Make that call for LEADER funding
I spoke recently with Kevin Santry of the West Cork Development Partnership.
This is one of many units dotted around the country which provide EU and Government supported assistance for projects.
The West Cork Development Partnership covers projects in a huge area starting south of Cork City, extending from north of Macroom to Bandon, Kinsale, Clonakilty, Skibbereen, Durrus, and the Beara Peninsula.
Operating out of Clonakilty, Kevin and his colleagues provide both financial and non-financial support to fledgling and established companies.
On the financial side, private projects can avail of up to 50% funding, up to a maximum grant of €150,000, while community and tourism projects have the potential to obtain up to 75% funding.
So how does it work? An individual with a potential project needs to only make a phone call to their local development agency to get the ball rolling.
After this initial contact, a confidential meeting is set up with the local development officer to discuss the idea.
Generally, an individual would need some core details before a project can be fully evaluated.
This would include the product or service that is proposed, the level of investment from personal means, the potential market for such goods or services, the timeline to get a project underway, and a teasing out of any roadblocks along the way.
Some roadblocks may take months to overcome, such as planning permission issues, requirements for permits or certifications etc.
For anyone looking for funding, it is important to have a bit of basic research under the belt, rather than just pipe dreams.
Kevin explained that one of their key considerations in evaluating whether a project will get funding is the likelihood of the project being successful.
After all, they wish to invest in projects that will add more to the economy, and will be sustainable in the long term.
In general, when looking at whether or not funding is available, the impact of the proposed business on other businesses is also taken into account.
In some instances, a project can complement existing businesses, and this is viewed positively from a funding point of view, but other potential projects might take away sales from existing businesses, by adding too much competition, and these are unlikely to get funding.
Projects which are community based and that create diversified, sustainable businesses are most likely to obtain funding.
On the private project side, projects that supplement income — rather than projects that replace income — are more likely to be approved, with areas such as renewable energy of particular merit.
At the outset, an applicant is given advice in relation to the potential funding that might be made available, as well as a list of criteria needed to secure funding.
This LEADER funding works by way of refund after approval of actual costs incurred.
Therefore, if you are about to embark on a project which could be grant aided, it would be critical to ensure that approval is in place before your own money is invested.
It is not possible to secure grant aid for work done prior to project approval.
Generally, projects are either given the green light, or are deferred, or rejected by an evaluation committee (which is made up of a body of independent persons from a range of business sectors, and generally meets every eight weeks to assess applications).
Development officers would already have given a significant amount of guidance and support to a project prior to submission to the evaluation committee.
In other words, individuals with potential projects are supported, guided and mentored on the specific aspects of a project that will qualify for funding, and are assisted in preparing their application forms for funding.
