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Entrepreneurs can choose between €50,000 or €100,000 in funding, which will be provided as a convertible loan note (CLN). If you have your sights set on the larger amount of €100,000, please note that it will be released in two tranches, each with its own specific conditions.
The First €50,000 Tranche:
Once your application is approved, you will gain access to the initial €50,000 tranche. However, there is an important requirement: your company must confirm an additional cash co-investment of at least €5,000. This co-investment should be made after submitting your PSSF application. Obtaining this first tranche is a significant step towards achieving your funding goals.
The Second €50,000 Tranche:
For those who opt for the €100,000 investment, the second tranche presents additional steps. Enterprise Ireland will carefully evaluate your company's progress against established milestones and investment conditions. To support this evaluation, you will be required to provide supplementary documentation, such as a valid Tax Clearance Certificate, up-to-date management accounts, and other relevant information. This tranche provides an additional injection of funds, contingent upon meeting pre-determined criteria.
Understanding the details of the PSSF and the associated documents is crucial for a successful fundraising journey and future endeavours. The transaction documents will outline the complete terms and conditions of the investment, including economic and control rights.
