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Finance for Business: Commercialisation Fund FAQs
Is the Finance for Business: Commercialisation Fund a grant scheme?
No, the Finance for Business: Commercialisation Fund offers contingently repayable loans. If the business idea is commercially exploited, the SME must repay the award based on the level of revenues generated over a seven year period. If the business idea cannot be commercialised the funding does not have to be repaid. Grant funding may be applied for through the R & D Grant Team at SEEDA.
Who must be the recipient of the award?
The recipient must be a limited company. The award cannot be made to an individual. However, an application may be submitted by an individual on the understanding that a limited company must be formed if the award is approved.
Can I submit a draft application to the Fund for consideration?
No draft applications can be made. However if you wish to send a one page summary a short response outlining suitability to the Fund will be provided. Alternatively, you may contact the Fund Executive via telephone for an initial discussion.
Can FSE help me to complete the application form?
The Fund Manager and Fund Executive are unable to complete the application form on your behalf. A set of guidance notes will be sent to you for assistance. South East Business Innovation & Growth may be able to assist you with your application.
Does funding from the Finance for Business: Commercialisation Fund constitute State Aid?
Yes, funds made available to SMEs through this project do constitute State Aid which is subject to both de-minimis rules and to SME block exemption for pre-competitive research and development. State Aid rules allow an SME to receive €200,000 over a rolling three year period. An SME that has reached this ceiling will not be eligible for further State Aid funding.
How long will the assessment of my application take?
Please allow 12 weeks for a decision to be taken on your application.
If my application is successful, how is the funding disbursed?
Funding is disbursed against pre-agreed milestone achievements. If milestones are not achieved, the funds may be with-held or withdrawn. Funds will be disbursed in advance rather than arrears.
What is the minimum amount that may be applied for?
The minimum level of investment that would be considered by the Fund is £15,000.
