The Western Investment Fund is managed by the WDC and invests in businesses, community projects, social enterprises and strategic initiatives, based in or relocating to the Western Region of Ireland. “The Western Region” means the region consisting of the counties of Clare, Donegal, Galway, Leitrim, Mayo, Roscommon and Sligo as per the Western Development Commission Act of 1998.
To meet the location test of being based in the Western Region, projects and enterprises funded by the WIF must meet the following criteria:
The Company must be registered, headquartered and controlled in the Western Region with key business functions managed in the Region.
Factors to be considered:
• Location of registered office as per CRO filing
• Location of headquarters and where the majority of the activity of the enterprise/project is carried out, as covenanted by promoters.
• Location of the central administration of the project is carried out, as covenanted by promoters. i.e. central management and control exists where:
– company policy is decided
– investment decisions are made
– major contracts are defined
• Location of Principal Private Residence (‘PPR’) of > 50% of promotors as per CRO filing
• Location of Principal Private Residence of > 50% of the management team, as covenanted by promoters.
• Where the investment is made into a Special Purpose Vehicle (SPV) then 50% of the directors must located in the Western Region (PPR) and 50% of the shareholding of the SPV must be held by shareholders residing in the Western Region as per CRO filing.
When you apply to WDC’s Business Investment Fund for equity investment or loan finance your project will be assessed according to its commercial viability, growth potential and its ability to provide the WDC Investment Fund with the appropriate financial return for the investment risk taken.
We also look for a strong management team, with a proven track record of success, a product or service with its own intellectual property, competitive advantage and high growth potential plus, in the case of loans, the project’s repayment capacity.
The Key criterion for assessing whether an enterprise will be eligible for this funding is its repayment capacity, proven track record and relevant skills to make the venture a success. Repayment may be on a monthly amortised basis or on a bullet repayment basis with monthly interest rate applied. The EU Reference Rate for Ireland is 4.11% (as of June 2024, this changes monthly).
If you are interested in applying, you must make an initial enquiry by email to the WRAP Manager by emailing wrap@ardan.ie who will advise further on eligibility and process.
