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.
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 / 01 727 2088.
All completed applications should be returned via email to the SEF inbox.