Bank of Ireland

has announced a new initiative that will help give start-up firms a leg up in the business world, as it tries to establish itself as Ireland’s enterprise bank.

Up to 10 start-ups will be chosen for the scheme, which will give companies access to €10,000 in seed funding to cover expenses, mentoring and resources. The programme, which will be based in Cork, is the bank’s first accelerator and will involve a six-figure investment by Bank of Ireland. It previously supported the National Digital Research Centre’s accelerator aimed at companies in the financial technology sector.

"It's a national programme, but we just happen to be basing in Cork," explained Gerry Prizeman, head of enterprise development at the bank. "The opportunity to participate is open to companies across the country and indeed internationally."

Run by StartPlanet on behalf of Bank of Ireland, the programme already has the backing of entrepreneur Bill Liao, Cork Business Innovation Centre's Michael O'Connor and Gerry Donovan, along with programme manager Wayne Murphy.

Although it is not restricted to a particular sector, it is expecting some applications from tech-focused start-ups.

Mr Prizeman said it was a conscious decision not to make it industry-specific.

The programme will rely on a good network of mentors willing to pass on their experience to the participating companies.

“When we see what’s coming through, the type of companies we are going to work with, we can see if we need to match any type of specific mentoring to those companies as well,” Mr Prizeman said.

Applications will be accepted until July 25th. The programme runs from September 1st until November 21st.