LEO: Priming Grant: Part Two.
Topic: Draw down and other requirements for the Priming Grant.
I had been awarded the Priming Grant, but to draw it down (receive the money essentially), I first required a company bank account. The correspondences and paperwork for this took roughly three weeks to complete. This was all relatively straightforward, but just as I had completed the paperwork and submitted it, my entire application was denied. The reason? There was an issue regarding the fact that I had a Company Formation Agent set up my company. This appears understandable, until you realise that this is a common business practice, and that the physical application was no different to the digital application (content-wise). Regardless, I completed the paperwork again, and submitted it in person. After another three weeks, I had my company bank account.
With this, I could draw down the first half of my Salary Grants. With a grant like the Priming Grant, it is worth noting that a grant can be comprised of several parts. With my Priming Grant for example, it was comprised of two Salary Grants for my programmer and I, as well as a grant for consultancy. As such, and over the following year, I needed to submit to my Local Enterprise Office (LEO):
- Receipts of payments made to both my programmer and I.
- Receipts of payments made and work completed for the consultancy work.
This needed to be done in order to draw-down all of my Priming Grant funding. This receipt work is common sense and standard affair, but important to be aware of, as it can be time consuming to accrue all of the receipts necessary. It is also worth noting that in all of this, my LEO were very supportive and helpful.
With regards to the process of applying for a LEO Priming Grant, it is quite challenging and demanding, and not something to do alone in my opinion. Unless you have experience in business studies and/or in application/grant writing, the application will be onerous, especially when you have other considerations to deal with, such as work, family, etc. Also, when dealing with business-related paperwork (e.g. setting up a company or company bank account), it is wise to factor in at least a month or two of time for this, depending on how much needs to be done.
Lastly, it is important to note that the Priming Grant is a ‘Matched’ grant. A Matched grant is a grant where the person distributing the grant (e.g. the LEO), gives financing (i.e. the grant) relative to what you can contribute in terms of financing. So, for example, to receive a grant of €1000, I would need to have my own €1000 to ‘Match’ this grant with. My €1000 then also has to go towards the work the grant is being awarded for, such as video game development for example.
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It depends on your project, ambition and needs, but generally speaking, grants like these are worth applying for. If you’re successful, not only do you get financial assistance with your project/business, but you build upon your ‘CV’ for future applications. If unsuccessful, you’ll still have your application, which can be iterated upon and used for follow-up applications, where the likelihood you succeed increases.
Those behind these grants and their applications, generally look for individuals that are competent and determined. If you can demonstrate that you have a well-researched and realistic product/business idea, and that you’re willing to develop it further, the likelihood you succeed with your grant-based application increases substantially.
Of course, a good application needs to be well-researched and written also. That’s where we can help.
For Application Writing, Market Research (regarding Application Writing) and Pitch/Presentation Creation, please contact us (which can be done through our Contact section on our website). With regards to Application Writing, we primarily provide services for Irish and European-based applications. However, we also provide services for North American, UK, and Australian-based applications, as well as for applications elsewhere.
We offer consultations, as well as work-for-hire. Our pricing and offerings are listed in our Contact section on our website. We are also flexible with our pricing based on the project in question.
