Enterprise Ireland is helping Irish businesses to rebuild after the impact of Covid-19

They are  providing the funding companies need to stabilise cashflow, adapt their operations and innovate to meet new customer needs. 

 

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The new funding package is available, which includes:

A non-repayable grant of up to 50% of a funding package (up to €200,000) is now available
Funding of between €100,000 and €800,000 available.
No repayments for the first 3 years.
Zero administration fee for the first 6 months - 4% thereafter.
This funding is time-limited and open to manufacturing or internationally traded services companies that employ more than 10 people.

Sustaining Enterprise Fund - €800k
Support of between €100,000- €800,000 can be provided to companies who have been impacted by Covid 19. The objectives of the fund are to:

Ensure eligible companies can accelerate their recovery
Provide funding needed to stabilise casheflow, adapt operations and innovate for new customer needs
Eligible companies
Employ 10 or more full-time employees*
Are operating in the manufacturing and internationally traded service sectors
Have seen (or expect to see) a 15% or greater reduction in actual or projected turnover or profit, or a significant increase in costs, as a result of Covid-19.
The Sustaining Enterprise Fund will be used to support the implementation of a Sustaining Enterprise Project Plan which should be provided by the company outlining the eventual stabilisation of the business and a return to viability. The Covid-19 Business Financial Planning Grant can help companies to develop the Sustaining Enterprise Project Plan.

*For companies with less than 10 people a range of supports are available from MicroFinance Ireland and the Local Enterprise Offices - contact the business response unit.

Description of funding
Funding will be provided for a five-year period, using the following instruments: repayable advances, grant aid, equity or loan note.
Funding provided will comprise a combination of repayable and non-repayable support.
Points of Note:

Repayable Advances are due for repayment in years 4 and 5 i.e. no repayment for the first 3 years.
The Equity instrument used will primarily be Cumulative Redeemable Preference Shares (CRPs).
Cumulative Convertible Redeemable Preference Shares (CCRPs) and ordinary equity may be used where Enterprise Ireland seeks to match the terms of other investors.
All Funding will be made available against a submitted Sustaining Enterprise Project Plan subject to completing a satisfactory due diligence process.

Who cannot apply?
The scheme is not open to companies who:

Are active in the primary agricultural, fishery or aquaculture sectors.
Operate in the coal and steel sector.
Were covered by specific rules for Financial Services.
How to apply
Application forms are available from the Business Response Team within Enterprise Ireland, contact details for which are below:

Email address: This email address is being protected from spambots. You need JavaScript enabled to view it.
Telephone number: 01 727 2088
All completed applications should be returned to the following inbox:
This email address is being protected from spambots. You need JavaScript enabled to view it.

https://www.enterprise-ireland.com/en/funding-supports/Company/Esetablish-SME-Funding/Sustaining-Enterprise-Fund.html

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