Alternative Sources of Finance
If you have been declined finance there are other options available
Local Enterprise Office
Offer a range of support for small and medium sized enterprises (SME) including Suppporting SME's online tool, advice, information and funding support
For those businesses looking for alternative means of:
- Growth finance
- Seed Funding
- Business Angel Investment or
- Venture Capital Funding
Enterprise Ireland is the government organisation responsible for the development and growth of Irish enterprises in world markets.
Supporting entrepreneurs through equity based investment initiatives
European Investment Bank (EIB)
Support through lending, and advice to help maximise value for money
Funded by the Irish Government to provide loans to newly established and growing micro-enterprises across all industry sectors that do not meet the conventional risk criteria applied by banks.
Provides unsecured loans from €2,000 up to €25,000 with terms ranging from 3 to 5 years
From October 2012 Small and Medium Enterprises ('SMEs'), who have been unable to secure funding from their bank due to security shortfalls have an opportunity to avail of the Credit Guarantee Scheme.
Recently launched by the Department of Jobs, Enterprise & Innovation (DoJEI), the Credit Guarantee Scheme was established to facilitate additional commercial lending to SMEs based in Ireland or Irish owned SMEs who can demonstrate commercial viability but cannot secure credit facilities due to:
A perception of higher risk under banks' credt risk evaluation practises. This may be due to SMEs expansion into sectors/markets or use of business models perceived as new or un-tested.
Guarantees offered under the scheme may be for periods up to three years. Your loan must be for a minimum of three months and your guarantee commences from the date you sign a letter of offer, so you should aim to draw your funds down as soon you can, after receiving loan approval.
SME businesses based in Ireland or are Irish owned
SME businesses that have less then 250 employees
SME businesses that have a turnover of less than or equal to €50million, or
SME businesses that have an annual balance sheet less than or equal to €43million
Full eligibility criteria is available on the Department of Jobs Enterprise & Innovation website.
We are available at any time to help discuss your options. Details on how to apply for finance under the Credit Guarantee Scheme and how the scheme operates are available on the link above.