Accessing finance and advice was once a time-consuming task, as founders navigated various sources of information and support, but the introduction of the National Enterprise Hub (NEH) has successfully streamlined and simplified this process for Irish small and medium-sized enterprises (SMEs).
In fact, since its launch just over a year ago, more than 6,500 SMEs have been able to get direct business help from the NEH.
The free service makes it easier and more efficient for businesses to access and avail of grants, funding, loans and expert advice than ever before. Photo: Stock image/Maskot/Getty
An initiative of the Department of Enterprise, Tourism and Employment and Enterprise Ireland, the NEH was set up as a single national point of contact to make it easier and quicker for SME owners and managers to find the right government funding and support to help them scale. It brings together information and resources on over 250 government supports from 30 different state bodies.
In the first 12 months of operation, the NEH has attracted over 220,000 active online users to its website. The top grants availed of by businesses to date through the Hub have ranged in value from €3,000 to €7,000.
They have primarily been focused on supporting businesses with cashflow, expansion and productivity to help them deal with concerns around rising costs and competitiveness.
Along with the online offering, the NEH also has a full-time dedicated phone line that connects organisations to specialist advisers who can discuss potential grant options relevant for their business.
The Hub has streamlined and simplified the often tortuous process of finance for Irish SMEs. Photo: stock image/Getty
The most accessed grants, supports and programmes available to entrepreneurs are offered by: Enterprise Ireland, the Department of Social Protection, the Local Enterprise Office network, MicroFinance Ireland, Revenue, SBCI (which provides low-cost credit to SMEs), the Sustainable Energy Authority of Ireland (SEAI), Skillnet Ireland and Solas.
The idea for the NEH first came on the back of research which found that while there is a huge range of government supports available to SMEs, about two in five small businesses had never availed of one.
One of the main aims of the NEH was to engage with those businesses who haven’t previously taken advantage of the supports available by making it easier and more efficient for businesses to access and avail of grants, funding, loans and expert advice than ever before.
The businesses that have sought supports come from industries include professional services, retail and consumer products and health and beauty. Photo: Stock image/Getty
The businesses that have sought supports through the NEH come from a range of industries, with most falling within professional services, retail and consumer products and health and beauty. There is also strong traction from companies within the information and technology sector, and from those in the tourism and hospitality space.
The popularity of the NEH shows that SMEs are looking to access government support, and the good news for those that do is that help is at hand that will help business owners take their companies to the next level.
Looking ahead, the NEH is developing new ways with its partners across government to make it easier for businesses not just to find the right support, but to also simplify the application processes for grants and training supports, to help them use AI to reduce friction for businesses, and to maximise impact for government agency supports.
Discover the extensive range of funding and other supports available to SMEs at all stages on the National Enterprise Hub website (neh.gov.ie). Alternatively, call 01 7272100 to speak with an expert business support adviser.
Conor O’Donovan is Head of Start-Ups and the National Enterprise Hub at EI
source