Dun Laoghaire Rathdown Trust Fund

I just heard about this, although the news is 10 days old...sorry about that! 

An exciting opportunity for existing and budding entrepreneurs based in the Dun Laoghaire Rathdown area of our fair city.  From an article in the Indo, it looks like interest free loans are becoming available through a couple of the county's quango's! 

A trust fund has been set up by Atlantic Philanthropies, the Dun Laoghaire Rathdown County Enterprise Board and the Southside Partnership.  It will charge no interest (just an admin fee) over 1, 2 or 3 years and the amounts can be small like €500 or medium, like €5,000 - or anything in between.  The trust has been set up to specifically aid those who want to start a business but cannot raise capital (working or otherwise) elsewhere.  It is especially relevant for those who are unemployed or suffer a disability. 

It sounds like you still need a business plan to apply - along with the obligatory application form - but there is no security required on these babies so all it's going to take is your time.  What's more there are tons of advisors out there willing to give you a helping hand with the application form and business planning process - I'm sure DLR CEB would be able to point you in the right direction on that when you are making your enquiry.

More information is available through the DLR County Enterprise Board's website, here.  Fair play to philanthropists the world over...the enterprise world needs more please!!

Richard Branson's People Factor

Richard Branson tweeted earlier today about an article available online which outlines what his top five tips are for success in business - specifically for entrepreneurs. 

In sum, they are:

1. Find good people
2. Realise that the employees are the business
3. Look for the best in your people - lavish praise, never criticise
4. Don't take yourself too seriously
5. Just do it

To read the entire article, pop over to TODAYonline...

Banks and Lending

It's about time!

Minister for Enterprise going into the banks with his steelie-toed booties on to get them to start getting money moving in the SME sector again.

Go on ye good thing.  I hope your boots are strong and heavy. 

Quality of New Businesses

This recession has brought some excellent business ideas out of the rafters. I'm friends with a lot of people who work in the area of small business - advisors, mentors, bankers, credit union staff, people who train and work with entrepreneurs every other day. They are all having similar experiences lately - businesses are coming out of the woodwork, and they're good.

I shouldn't sound so surprised, but let's think about it. Recession hits, many lose their jobs, people panic and think "I'll create myself a job." I was concerned that many would start businesses to keep the wolf from the door, without experience or know-how and end up risking what savings their family had left.

It is inspiring to see so many excellent businesses beginning. People are realising that they have had an idea niggling at the back of their mind for so long but never done anything about it because "they never got around to it." Substitute the words "lazy" and "too comfortable" as you see fit.

Now that we have more time on our hands because we cannot afford as many holidays, gym memberships, nights out and costly activities; now that the we know the wolf is prowling around out there but we have a choice as to whether we invite him in, we are thinking.

Innovation is a big push at government level - anyone who watched last Monday's Aftershock on RTÉ1 will have seen and heard a lot of talk around this, and the knowledge economy, or the smart economy. There's tons of it about. More importantly, start-up's are more cautious. Previously thrown to the wind when credit flowed freely, now entrepreneurs are starting to listen to their guts and 6th senses to make sure they don't risk the redundancy package on something that just won't work.

Cleverer, sharper, less reckless, more efficient and more cost effective start-up businesses are sprouting up all over Ireland. Quesions like "who will buy this? what will they pay for it?" are getting answered before investment takes place - previously there was an attitude of If You Build It They Will Come.

This is partly to do with the fact that investment itself is scarce. Delighted to see that Simply Zesty got €500k investment today, on their 1st birthday no less. That's some present! Imagine the competition for that cash. Fair play to them.

Business Angels have never been busier - or more in demand. When margins are tight, what little profits we generate don't need to shoot off into the bank accounts of venture capitalists. Angels are where the demand is...

Moral of the post... Green shoots of hope springing up all over the place.

Show me the Money - Credit Review

There has been talk on the ground for some time about how the banks HAVE TO lend to the SME sector to try and survive the recession and all the gloom it brings.

Banks involved in NAMA are going to have to play ball with SME's, and Enterprise Ireland have set up a website full of information about making the system work for you.

The "Credit Review Office" as it is called was launched this month, without too much fanfare I'm sorry to say.

Essentially it's there as a support service for those who have been refused credit by banks involved in NAMA.

Some text from their site:
"The Credit Review Office has been established to conduct this review process and will accept applications from SMEs, sole traders and small and medium-sized farm enterprises that have had their application for credit refused or reduced or have had credit facilities withdrawn, and feel that the bank’s decision is unjustified. The Credit Review Office will, on application from the borrower, carry out an independent and impartial review of the bank’s decision."

Best of luck to anyone who needs this service and anyone who gives it a go. Let us know how it works out.