From 5,000 to 800,000, Enterprise Ireland has a range of funding supports to help you recover
Enterprise Ireland has put in place a suite of funding supports to help Irish companies adjust to the immediate and future challenges presented by the Covid-19 pandemic. These supports are designed to help businesses stabilise and adapt to the evolving situation, in preparation for getting back on the road to recovery.
The Business Financial Planning Grant
The Covid-19 Business Financial Planning Grant is designed to help companies develop a robust financial plan and secure their viability in the short to medium term. The grant, worth up to €5,000, can be used by companies to pay up to 100% of the cost of engaging an approved financial consultant to prepare a plan which can encompass the documentation required to support applications for finance from banks or other providers such as Enterprise Ireland.
The plan will establish the company’s current financial position; examine the negative Covid-19 impacts on the business; establish where the company wants to be in three years’ time; identify a series of actions to be undertaken by the company to mitigate the effects of the current crisis; provide a framework to manage costs and identify funding gaps; and enable management to identify the finance required to sustain the business through the crisis and beyond.
The plan should also include a complete set of financial forecasts for three years.
Eligibility: The grant is open to all Enterprise Ireland clients as well as companies employing 10 or more in the manufacturing and internationally traded services sectors.
How to apply: Contact our Covid-19 Business Response Unit at GA-BSF@enterprise-ireland.com or your Enterprise Ireland Development Advisor.
Sustaining Enterprise Fund – funding of up to €800,000
Aimed at giving manufacturing and internationally traded businesses the liquidity and cash resources required to make it through the Covid-19 crisis, the Sustaining Enterprise Fund offers funding of up to €800,000 to eligible companies.
The purpose of the funding is to support the implementation of a Sustaining Enterprise Project Plan which will lead to the eventual stabilisation of the business and a return to viability. The Sustaining Enterprise Project Plan must outline the company’s liquidity needs and explain how the funding will remedy its immediate problems.
Businesses can use the Covid-19 Business Financial Planning Grant to pay for the development of the Sustaining Enterprise Project Plan.
Subject to an annual administration fee of 4% (with 0% fee for the first six months) there is a three-year grace period for repayments on funding, which must be repaid in full by the end of year 5, and the achievement of the objectives originally set by the company
Eligibility: To be eligible for the fund, companies must have experienced a reduction in actual or projected turnover or profit of 15% or more, and/or a significant increase in costs as a result of the Covid-19 outbreak.
In addition, eligible applicants must be unable to raise sufficient capital from the market (or other sources) to meet the funding needs of a Sustaining Enterprise Project Plan.
Companies are not eligible if they were already in financial difficulty on 31 December 2019 or were experiencing difficulties for reasons not related to Covid-19.
Sustaining Enterprise Fund – Small enterprise
Similar to the main Sustaining Enterprise Fund, this scheme provides financial assistance to smaller manufacturing or internationally traded services companies for a three to six-month period to support business continuity. Eligibility criteria are the same as for the Sustaining Enterprise Fund, and the assistance is to be used to support the implementation of a Business Continuity Project Plan. Companies eligible for this scheme are also eligible for the larger scheme.
Companies can avail of the Business Financial Planning Grant to pay for the development of their Business Continuity Project Plan.
The scheme offers repayable funding of up to €25,000 to companies with turnover of less than €1.5m and up to €50,000 to companies with annual turnover of €1.5m–€5m.
As with the main scheme, there is a 4% annual administration fee and a three-year grace period on repayment. No administration charges are levied for the first 6 months and the advance can be repaid early if the company prefers to do that. Funding must be repaid in full by the end of year 5, subject to the achievement of the objectives set out in the Continuity Plan.
Eligibility: Companies are not eligible if they were already in financial difficulty on 31 December 2019 or were experiencing difficulties for reasons not related to Covid-19.
To discuss eligibility criteria or any other aspect of the scheme, contact your Enterprise Ireland Development Advisor.
If you are not an Enterprise Ireland client or do not know who your Development Advisor is, you should first contact the Business Response Unit at GA-BSF@enterprise-ireland.com
How to apply: You can apply via the Enterprise Ireland Online Application System.
Lean Business Continuity Voucher
The new Lean Business Continuity Voucher helps enterprises to identify and implement the measures needed to ensure that they can continue to operate safely during the Covid-19 pandemic.
It offers eligible companies up to €2,500 in training or advisory services from approved providers. The services may take the form of management advice or training of management or staff within the company and must be related to the continued operation of the businesses during the current pandemic. It is expected that the services will be delivered online in most cases.
Project should focus on one or more of these categories;
- Review of business strategy in light of changing marketplace/supply-chains & customer needs;
- Introduction of new business practices in order to increase productivity (especially LEAN/Flow);
- Development of processes for risk assessment and analysis for Business Continuity;
- Development of working practices for staff safety based on government guidelines;
- Development of strategy for or investigation of feasibility of doing business online (excluding website development or online marketing costs)
A listing of approved service providers can be found in the Enterprise Ireland Service Provider Directory.
Eligibility: The Lean Business Continuity Voucher is open to small, medium or large client companies of Enterprise Ireland or Údarás na Gaeltachta.
How to apply: Companies can apply for the Lean Business Continuity Voucher scheme via the Enterprise Ireland Online Application System.