merrion street

The Minister for Jobs, Enterprise and Innovation, Mr. Richard Bruton TD today [Tuesday] launched an information leaflet outlining 15 schemes available to businesses seeking to start-up, expand and create jobs.

The Minister distributed the leaflet for the first time yesterday when in Galway to speak at the 9th Action Plan for Jobs 2012 Forum.

The Minister has met hundreds of businesses and thousands of businesspeople around Ireland since taking office. However, it became clear that there was a lack of awareness amongst business of many of the schemes which are available to start and grow your business, and some of these schemes are seriously underused. For example, in the case of Revenue Job Assist, almost 200,000 people are eligible to qualify for this scheme, but in 2010, the latest year for which figures are available, only 650 people benefited from it.

The leaflet outlines a number of financial supports for business, including:

· SEED CAPITAL SCHEME: Claim back up to €100,000 in income tax paid and invest into a company subscribed as shares,

· THREE YEAR CORPORATE TAX EXEMPTION: Offers tax relief for new start ups,

· BACK TO WORK ENTERPRISE ALLOWANCE (SELF-EMPLOYED): Retain your social welfare while starting up,

· EMPLOYMENT INVESTMENT AND INCENTIVE SCHEME: Tax relief for investment in certain corporate trades. Get 30% relief on €150,000 investment,

· R&D TAX CREDIT: Set 25% tax credit against corporation tax liability,

· INNOVATION VOUCHERS: Apply for a €5,000 innovation voucher to help you explore a business opportunity or problem,

· ACCELERATED CAPITAL ALLOWANCE: Gives tax relief for energy efficient companies,

· REVENUE JOB ASSIST: Take on someone who has been on the live register for 12 months and claim a double write off of the wages and PRSI for 3 years,

· EMPLOYER JOB (PRSI) INCENTIVE SCHEME: Take on someone who has been unemployed for 6 months and pay no PRSI for 18 months.

Commenting, Minister Bruton said:

“I know from my travels around the country that all levels of Irish business are fighting hard to retain customers, retain staff and to find new markets in an uncertain economic environment. Access to credit, business costs and consumer confidence are constant concerns for the business owners I meet. The Government is systematically trying to address as many of those issues as it can through our annual Action Plan for Jobs”.

“While progress is being made with the Action Plan, it has become clear to me that there is a serious gap in business awareness of the actual supports that already exist. That is what this leaflet is about - setting out in short order what is available to help you to start or run your business successfully”.

“I have said it many times before, Governments don’t create jobs, successful businesses do. But Government can help, and this leaflet explains some of the more immediate and direct sources of support which I hope businesses can take advantage of in the coming months and years”.

NOTES TO EDITORS

A copy of the leaflet is available at: http://www.enterprise.gov.ie/Publications/Financial-Support-for-Irish-Business.pdf

STARTING YOUR OWN BUSINESS

SEED CAPITAL SCHEME: Claim back up to €100,000 in income tax paid and invest into a company subscribed as shares,

THREE YEAR CORPORATE TAX EXEMPTION: Offers tax relief for new start ups,

BACK TO WORK ENTERPRISE ALLOWANCE (SELF-EMPLOYED): Retain your social welfare while starting up.

GROWING YOUR BUSINESS

EMPLOYMENT INVESTMENT AND INCENTIVE SCHEME: Tax relief for investment in certain corporate trades. Get 30% relief on €150,000 investment,

R&D TAX CREDIT: Set 25% tax credit against corporation tax liability,

INNOVATION VOUCHERS: Apply for a €5,000 innovation voucher to help you explore a business opportunity or problem,

ACCELERATED CAPITAL ALLOWANCE: Gives tax relief for energy efficient companies.

RECRUITING

REVENUE JOB ASSIST: Take on someone who has been on the live register for 12 months and claim a double write off of the wages and PRSI for 3 years,

EMPLOYER JOB (PRSI) INCENTIVE SCHEME: Take on someone who has been unemployed for 6 months and pay no PRSI for 18 months,

JOBBRIDGE: offers an internship of 6-9 months to a person who has been signing on as available for work and getting a payment or credits for at least three months,

SUCCEED IN IRELAND: Introduce a company to the IDA that creates sustainable jobs and claim a finder’s fee.

ACCESSING CREDIT

MICRO-FINANCE FUND: loans of up to €25,000 are available to commercially viable proposals in new or growing enterprises across all sectors,

CREDIT GUARANTEE SCHEME: loans to small and medium sized business where companies lack the required collateral,

CREDIT REVIEW OFFICE: Sole traders, small business and farmers who have been refused credit up to €500,000 can apply,

Code of conduct for businesses lending to SMEs: A clear set of procedures and guidelines to be followed.