A €180m fund has been introduced to help sustain companies that have been impacted by a 15% or greater reduction in turnover/profit, and have significant costs as a result of the COVID-19 outbreak.
The fund is available to eligible companies that:
- Employ 10 or more full-time employees;
- Are operating in the manufacturing or internationally trade services sectors; and
- Have applied for funding from a financial institution, including through the SBCI COVID-19 Working Capital Loan/Future Growth Loan Schemes.
Businesses qualifying under the scheme will be offered a repayable advance of up to €800,000 under the following terms:
- 3-year grace period;
- Annual administration fee of 4%;
- Repayment in full by the end of year 5, on successful achievement of the project objective.
This fund will be used to support the implementation of a Business Sustainment Plan which must be provided by the company outlining the eventual stabilisation of the business and a return to viability. The Enterprise Ireland Business Financial Planning Grant will assist companies to develop this business plan.
Further details are available on the Enterprise Ireland website.