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Funding

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Seed Capital

To start a business or new enterprise, seed funding is often required so that the business has enough funds to sustain itself for a period of development until it reaches a time when it is able to continue funding itself, or has created something in value so that it can progress to future rounds of funding.

Often known as angel funding, seed funding can be critical to the start-up, and it is equally important to have the correct structures in place to ensure that tax and funding opportunities are maximised. Agreement on financing and repayment of this funding is vital.

The team at Westboro Partners has gained significant expertise in the area of seed capital, and we would be happy to provide you with advice and assistance in this area. For more information, please contact John O'Sullivan.

BES

The Business Expansion Scheme (BES) is a tax relief incentive scheme that provides relief for investment in certain corporate trades.

Business owners seeking investment may be able to take advantage of the BES Scheme. The scheme provides individual investors with tax relief in respect of investment in certain industries including manufacturing, service, tourism, R&D and certain music recording activities. The BES can substantially reduce the cost to an investor on an investment and also enhances the ability of eligible companies to attract outside investment.

Westboro Partners have worked on several BES schemes, and have considerable experience and expertise in acting for both the investor and the investee. If you would like to talk in confidence to us regarding the BES, please contact John O'Sullivan.

Venture Capital

High potential start-ups as well as thriving established businesses often require venture capital to grow and develop the company strategically.

As an investor, significant due diligence is required prior to investment. Determining an accurate valuation of the company is vital and will decide what shareholding the venture provider will expect in return for the investment.

For the business owners and shareholders, it is important to have all financials in order prior to the due diligence process, as well as having excellent advice in relation to valuation expectations. Westboro Partners have worked with both investors and investees in relation to venture capital and we would be delighted to discuss this and other funding options with you.

Contact John O'Sullivan for more information.

Mezzanine Financing

Mezzanine financing is a hybrid of debt and equity financing that is is typically used to finance the expansion of existing companies or to supplement traditional funding on specific projects. Mezzanine financing is generally subordinated to debt provided by senior lenders such as banks and venture capital companies.

Mezzanine financing is a more expensive financing source for a company or project than secured debt or senior debt but it is an important funding tool and in certain instances it can satisfy the equity capital requirements to unlock traditional funding. The higher cost of capital associated with mezzanine financings is the result of its location as an unsecured, subordinated obligation in a company's capital structure. Additionally, mezzanine financings, which are private placements, are often used by smaller companies or promoters and can involve greater overall leverage levels. As such, they involve additional risk. In compensation for the increased risk, this type of financing is aggressively priced with the lender seeking a return in the 15-20% range. Often the promoters will also offer personal guarantees or a lean over specific unencumbered assets to the lender.

Mezzanine financings can be completed through a variety of different structures based on the specific objectives of the transaction and the existing capital structure in place.

Westboro Partners have worked on a number of mezzanine financing assignments and can assist with all aspects including formulating the investment structure, assist the legal team with the preparation of the legal documentation surrounding the investment structure, provision of taxation opinions and preparation of investment memorandums. For more information please contact John O'Sullivan.