Donegal band the Revs last year benefited from a business expansion scheme (BES) to the tune of £66,000 (€84,000) - money they have since used to fund an album, some singles, a video and an international tour, which saw them play in Sydney, Australia, last week.
The Revs's manager, Mr Robert Stephenson, says that when he first met the band, they had drawn up a business plan that would have seen them raise about £1,500. "They needed £10,000 if they wanted to make a record," he says.
It emerged, however, that a Donegal publican was interested in coming on board with seed capital of up to £10,000, an outlay Mr Stephenson now describes as "risk money".
"I just thought, why don't we put together a BES? He can get the tax break and we might attract a few more investors too."
A BES was duly approved in April last year, with an upper limit of £125,000 set by the Minister for Arts, Heritage, Gaeltacht and the Islands. From then on, the scheme grew "organically", says Mr Stephenson.
"We didn't want to raise much more than we needed," he says. "I knew that the Revs were going to do well but it was still highly speculative. I wanted to minimise the amount of money that would have to be paid back at the end."
As well as the publican, the five investors who constitute the Revs' investor base include a builder, an electrician and a housewife. Each has committed at least £10,000 to the band's development.
Without the money, the Revs would never have been able to kick-start their career, according to Mr Stephenson.
"We've managed to build their career from zero to travelling around the world," he says. "We wouldn't have been able to do that without the investors."
The band won the "best newcomer" award at the Meteor Irish Music Awards earlier this year and their first album is on track to go gold.
Mr Stephenson plans to establish several more schemes this year, all for young bands that he believes have the potential to achieve international success.
