Sustaining EnterpriseFund

Access up to €800,000 in funding with Enterprise Ireland’s Sustaining Enterprise Fund to help companies maintain business continuity and liquidity.

For smaller businesses, click here.

Enterprise Ireland’s liquidity and medium-term financial supports are being delivered under the €180m ‘Sustaining Enterprise’ fund, launched in April. Support of up to €800,000 can be provided to companies targeting them at their different stages of development and growth ranging from established companies to small enterprises and start-ups.

The objectives of the fund are to:

  • Ensure eligible companies have access to necessary liquidity in the short-term; and
  • Sustain the business so that the company can return to viability and contribute to the recovery of the Irish economy.

Up to €800, 000 is available to eligible companies which:

  • 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.

Sustaining Enterprise Fund

  • Funding will be available in the form of repayable advances (up to 250k); equity (above 250k) or the total amount approved could be equity, within the range of €100,000 and up to a maximum of €800,000 per company
  • A zero per cent administration fee will apply for the first 6 months (2% effective rate in year 1), followed by 4% per annum
  • Repayments are not due until year 4 and 5
  • For smaller companies, funding of up to €50k is available as a repayable advance

    Points of Note

    • Funding supports will be over a five-year period
    • The Equity instrument will primarily be Cumulative Redeemable Preference Shares (CRPs).
    • Cumulative Convertible Redeemable Preference Shares (CCRPs) and ordinary equity may be used when Enterprise Ireland seeks to match the terms of other investors including Venture Capital companies
    • Enterprise Ireland’s investment will ideally (but not necessarily) be on a co-funded basis, with additional funding to be raised from other investors or other external sources of funding.
    • If an immediate investment is required, a Repayable Advance of c. €100K may be available with the remaining in equity.
    • All Funding will be made available against a submitted Sustaining Enterprise Project Plan.

    Who cannot apply?

    This scheme is not open to companies that:

    • Were in financial difficulty at 31st December 2019
    • 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.

    For Further Information:

    Enterprise Ireland has a comprehensive suite of supports available for companies at all stages of development, under Sustaining Enterprise Fund and Innovative Start-Up funding, as well as other funding offers. If you have funding needs, please get in touch with your development advisor or our Covid-19 Business Response Unit at  businessresponse@enterprise-ireland.com

    As part of the Sustaining Enterprise Fund, Enterprise Ireland will also administer a specific Sustaining Enterprise Fund for Small Enterprise. This fund will provide a €25k to €50k short term working capital injection to eligible smaller companies to support business continuity and strengthen their ability to return to growth and be trading strongly in 3 years time.

    The purpose of the fund is to sustain eligible manufacturing and internationally traded services companies to provide support to companies: who have been impacted by a 15% or more reduction in actual or projected turnover or profit; and require access to liquidity to sustain business continuity.

    To deliver on this, the objectives of the fund are to:

        • Provide financial support (against detailed costs and cashflows) to eligible companies for a 3-month period to support business continuity
        • Sustain business so that companies can return to viability and contribute to the recovery of the Irish economy.

    Businesses qualifying under this EU-supported scheme will be offered funding of up to €50,000.

    Under this fund, eligible companies can apply for up to a maximum of €50,000 per undertaking. Funding available to companies is based on the following threshold:

        • Companies with more than 10 employees and an annual turnover in their most recent financial statements not exceeding €1.5 million can apply for up to €25,000 in funding
        • Companies with more than 10 employees and an annual turnover in their most recent financial statements greater than €1.5 million but less than €5 million can apply for funding up to €50,000.

      Who cannot apply?

      This scheme is not open to companies that:

          • Were in financial difficulty on 31st of December 2019
          • Entered financial difficulty after 31st of December 2019 for reasons not related to Covid-19
          • Are active in the primary agricultural, fishery or aquaculture sectors
          • Operate in the coal and steel sector
          • Are covered by specific rules for Financial Services.

      Applications

      Eligible applicants are manufacturing and internationally traded service companies with:

          • 10 or more full-time people on their payroll on the 29th of February 2020
          • An annual turnover in their most recent financial statements not exceeding €5 million.

      In addition, eligible applicants must have:

          • Suffered, or be projected to suffer, a 15% or more reduction in actual or projected turnover or profit as a result of the Covid-19 outbreak (including a significant increase in costs as a result of the Covid-19 outbreak)

      If you have funding needs, please get in touch with your Development Advisor or our Covid-19 Business Response Unit at businessresponse@enterprise-ireland.com

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