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Government funding can sometimes be cumbersome to apply for and the approval process can be dispiriting. There are, however, genuine opportunities available for local business. This week, Gerard Gildernew of Cavanagh Kelly outlines what’s out there for the entrepreneur…

Tight cashflow and difficulties in accessing bank finance continue to be debilitating factors for many local businesses. It is important to know that there is considerable government funding available locally, subject to applicants meeting the funding criteria.

As the economy slowly begins to recover, entrepreneurs and business owners should not look away from these alternative sources of funding. Whilst the application process may be onerous, when funding comes through, it can make a real difference to bringing your business to the next level.

Many local businesses have already drawn down funding which has helped their businesses grow and develop. Some of the programmes currently available in the Tyrone & Fermanagh areas include:

Employing People/Improving Skills

• Invest NI’s Short Term Aid Scheme has provided cash support to many local business to help pay key employees who otherwise would have been let go. The Short Term Aid Scheme runs until 31 December 2010.
• InterTradeIreland Acumen programme offers support to SME’s by providing funding to help you target new cross-border markets.
• Invest NI’s Interim Manager programme is delivered through one-to-one consultants and specialist advice. It also offers an element of financial support for the engagement of an interim manager.

Cost reduction

• Invest NI’s Carbon Trust Programme offers a portfolio of services to help businesses to become or remain energy efficient. The initial survey is free and further consultation is part funded.
• Envirowise, also operated by Invest NI, is a free advisory initiative aimed at helping businesses improve their environmental performance and save cash.
• The Business Payment Support Service scheme, offered by HM Revenue & Customs offers help to businesses facing financial difficulties to spread tax payments over a timetable they can afford.

Products & Processes

• Invest NI’s Innovation Voucher Scheme offers vouchers worth £4,000 to allow you to access skills and expertise from expert providers.
• Invest NI’s Accelerated Support Fund enables client companies to avail of three to five days free diagnostic support delivered by specialist advisers.
• ARC North West are currently accepting applications to Measure 3.1 (Diversification into Non Agricultural Activities) & Measure 3.2 (Business Creation and Development). The current call opened on Monday 7 June 2010 and will remain open for 12 weeks; the first closing date is 12 noon on Monday 19 July 2010 and the final closing date is 12 noon on Tuesday 31 August 2010.

These are only a sample of the current programmes available to local business. Business owners should be vigilant for programmes being offered by local enterprise and development agencies. Ensure that you are on the appropriate mailing list for funding bodies, so that you are made aware of funding opportunities as they arise. And as we said at the top, don’t be put off by the application process; the funding can be there for the taking!

Gerard Gildernew is Partner in CavanaghKelly and can be contacted at Gerard.Gildernew@cavanaghkelly.com

Have you a question you would like answered? If so, please email us to businessreport@cavanaghkelly.com