Services

Government Agency Supports

The Department of Business, Enterprise and Innovation have put a range of supports in place to address short-term working capital and liquidity needs as follows:

A €200m Strategic Banking Corporation of Ireland (SBCI) Working Capital Scheme for eligible businesses impacted by COVID-19 is currently being finalised. Email info@sbci.gov.ie for updates.
A €200m Package for Enterprise Supports including a Rescue and Restructuring Scheme available through Enterprise Ireland for vulnerable but viable firms that need to restructure or transform their business. Details are being finalised.
The maximum loan available from MicroFinance Ireland will be increased from €25,000 to €50,000 as an immediate measure to specifically deal with exceptional circumstances that micro-enterprises – (sole traders and firms with up to 9 employees) - are facing. Applications can be made through the MFI website or through your local LEO.
A Finance in Focus grant of €7,200 will be available to Enterprise Ireland and Údarás na Gaeltachta clients to support financial planning
Local Enterprise Offices in every county will be providing vouchers from €2,500 up to €10,000 (with 50:50 match funding) to support business continuity preparedness, innovation and productivity.
Other Enterprise Ireland supports include the
- Strategic Consultancy Grant for SME’s to assist in the development of a strategic response plan by the company;
- Act On initiative, providing access to two days consultancy engagement at no extra cost to access financial management, strategic sourcing and transport and logistics advice;
- Key Manager support to provide partial funding towards the recruiting of a full or part-time manager with critical skills for future growth;
- Agile Innovation Fund and Operational Excellence Offer;
- Be Prepared grant for contingency planning. Visit www.enterprise-ireland.com/businessresponse for further details on the above supports.
Short Time Work Support is available from the Department of Employment Affairs and Social Protection and is an income support payment for employees who have been temporarily placed on a shorter working week and is intended to help employers during periods of temporary difficulty. Further details at www.gov.ie/stws
The Credit Guarantee Scheme will be available to COVID-19 impacted firms through the Pillar Banks. Loans of up to €1m will be available at terms of up to 7 years.

It is important to have up to date accounts/ management information available should you need to approach their financial institution for short term facilities or apply for support under the above government schemes.

For further information or for any queries you have on the supports available, please contact the new Enterprise Ireland Business Response Unit at clientresponse@enterprise-ireland.com

Other useful links:

Link: https://dbei.gov.ie/Djei/en/News-And-Events/Department-News/2020/March/10032020.html

Link: https://www.enterprise-ireland.com/en/News/PressReleases/2020-Press-Releases/Client-Update-Coronavirus.html

For further information on the above, please contact Chris Ball, Partner, or Heather King, Senior Manager.