Manufacturing & Supply Chain

Practical Steps Businesses Can Take to Help Cope With the Covid-19 Crisis

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Practical Steps Businesses Can Take to Help Cope With the Covid-19 Crisis

Practical Steps Businesses Can Take to Help Cope With the Covid-19 Crisis
March 13
10:26 2020
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The Government has advised businesses experiencing financial difficulties as a result of Covid-19 to take the following steps:

  1. Contact your Bank or Finance provider to talk about your financing needs
  2. Consider the use of the State’s Credit Guarantee Scheme, which supports loans up to €1 million for periods of up to 7 years. Applications can be through the Pillar Banks or through the SBCI website.
  3. Microenterprises[1], can access loans of up to €50,000 from MicroFinance Ireland.  Applications can be made through the MFI website or through your local LEO.
  4. Consider the SBCI Covid-19 Working Capital Scheme for eligible businesses will be available within the next week. Applications can be made through the SBCI website.

There are a number of practical steps you can take today:

  • Assess your cash needs for the coming weeks. It may be prudent to defer discretionary spend
  • Get advice from your accountant or use the advisory support available from your local LEO, and talk to your bank
  • Check if your insurance policy covers you for an interruption in your business, or a temporary business closure, caused by Covid-19
  • Consider whether you would be in a position to access contractors if your own workforce was to be significantly impacted
  • Develop a business continuity plan, brief your staff on that plan, and test it in exercises. Maximise the use of remote and flexible working.  The Department of Business, Enterprise and Innovation provides a template here.

[1] (sole traders, partnerships and Limited Companies with fewer than 10 employees and a turnover of less than €2m)

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