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Sustaining EnterpriseFund
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:
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.
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.
For small enterprises click here.
* For companies with fewer than 10 people a range of supports are available from MicroFinance Ireland and the Local Enterprise Offices – contact the business response unit.
Case Studies: Read how the Sustaining Enterprise Fund supported Bizimply and Ticketsolve with the necessary funding to adapt their services to meet the evolving needs of their customers.
• Funding from €100,000, up to a maximum of €800,000 will be available to eligible companies
• 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
• Up to 50% of the funding provided will be non-repayable, with maximum non-repayable support of €200,000.
• An administration fee applies to the repayable element of the funding (i.e. repayable advances, loans or equity), as follows:
o 0% administration fee on first six months
o 4% per annum thereafter
• This offer is time limited so please submit your application as soon as possible.
• 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.
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.
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.
Please contact your Development Advisor as other funding instruments may be available to support the development agenda of your company to grow and internationalise.
If you wish to apply, application forms are available via email/phone from the business response unit.
All completed applications should be returned via email to the SEF inbox.
• Provide financial support (against detailed costs and cashflows) to eligible companies for a 3-6 month period to support business continuity
• Sustain business so that companies can return to viability and contribute to the recovery of the Irish economy.
• Funding provided will comprise a combination of repayable and non-repayable support, with up to 50% of the funding provided non-repayable
• An administration fee applies to the repayable element of the funding, as follows:
o 0% administration fee on first six months
o 4% per annum thereafter
Funding available to companies is based on the following threshold:
• Companies with 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 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.
Funding will be awarded against a submitted Sustaining Enterprise Project Plan which should have the overarching objective of strengthening the company’s position to be trading in three years’ time. It must also show that the company, with EI assistance and the contribution of its own business continuity plans, has sufficient cash to bring the business back to more normal operations as the current restrictions are relaxed or lifted over the next three to six months.
This Scheme is not open to companies that
• Are medium or large undertakings (employing more than 50 people and turnover >€10m annually) who were in financial difficulty on 31 December 2019.
• Are operating in the coal or steel sector
• Are active in the primary agricultural, fishery or aquaculture sectors
• Are covered by specific rules for Financial Services.
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
• 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.
If you have funding needs, please get in touch with your Development Advisor or our Business Response Unit.