AQW 54799/11-16


Ms Claire Sugden
Independent
East Londonderry


Tabled Date: 25/02/2016
Answered On Date: 10/03/2016
Priority Written: No


Question:
To ask the Minister of Enterprise, Trade and Investment what financial support is available to local entrepreneurs who want to start their own business and who have consulted with Invest NI to deliver a business plan.


Answer:
Invest NI provides financial grant support to new business start-ups with export focussed business ideas. Support is wide ranging and can focus on trade development, skills development, research, process development, intellectual property and assistance toward the costs of employing new staff.
Export and Global Start assistance is available to entrepreneurs starting an export focussed business or who have an established business seeking to enter export markets for the first time. These businesses are typically supported in areas of job creation, marketing, ICT, skills and strategy and R&D.
Innovation Vouchers of up to £5,000 are available to enable small and medium sized enterprises to engage with one of the 39 universities, colleges and other publicly funded research organisations throughout Northern Ireland and the Republic of Ireland.  The voucher allows businesses to access specialist skills and expertise to provide an innovative solution to a business issue that cannot be easily solved by the private sector or other support mechanisms. 
The Technical Development Incentive can offer business start-ups 50% support on eligible technical supplier costs up to a maximum grant of £5,000. Areas supported include Intellectual Property (IP), investigating new technologies and processes, product and process problem resolution, product approval/global technical compliance, process and quality management schemes and improved product design and performance.
The Propel Programme helps put the structure around the company to commercialise the service or product and seek investment.   Selective Financial Assistance can be used to help accelerate growth.  Invest NI also provides a wide range of other assistance appropriate for the High Potential Start Up such as helping the companies with design, to train staff, protect their IP, develop their management team and strengthen their board.
Separate from grants Invest NI also provides support to startups through its Access to Finance Programmes via NI Small Business Loan Fund, Techstart NI and Co-Fund NI and equity to grow businesses can be provided by the Growth Loan Fund and Development Funds respectively.
Advice and guidance is available to all businesses throughout Northern Ireland through nibusinessinfo.co.uk - the official online channel for business advice provided by Invest NI, in partnership with NI Direct. Businesses can avail of a range of advisory assistance on business related topics including sales & marketing, design and finance as well as information on events.