Enterprise supports

• The Department of Business, Enterprise and Innovation details practical supports and measures for COVID-19 impacted businesses. This includes a Business Continuity Planning: COVID-19 Checklist and links to general government guidance on measures to be taken by the Irish business community such as the Department of Health’s COVID-19 guidance for supply chain workers.

• The SBCI COVID-19 Working Capital Scheme for eligible businesses has been launched. Maximum loan size will be €1.5 million (first €500,000 unsecured) and the maximum interest rate will be 4%. Applications can be made through the Strategic Banking Corporation of Ireland. Eligibility criteria apply.

• The  European Investment Bank (EIB) has unveiled its plan to mobilize up to €40 billion of financing to fight the crisis caused by Covid-19. This will go towards bridging loans credit holidays and other measures designed to alleviate liquidity and working capital constraints for SMEs and mid-caps. Loans in Ireland will be conducted through the Strategic Banking Corporation of Ireland (SBCI) . Direct lending will continue be open to larger firms.

• The SME Credit Guarantee Scheme supports loans from €10,000 up to €1 million for periods of up to 7 years. Applications can be made to AIB, Bank of Ireland and Ulster Bank. Eligibility criteria apply.

• Microenterprises can access COVID-19 loans of up to €50,000 from MicroFinance Ireland. The terms include a six months interest free and repayment free moratorium, with the loan to then be repaid over the remaining 30 months of the 36-month loan period. Any business (Sole Trader, Partnership or Limited Company) with less than 10 employees and annual turnover of up to €2m can apply through their Local Enterprise Office or direct from MicroFinance Ireland. Eligibility criteria apply.

• The full range of Enterprise Ireland, IDA Ireland, Local Enterprise Office and Údarás na Gaeltachta grant supports will be available to firms to help with strategies to innovate, diversify markets and supply chains and to improve competitiveness.

• Enterprise Ireland’s Finance in Focus grant allows client companies access consultancy support, up to €7,500, to undertake immediate finance reviews. Údarás na Gaeltachta operates a similar Finance in Focus scheme for its client companies.

• Local Enterprise Offices can provide Business Continuity Vouchers to assist in preparing any business continuity issues due to current economic circumstances.

• Enterprise Ireland’s COVID-19 Business Response Plan outlines the €200m Covid-19 support package. This will include a Rescue and Restructuring Scheme for viable but vulnerable firms that need to restructure or transform their businesses (details being finalized). The agency existing support schemes can also be accessed to help client companies mitigate the impact of Covid-19.

• The Supporting SMEs Online Tool is a cross-governmental one-stop-shop to help SMEs know which of the over 80 Government supports could possibly fit their business. Searches can be tailored to business sector and location.