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Sustaining EnterpriseFund
Enterprise Ireland is helping Irish businesses to rebuild after the impact of Covid-19 – providing the funding they need to stabilise cashflow, adapt their operations and innovate to meet new customer needs.
Sustaining Enterprise Fund Overview:
- A new non-repayable grant of up to 50% of a funding package (up to €200,000 is available now)
- 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.
What is it for?
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 cashflow, adapt operations and innovate for new customer needs
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.
Eligible companies
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.
Description of funding:
• 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
Points of Note:
• 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.
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.
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.
Please contact your Development Advisor as other funding instruments may be available to support the development agenda of your company to grow and internationalise.
How to apply
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.
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 by providing 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 3-6 month period to support business continuity
• Sustain business so that companies can return to viability and contribute to the recovery of the Irish economy.
Description of Funding
Businesses qualifying under this EU-supported scheme will be offered funding of up to €50,000.
• 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.
Who cannot apply?
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.
Who is eligible?
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.
Contact us
If you have funding needs, please get in touch with your Development Advisor or our Business Response Unit.
