Business funding opportunities event to take place in Athlone

January 12, 2012

Midlands Gateway Chamber is co-hosting an event with Athlone Chamber in order to highlight to the business community that there are new and innovative opportunities to raise funding for viable businesses, despite the difficult economic landscape.  The event entitled ‘How to Score in 2012 – New Funding Opportunities for your Business’ takes place in the Sheraton Hotel, Athlone on Wednesday 18 January 2012 at 6.30pm. A copy of their invite is attached, please book a place through the contacts listed there if you wish to attend.

John Lyons,  Tax Partner with the Longford office of RSM Farrell Grant Sparks, is one of the speakers at the event and will outline the benefits of the new Employment and Investment Incentive Scheme (EIIS).  The scheme makes it easier for SMEs to raise share capital investment.  An individual who invests in an SME can get tax savings of 30% on the investment in the first year and a further 11% three years later if employment in the business increases.  Most trading businesses will qualify.

A company can raise up to €2.5m annually subject to a lifetime limit of €10m.  The Scheme is designed to be easy to operate and to suit small as well as larger companies.   An individual gets tax relief by purchasing new shares in the company and can invest from as little as €250 to a maximum of €150,000 in any tax year.  A top rate tax-payer investing €10,000 for example can save €3,000 tax initially and a further €1,100 four years later provided the business creates new jobs.  The investor must hold the shares for three years to prevent a claw-back of the relief.

A company that does not meet the employment target has an alternative route to qualification by demonstrating that its R&D expenditure increases over the period of the investment.  The Scheme is designed to be flexible, allowing significant shareholders and family members to benefit on further investment in the company.  While it must be accepted that it is difficult to raise private equity at the moment, the EII Scheme will certainly be of great help in those efforts and comes at a time when SMEs are particularly hard hit in the credit crunch as traditional sources of funding such as banks and trade credit are severely reduced.

More information about the event and booking

Cost, including refreshments before and after the event, for Chamber members is €20 (non-Members fee €45).

Places are limited and are available to book now by contacting Angela Rigney, Midlands Gateway Chamber on 0863891675 info@midlandsgatewaychamber.ie or Siobhan Bigley, Athlone Chamber on 090 6498838 info@athlonechamber.ie

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