New liquidity and online retail supports welcome

Retail Ireland, the Ibec group that represents the retail sector, today welcomed the announcement by Minister Humphreys of additional liquidity supports of €1 billion to address the credit crisis currently facing Irish business. The additional measures will provide particular support to the SME sector and the enhancements to the working capital, credit guarantee and future growth support products will provide important assistance to businesses at this challenging time. 

The announcement included a number of specific and very welcome measures targeted at the retail sector and designed to support online trading. This includes a new €2 million Covid-19 retail online scheme, for indigenous retail businesses with over 10 employees, and an expansion of the Local Enterprise Offices’ €2,500 Trading Online Voucher Scheme. More supports will be needed over the coming days and weeks to safeguard job and retail businesses.

Retail Ireland Director Arnold Dillon said: “The new measures announced by Government today are very welcome and will provide an important confidence boost for firms currently concerned about their cash flow situations. It is also very positive to hear that Government plans to deliver further liquidity supports for business and to continue to enhance the suite of measures available. Is is important that measures of scale are rolled out for mid-sized firms as liquidity challenges are currently impacting on businesses of all sizes.”