Cash flow supports for businesses during the pandemic
A variety of other supports for businesses affected by COVID-19 have been made available by the State and State agencies.
Pandemic Stabilisation and Recovery Fund
A €2 billion Pandemic Stabilisation and Recovery Fund within the Ireland Strategic Investment Fund (ISIF), will make capital available to medium and large companies on commercial terms. You can get more information from the ISIF website.
Working Capital Loan Scheme
Loans from €25,000 to €1.5 million are available under the Working Capital Loan Scheme, operated by the Strategic Banking Corporation of Ireland (SBCI). Loans are available to viable micro, small and medium sized enterprises (“SMEs”) and Small MidCap enterprises, who meet the eligibility criteria.
A Small Mid-Cap is an enterprise that is not an SME but has fewer than 500 employees. The loans have a maximum interest rate of 4% and the first €500,000 borrowed can be unsecured. Applications can be made through the SBCI website.
Future Growth Loan Scheme
Longer term loans from €100,000 to €3,000,000 are available for SME’s under the Future Growth Loan Scheme also operated through the SBCI. The loans have a maximum interest rate of 4.5% and the first €500,000 borrowed can be unsecured.
Credit Guarantee Scheme
A €2 billion COVID-19 Credit Guarantee Scheme will provide an 80% guarantee on lending to SMEs until the end of this year, for terms between 3 months and 6 years. SMEs will be able to go directly to the banks in the Scheme, and the guarantee can be used for a range of lending products between €10,000 and €1 million that have a maximum term of 6 years or less. It will be available to all SME sectors, including primary producers.
The COVID-19 Credit Guarantee Scheme is a further development of the existing Credit Guarantee Scheme which is already available from AIB, Bank of Ireland and Ulster Bank, and it will be possible for other lenders to get access to the Scheme. Implementing this scheme will require legislation
Microenterprise loans of up to €50,000 are available from MicroFinance Ireland for sole traders, partnerships and limited companies with less than 10 full-time employees and annual turnover of up to €2m. Applications can be made through the MFI website or through your Local Enterprise Office.
Business Continuity Voucher
A new Business Continuity Voucher is available through Local Enterprise Offices for businesses that employ up to 50 people. The voucher is worth up to €2,500 in third party consultancy costs and can be used by companies and sole traders to develop short-term and long-term strategies to respond to the COVID-19 emergency.
Clients of Enterprise Ireland, IDA or Údarás na Gaeltachta should contact their relevant agency, which have other appropriate supports in place. Download an application form and email it to your Local Enterprise Office.
Trading Online Voucher Scheme
A new Trading Online Voucher Scheme is available through Local Enterprise Offices to help small and microenterprises get online. The voucher is worth up to €2,500. A second voucher of up to €2,500 can be sought once the first has been successfully utilised. Voucher numbers are limited – contact your Local Enterprise Office for more information and application details.
Business Financial Planning Grant
A Business Financial Planning Grant from Enterprise Ireland to the value of €5,000 to assist companies to develop a Business Sustainment Plan and to engage the services of an approved Financial Consultant. For more information and to apply contact Enterprise Ireland.
Finance in Focus grant
A Finance in Focus grant of €7,200 will be available to Enterprise Ireland and Údarás na Gaeltachta clients.
Online Retail Scheme
A COVID-19 Online Retail Scheme is open to retailers employing over 10 people. Grants ranging from €10,000 to €40,000 will be awarded under the competitive scheme to retailers seeking to improve their existing online capability.
Restart Fund for micro and small businesses
A Restart Fund of €250 million will be created for micro and small enterprises. Details of the scheme are to be finalised by government and will be announced in the coming weeks. It is intended that the fund will operate through a system of rebates/waivers of commercial rates payments from 2019. Companies will receive a total amount equivalent to no more than their 2019 rates bill and that there will be a cap per business of €10,000.
You can read more in the full Government announcement on supports for business