Sustaining Enterprise Fund allocated €180m to help businesses impacted by Covid-19

Enterprise Ireland takes on one of several new government supports

Trade

Image: Stockfresh

9 April 2020

Enterprise Ireland will operate and administer several of new supports for businesses affected by the Covid-19 pandemic, including a fund worth €180 million.

The Sustaining Enterprise Fund, which will be administered by Enterprise Ireland, will provide financial support to Irish companies affected by the coronavirus outbreak.

Recently approved by the European Commission in line with EU State aid rules, the scheme is available to assist companies in the manufacturing and internationally traded services sectors who have suffered, or expect to suffer, a 15% or more reduction in turnover or profits or an increase in costs as a direct result of Covid-19.

With funding of up to €800,000 available, the support will enable eligible businesses to access liquidity and funding needed to sustain their businesses.

The Sustaining Enterprise Fund will be available to companies who are unable to access adequate funding from the market, financial institutions or the Strategic Banking Corporation of Ireland (SBCI).

Minister for Business, Enterprise and Innovation Heather Humphreys announced three further supports available from Enterprise Ireland:

The new €2 million Covid-19 Online Retail Scheme will be open to retailers employing over 10 people to develop a more competitive online offer. Successful applicants will receive funding support of up to 80% of project costs, with a maximum grant of €40,000
A new Business Financial Planning Grant to the value of €5,000 to assist companies to develop a Business Sustainment Plan and to engage the services of an approved Financial Consultant when applying for funding
A new €2,500 LEAN Business Continuity Voucher to help companies quickly access expertise in reviewing and optimising operations at a time of crisis to identify the key measures needed to ensure continued operations.

“Enterprise Ireland client companies have already seen a significant impact on their businesses from Covid-19,” said Julie Sinnamon, CEO, Enterprise Ireland. “While their immediate focus has been on dealing with the welfare of their employees, they are also being impacted by a collapse in demand in certain sectors, supply chain disruption and cashflow challenges.

“My strong advice to companies is, if you haven’t already done so, to prepare an assessment of your financial requirements and progress funding applications to the banks and the Strategic Banking Corporation of Ireland (SBCI) immediately. Enterprise Ireland’s new Business Financial Planning grant will help companies to prepare a Business Sustainment Plan.”

Sinnamon continued, “Ensuring continued operations during this time is challenging for companies and our new LEAN Business Continuity Voucher will help companies access external expertise to put in place crisis management support and training to ensure that processes can be established to ensure business continuity.

“Similarly, the Covid-19 pandemic has put exceptional pressure on the retail sector in Ireland and the Online Retail Scheme funding announced today will help support retailers who have found they will have to rapidly adapt their approach to enable online ordering and delivery to meet the new reality of home working and physical distancing restrictions.”

For further information, download Enterprise Ireland’s ‘Sustain your business with our support’ brochure.

TechCentral Reporters