Feasibility / Innovation Grants
WHAT ARE FEASIBILITY /INNOVATION GRANTS ?
Feasibility / Innovation Grants are designed to assist the promoter with researching market demand for a product or service and examining it's sustainability. It includes assistance with innovation including specific consultancy requirements, hiring of expertise from third level colleges, private specialists, design, patent costs, and prototype development.
The maximum Feasibility / Innovation Grant payable for the BMW Region (including Westmeath) must not exceed 60% of the investment or €20,000 whichever is the lesser.
WHAT COSTS ARE ELIGIBLE FOR FUNDING ?
Expenditure may be considered under the following headings :
Innovation Costs : Costs under this category may include prototype development, innovative design, research costs, patent costs, and third level college consultancy.
Own Labour Research. Costs under this category may include own labour involved in carrying out research / prototype development. The maximum amount chargeable under this category is €400 per week subject to the overall maximum under this category not exceeding 20% of the overall grant drawdown. Please note that own time labour can not be paid to those in receipt of a social welfare unemployment payment.
Consultancy Costs. These include design fees, architect, accountant and legal fees.
Miscellaneous Costs. This may include telephone costs, mileage costs at €0.26 per kilometre, subsistence & overnight costs, air travel etc. The overall maximum drawdown in this category should not exceed 20% of the overall grant level.
(Note payments to state bodies including local authorities are excluded)
HOW DO I APPLY FOR FINANCIAL ASSISTANCE ?
To apply for financial assistance for your business you should contact a Business Advisor at Westmeath County Enterprise Board. They will advise you fully on completing application forms once you are deemed eligible to apply.
Appointments with Business Advisors can be made by calling 044-9349222 or by email to :
Aileen Mc Grath : amcgrath@westmeath-enterprise.ie
Christine Charlton : ccharlton@westmeath-enterprise.ie