S.L. 463.3 Art. 13Assistancetosmall start-up undertakings in their setting up and initial growth phases.

(1) Where the Corporation is satisfied that a small start-up undertaking in its setting-up and initial growth phases as may be prescribed in the Guidelines, requires assistance, the Corporation may provide such an undertaking with a repayable cash grant that shall not exceed:

(a) the amount of two hundred thousand euro (€200,000) which amount shall be linked to private equity in accordance with the terms and conditions set out in the Guidelines; or

(b) the amount of five hundred thousand euro (€500,000) for the acquisition of tangible assets in accordance with the terms and conditions set out in the Guidelines: Provided that in order to be eligible for this assistance, the small start-up undertaking must be an innovative undertaking or a knowledge based technology undertaking;

(c) the amount of one hundred thousand euro (€100,000) which amount shall be linked to funding sought through crowd funding platforms in accordance with the terms and conditions set out in the Guidelines.

(2) For the purposes of this regulation:

(a) an ''innovative undertaking'' shall mean an undertaking:

(i) that can demonstrate, by means of an evaluation carried out by an external expert, that it will in the foreseeable future develop products, services or processes which are new or substantially improved compared to the state of the art in its industry, and which carry a risk of technological or industrial failure; or

(ii) the research and development costs of which represent at least 10% of its total operating costs in at least one of the three years preceding the granting of the aid or, in the case of a start-up undertaking without any financial history, in the audit of its current fiscal period, as certified by an external auditor;

(b) a ''knowledge based technology undertaking'', a ''small start-up undertaking'' and ''tangible assets'' shall have the meaning attributed to them in the Guidelines;

(c) a ''qualifying activity'' shall be an economic activity carried on or intended to be carried out by a small start-up undertaking as may be prescribed in the Guidelines;

(d) an ''undertaking'' shall mean a limited liability company constituted under the Companies Act.

(3) Assistance under this regulation shall be linked to either:

(a) co-investment linked to private equity; or

(b) the procurement of tangible assets; or

(c) crowd funding campaigns.

(4) (a) Assistance that may be provided under this regulation shall be repaid over a period of ten years and an interest will be charged on any value outstanding at the end of each calendar year in accordance with the terms and conditions set out in the Guidelines.

(b) The repayment period may be extended in line with the performance of the supported undertaking as may be prescribed in the Guidelines.

(5) Applications for assistance under this regulation shall reach the Corporation by not later than the 31st October, 2016.