Supports available to help deal with Covid-19
At this very challenging time for both our community and our businesses we want to share some of the State supports available to you as you deal with the current challenges.
COVID-19 Supports
Strategic Banking Corporation of Ireland (SBCI) Working Capital Scheme
A €200m scheme has been established for eligible businesses impacted by COVID-19.
Loans of up to €1.5m will be available at reduced rates, with up to the first €500,000 unsecured.
We have been in touch with the SBCI and they are currently working to finalise the terms and conditions of the SBCI COVID19 Working Capital Scheme and the eligibility application process.
This loan is expected to be in line with the Brexit Loan Scheme which offers a maximum interest rate of 4%. The SBCI are hoping to post the application online next week at www.sbci.gov.ie.
In the interim if you wish to be kept informed on developments please email the SBCI at info@sbci.gov.ie or call on 01 238 4000.
The Credit Guarantee Scheme will be available to COVID-19 impacted firms through the Pillar Banks. Loans of up to €1m will be available at terms of up to 7 years.
Enterprise Ireland
A €200m Package for Enterprise Supports including a Rescue and Restructuring Scheme available through Enterprise Ireland for vulnerable but viable firms that need to restructure or transform their business. This offers both rescue aid and temporary restructuring aid to SMEs in financial difficulty or experiencing acute liquidity needs. Contact your DA.
A Finance in Focus grant of €7,200 will be available to Enterprise Ireland and Údarás na Gaeltachta clients that want to access consultancy support to undertake immediate finance reviews. More information on the Finance in Focus grant is available here on the Enterprise Ireland website.
Local Enterprise Offices
Local Enterprise Offices in every county will be providing vouchers from €2,500 up to €10,000 (with 50:50 match funding) to support business continuity preparedness, innovation and productivity.
A full list of the Local Enterprise Offices throughout the country can be found here.
Microfinance Ireland
The maximum loan available from MicroFinance Ireland will be increased from €25,000 to €50,000 as an immediate measure to specifically deal with exceptional circumstances that micro-enterprises – (sole traders and firms with up to 9 employees) - are facing.
Applications can be made through the MFI website or through your local LEO.
Department of Business, Enterprise and Innovation
Please also see the Business Continuity Planning Checklist of preparatory actions in responding to COVID-19 provided by the Department of Business, Enterprise and Innovation - https://dbei.gov.ie/en/Publications/Publication-files/Business-Continuity-Planning-Checklist-COVID-19.pdf.
This document outlines some of the necessary steps to take to help prepare for the potential repercussions of COVID-19.
Business Plus Magazine
On Tuesday we featured on Business Plus Magazine outlining some of the steps businesses can take to prepare at this time. We focussed on the 2 C’s – cashflow and communication. Please see the full article here.