Business subsidies are a form of financing that you will not need to pay back to the granting organisation. The Centre for Economic Development, Transport and the Environment (ELY-centre) can grant subsidies for business ventures and the planning of them (on a case- and region-specific basis).
When planning for business activities, do take into account that the activities cannot rely solely on business subsidies. The organisation providing financing will always assess whether your business idea and activities have normal prerequisities to be profitable also after the subsidising period.
A start-up grant is the most common form of financing for a beginning entrepreneur. It is not a business subsidy but discretionary support which the state (Employment and Economic Development Office) grants to an entrepreneur. The purpose of a start-up grant is to help secure the entrepreneur’s subsistence for the period they are estimated to require for starting up their business and becoming established. You are eligible to a start-up grant if you are currently not receiving any other state benefits and do not have other income than that from starting your business. Start-up grant is personal taxable income.
Contact our business advisors for more information on financial support, business subsidies etc.