Manufacturing & Supply Chain

Enterprise Ireland launches Sustaining Enterprise Fund for Small Enterprise

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Enterprise Ireland launches Sustaining Enterprise Fund for Small Enterprise

Enterprise Ireland launches Sustaining Enterprise Fund for Small Enterprise
May 12
10:21 2020
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As part of the Sustaining Enterprise Fund, Enterprise Ireland will administer a specific Sustaining Enterprise Fund for Small Enterprise. This fund will provide a €25k to €50k short term working capital injection to eligible smaller companies to support business continuity and strengthen their ability to return to growth and be trading strongly in 3 years time.

The purpose of the fund is to sustain eligible manufacturing and internationally traded services companies to provide support to companies: who have been impacted by a 15% or more reduction in actual or projected turnover or profit; and require access to liquidity to sustain business continuity.

To deliver on this, the objectives of the fund are to:

  • Provide financial support (against detailed costs and cashflows) to eligible companies for a 3-month period to support business continuity
  • Sustain business so that companies can return to viability and contribute to the recovery of the Irish economy.

Businesses qualifying under this EU-supported scheme will be offered to fund of up to €50,000.

Under this fund, eligible companies can apply for up to a maximum of €50,000 per undertaking in the form of repayable advances. Funding available to companies is based on the following threshold:

  • Companies with more than 10 employees and an annual turnover in their most recent financial statements not exceeding €1.5 million can apply for up to €25,000 in funding
  • Companies with an annual turnover in their most recent financial statements greater than €1.5 million but less than €5 million can apply for funding up to €50,000.

The Project Plan should Detail:

  • Funding assistance sought
  • The expenditure underpinning the financial assistance
  • Summary cash flows for the next 3 months of trading (weekly for the first month)
  • How the project plan strengthens business continuity in order to strengthen the position of the company to be trading in 3 years’ time.

Who cannot apply?

This scheme is not open to companies that:

  • Were in financial difficulty on 31st of December 2019
  • Entered financial difficulty after 31st of December 2019 for reasons not related to Covid-19
  • 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.

Applications

Eligible applicants are manufacturing and internationally traded service companies with:

  • 10 or more full-time people on their payroll on the 29th of February 2020
  • An annual turnover in their most recent financial statements not exceeding €5 million.

In addition, eligible applicants must have:

  • Suffered, or be projected to suffer, a 15% or more reduction in actual or projected turnover or profit as a result of the Covid-19 outbreak (including a significant increase in costs as a result of the Covid-19 outbreak)
  • Engaged with their financial institution on their financing needs to sustain the business through the short and medium term.

For further information, click here, contact your Development Advisor or contact the Covid-19 Business Response Unit at businessresponse@enterprise-ireland.com

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