Insights

Funding schemes from Enterprise Ireland, SBCI and Local Enterprise offices

  • Written By: Con Casey
  • Published: Tue, 21 Apr 2020 13:00 GMT

There are a range of supports recently announced by Government specifically for challenges arising from the Covid-19 crisis and in addition there are a number of existing schemes which remain available and can be used to fund SME’s to survive and plan for a future beyond the current crisis.

Business 574620880

We set out a summary of these for your benefit:

Scheme

Funding [1]

Purpose

Considerations

Where to Apply [2]

Trading Online Voucher

€2,500

Training and advice to help your business trade online Grant is available to cover 90% of the costs of an online initiative and recipients can be awarded up to two grants of €2,500 to Businesses which have successfully implemented an initial grant offer Local Enterprise Office
https://www.localenterprise.ie/Discover-Business-Supports/Trading-Online-Voucher-Scheme-/

COVID-19 Retail Online Scheme

This competitive call has a budget of €2 million. Successful applicants will receive funding support of up to 80% of project costs, with a maximum grant of €40,000 The Covid-19 Online Retail Scheme is a grant for retail companies with greater than 10 employees to develop a more competitive online offer. As part of the Government response to supporting enterprises impacted by Covid-19, a new call for applications under the Online Retail Scheme will be introduced urgently by Enterprise Ireland. Open to retailers employing over 10 people Enterprise Ireland
https://globalambition.ie/covid-19/

Sustaining Business Enterprise Fund

Businesses qualifying under this EU-supported scheme will be offered a repayable advance of up to €800,000. The Sustaining Enterprise Fund will be used to support the implementation of a Business Sustainment Plan which must be provided by the company outlining the eventual stabilisation of the business and a return to viability.
The Covid-19 Business Financial Planning Grant will help companies to develop the Business Sustainment Plan.
Employ 10 or more full-time employees
Are operating in the manufacturing and internationally traded services sectors
SMEs – who have applied for funding from a financial institution, including, where appropriate, through the SBCI COVID-19 Working Capital Loan/Future Growth Loan Schemes
Large Companies – who have applied for funding with an appropriate financial institution.
Enterprise Ireland
https://globalambition.ie/supports/innovation-support/sustaining-enterprise-fund/

COVID-19 Business Financial Planning Grant

€5,000 The grant will support companies with 100% funding to engage the services of an approved financial consultant to develop this plan for use when applying for bank or investor funding and when developing their own medium-term financial strategy Enterprise Ireland will work with these companies on a one-to-one basis to support the implementation of the plan Enterprise Ireland
https://globalambition.ie/covid-19/

Lean Business Improvement Grant

€2,500 Training project of up to three days carried out by an approved external advisor/trainer directly with an eligible business. The project should focus on the Operations of the Business in terms of;
- Crisis response
- Sustaining operations
- Planning for resilience post-crisis
Enterprise Ireland
https://globalambition.ie/covid-19/

*The above table gives indicative details – full information is available from the websites indicated

Note: Government legislation is that prevailing at the time, is subject to change without notice and depends on individual circumstances. Clients should always seek appropriate advice from their financial adviser before making financial decisions

[1] These are the maximum value of supports available

[2] Teams and conditions apply for each scheme. Details are available from the websites indicated.

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DISCLAIMER
We have taken great care to ensure the accuracy of this publication. However, the publication is written in general terms and you are strongly recommended to seek specific advice before taking any action on the information it contains.
Smith & Williamson Freaney Limited Authorised to carry on investment business by the Institute of Chartered Accountants in Ireland. A member of Nexia International.

 

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