incorporation.
  • a manufacturing or an internationally traded services business.*
  • Not involved in activities that fall within gambling or "gaming" as defined in the Gaming & Lotteries Act 1956.
  • have the potential to create jobs and significant growth in the Agri-Business Sector.

*Projects focused solely on the domestic market may not be considered to have significant growth potential.

 

Ineligible Applicants

The fund is not open to the following:

  • Applications that are not within the Agri-Business sector.
  • Projects focused solely on the domestic market.
  • Individuals or start-up companies that have been approved financial support from Enterprise Ireland (including Feasibility Grants, New Frontiers Stipend, CORD Grant, Competitive Start Fund or Equity Investment) in the past 2 years.
  • Applicants who were approved any other state funding for the project for which they are seeking feasibility funding.
  • Companies who have already reached their De Minimis Aid limit.
  • Applications received after the call close date 3pm on Tuesday 6th September 2016.

 

Eligible Activities

Successful applicants will be awarded feasibility funding to support a maximum of 50% of the study costs. Typical elements involved in carrying out a feasibility study include:

  • Market research
  • Cost analysis
  • Financial projections
  • Manufacturing process assessment
  • Plant evaluation and selection
  • Raw material sourcing
  • Prototyping
  • Negotiating with potential joint venture partners or obtaining a manufacturing licence may also be included

 

Eligible Costs

Eligible costs include:

  • Salary costs of the promoter(s) or company employees
  • Foreign travel and subsistence costs related to the project
  • Fees of external consultants
  • Costs of building and/or testing a prototype
  • Costs of exhibiting at or visiting one overseas trade fair

Any expenditure incurred prior to the call close date of 3pm on Tuesday 6th September, 2016 is not eligible for support.

 

Maximum Funding

The maximum grant available is €25,000.  The grant is calculated at a maximum of 50% of eligible expenditure of up to €50,000 incurred by the successful applicant. 

Eligible applications for funding will be considered on a competitive basis.  Enterprise Ireland will assess eligibility of the activities proposed in the study and associated costs. The amount of support will be determined by the Evaluation Panel following the Final Assessment.

 

How do I Apply?

Applications must be submitted via the Enterprise Ireland Online Application System from 3pm on Tuesday 23rd August 2016.

 

Call Close Date

The closing date/time for this fund is 3pm on Tuesday 6th September, 2016.  Completed applications must be submitted on or before that date/time.  Late applications will not be considered.

 

Tips to help you make your application

  • Allow plenty of time to prepare your application.  You are planning to invest up to €25,000 of your own money along with up to €25,000 of Enterprise Ireland’s funding into this project.  Therefore, give it due consideration and include as much relevant detail in the application form.   Start you application online early and work on it over the entire application open period. 
  • Answer the question you are asked! – Application forms are like exams, answer the question you are asked.  For example, If you are asked to describe your sales plan – then answer the question your sales plan and expected sales, ideal customer, etc.  Plan your answer well and avoid rambling statements not related to the question asked.
  • Consider your costs - When considering what eligible cost to apply for, ensure that you consider applying for real and anticipated costs.  The maximum that will be considered in the application is a ceiling of €50,000.  This means that even if you are planning on spending €60,000 only eligible costs up to €50,000 are considered for any grant claim. 

 

Contact Details / Further Information

Full details about the Agri Fund, eligibility and terms & conditions are available in the Reference Document.

For details about the Competitive Feasibility Fund, please email or telephone:

agrifund@enterprise-ireland.com

+353 90 6487 100

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