Government supports for Irish businesses affected by the pandemic

Government supports for Irish businesses affected by the pandemic

Business Supports – Loans, Grants, Vouchers, Training & Mentoring:

€450m Strategic Banking Corporation Ireland (SBCI) COVID-19 Working Capital Scheme:

Working capital is a measure of the short-term liquidity of a business and finances the day to day running of a business. This includes cash flow for operational purposes. Eligibility applications for the COVID-19 Working Capital Scheme are accepted through the SBCI website.

Who is it for?

Viable and eligible businesses (including sole traders) with up to 499 employees who are exposed to the impacts of COVID-19.

Qualify for the COVID-19 Working Capital Scheme

To qualify for eligibility to the scheme, businesses need to meet one criterion related to the impact of COVID-19 on their business and one criterion related to innovation. The details of the criteria can be found at SBCI.

Key Features

Key Features

  • loans from €25,000 up to €1.5 million
  • loan period of up to 3 years
  • no security required for loans of up to €500,000
  • competitively priced loans (maximum interest rate of 4%)
  • you may be able to avail of a 3-month interest-only payment period

If you need any help contact us at 01 5543662 Whatsapp 0353 851477625, you can also visit our SBCI blog for more details in blog section.

Additional €500m COVID-19 Funding for Future Growth Loan Scheme for SME’s, Farmers and Fishing:

The Strategic Banking Corporation of Ireland (SBCI) administers this Scheme. Eligibility applications for the Future Growth Loan Scheme are accepted through the SBCI website. This Scheme provides longer-term loans to COVID-19 impacted businesses. Information on the release of lending under this Scheme can be monitored through the SBCI website.

Key Features
  • loans from €25,000 to a maximum of €3,000,000
  • loan terms ranging from 7 to 10 years
  • no security required for loans of up to €500,000
  • competitively priced loans (maximum interest rate of 4.5%)
  • you may be able to avail of interest-only repayments at the start of the loan for more information, see DETE Government Supports for COVID-19 and SBCI.

If you need any help contact us at 01 5543662 Whatsapp 0353 851477625, you can also visit our SBCI blog for more details in blog section

Microfinance Ireland: COVID-19 Business Loan:

The COVID-19 Business Loan from Microfinance Ireland is a government initiative to support microenterprises, through the current period of uncertainty, who are or may be impacted by the coronavirus in Ireland.

Who is it for?

Micro-enterprises (including sole traders, partnerships, or limited companies) employing less than 10 full-time employees and with a turnover of less than €2 million per annum, who are finding it difficult to access finance through banks and other commercial lenders and experiencing a negative impact on their business from COVID-19 that equates to a minimum of 15% of actual or projected turnover or profit in the business.

Key Features

business loans between €5,000 and €25,000 for eligible micro-enterprises

  • loans may be used for working capital and required business changes as a result of COVID-19
  • loan terms up to 3 years (shorter if appropriate)
  • the terms include a 6 months interest-free and repayment free moratorium, with the loan to then be repaid over the remaining 30 months of the 36-month loan period.
  • the interest rate of 4.5% if an application is submitted through a Local Enterprise Office. 5.5% if submitted directly to Microfinance Ireland no fees and/or hidden costs with fixed repayments and with no penalty for early repayment
  • no security required

Enterprise Ireland Supports

Sustaining Enterprise Fund for Small Enterprise:

As part of the Sustaining Enterprise Fund, Enterprise Ireland will also administer a specific Sustaining Enterprise Fund for Small Enterprise. This fund will provide a €25,000 to €50,000 short-term working capital injection to eligible smaller companies to support business continuity and strengthen their ability to return to growth in 3 years’ time.

Who is it for?

The purpose of the fund is to sustain eligible manufacturing and internationally traded services companies who have been impacted by a 15% or more reduction in actual or projected turnover or profit, and require access to liquidity to sustain business continuity.

Key Features

Under this fund, eligible companies can apply for up to a maximum of €50,000 per undertaking in the form of repayable advances. Funding available to companies is based on the following threshold:

  • companies with an annual turnover in their most recent financial statements not exceeding €1.5 million can apply for funding up to €25,000
  • companies with an annual turnover in their most recent financial statements greater than €1.5 million but less than €5 million can apply for funding up to €50,000A

COVID-19 Business Financial Planning Grant

The COVID-19 Business Financial Planning Grant, worth up to €5,000, is a support for all Enterprise Ireland clients. It is also targeted at those manufacturing or internationally traded services companies that employ 10 or more full-time employees. The grant is designed to help companies to develop a Business Sustainment Project plan. This is a robust financial plan, including the preparation of documentation required to support applications for external finance from banks and/or other finance providers (including Enterprise Ireland). This grant will enable companies to engage the services of an approved Financial Consultant to develop this plan for use when applying for bank or investor funding and when developing their own medium-term financial strategy. Enterprise Ireland will work with these companies on a one-to-one basis to support the implementation of the plan.

Key Features
  • 100% funding of up to €5,000 to access an approved financial consultant
  • help the company to understand its immediate financial position, secure the finance it requires to survive, and provide a framework to sustain the business
  • open to all Enterprise Ireland clients and companies employing 10 or more in the manufacturing and internationally traded sector

COVID Products Scheme

The scheme allows for up to €200m in targeted State support to facilitate the research and development of COVID products, to enable the construction or upgrading of testing and upscaling infrastructures that contribute to the development COVID-19 relevant products, as well as to support the production of products needed to respond to the outbreak. The scheme will be delivered through IDA Ireland and Enterprise Ireland under the terms of the Temporary Framework, which is aimed at supporting the research, development, and production of COVID-19 related products in Ireland.

Engage with Revenue:

Revenue has also posted advice for businesses experiencing trading difficulties as a result of COVID19. This includes information on tax returns, the application of late payment interest, debt
enforcement, tax clearance, and customs. 

Supports from Revenue

  • Employment Wage Support Scheme (EWSS)
  • COVID Restrictions Support Scheme (CRSS)

If you need any help contact us at 01 5543662 Whatsapp 0353 851477625, 

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