The €1.25m fund will be used for the following purposes:
€280,000 – Capital funding in the form of financial contributions to companies that show a capacity to create jobs and have been recommended by the County Enterprise Boards or Local Development Agencies (LEADER Groups).
€220,000 – Provision of bank guarantees for companies unable to secure adequate banking finance.
€125,000 – Funding of a partnership between Cork County Council and the Rubicon Centre of Cork Institute of Technology to provide an Outreach Programme to specific towns in County Cork.
€300,000 – Funding to support the establishment of Enterprise Centres and hot desking facilities.
€60,000 – Promotion of Festivals and Conferences.
€150,000 – Fund to be used to finance joint initiatives with Cork City Council and the Cork Chamber of Commerce.
€115,000 – Funding of Business Events organised by Cork County Council
The funding will be allocated to ventures that are referred by the County Enterprise Boards, Enterprise Ireland, and the Local Development Companies (LEADER Groups). This will avoid duplication and dramatically reduce the length of time that enterprises will have to wait for a decision on their application for funding. An Evaluation Committee of three members, at least one of whom will be a business representative, will be established by the County Manager to adjudicate on applications. The funding is very welcome, and will hopefully be a successful support for job creation across County Cork.