Funding plea to Cowen by ISA

THE Irish Software Association (ISA) has asked Brian Cowen to increase the level of funding firms can raise through Business Expansion Schemes by 400%.

In its submission to the finance minister ahead of the December Budget, the ISA said not only should the limit companies can invest through BES and Seed Capital Schemes be raised from €1 million to €5m, but individuals should also be able to invest up to €300,000 a year.

It said similar schemes in Britain have shown that for fast-growing firms there is an appetite from individuals to investment large amounts of money and the government there has allowed this.