30 Nov, 2021

Ifac highlights the supports available to enable businesses to grow

Our Food and Agribusiness team highlight the multiple supports available to businesses that are looking to manage the challenges they are facing and grow their business.

David Leydon, our Head of Food and AgriBusiness comments: “As business owners look to manage the challenges that Brexit, Covid-19, climate change and digitalisation present, it’s important to make sure that all available resources are being actively considered.”

Some of the latest funding available that can make a difference for businesses includes:

EI Digitalisation Voucher

One of Enterprise Ireland’s latest supports is the Digitalisation Voucher. This support is becoming increasingly important as consumers now demand a streamlined digital offering regardless of the product or service.

David continued: “It is imperative that any business looking to develop their digital muscle should avail of this grant. It has been designed to aid businesses to prepare a plan for the adoption of digital tools and techniques across the business including process optimisation, improving digital customer experience and data management.”

Businesses must audit their current digital capabilities, including their internal strengths and gaps before reviewing potential external threats including cyber threats or competitor activities.

Brexit Impact Loan Scheme

As mentioned above, some businesses are struggling to manage the repercussions of Brexit. To support these businesses, the Brexit Impact Loan Scheme (BILS) has been developed by the SBCI in partnership with the Department of Enterprise, Trade and Employment, the Department of Agriculture, Food and the Marine, the European Investment Fund and the European Investment Bank are offering affordable medium-term finance to businesses that have been negatively impacted by Covid-19 and Brexit. Ensuring a business has adequate working capital is essential to the survival of the business, the BILS can be used by affected companies to secure the necessary working capital.

Climate Action

With businesses looking to reduce their emissions and improve their environmental focus, Enterprise Ireland has developed the Climate Enterprise Action Fund which consists of several supports including the Climate Action Voucher, GreenStart and GreenPlus.

David commented: “With the recent publication of the Climate Action Plan 2021, it is evident that businesses must begin taking decisive action to reduce their greenhouse gas emissions in order to achieve the 2030 targets. Funding this change can be expensive but utilising the Climate Enterprise Action Fund can allow more businesses to make this change.”

We provide weekly updates for business owners via our social media channels and on our website every Friday - #ifacFundingFriday. Check out www.ifac.ie/news-insights to be kept up to date. If you are looking to engage with one of the supports mentioned above and need more information, contact your local ifac office or davidleydon@ifac.ie.