Sustaining Enterprise Fund

New Funding package, now including up to €200,000 as a non-repayable grant.

Enterprise Ireland is helping Irish businesses to rebuild after the impact of Covid-19 – providing the funding they need to stabilise cashflow, adapt their operations and innovate to meet new customer needs.

The Enterprise Ireland new funding package is available and includes:

• A non-repayable grant of up to 50% of a funding package (up to €200,000) – is now available
• Funding of between €100,000 and €800,000 available.
• No repayments for the first 3 years.
• Zero administration fee for the first 6 months – 4% thereafter.

This funding is time-limited and open to manufacturing or internationally traded services companies that employ more than 10 people.

Sustaining Enterprise Fund – €800k

Support of between €100,000- €800,000 can be provided to companies who have been impacted by Covid 19. The objectives of the fund are to:

• Ensure eligible companies can accelerate their recovery
• Provide funding needed to stabilise cashflow, adapt operations and innovate for new customer needs

Eligible companies

• Employ 10 or more full-time employees*
• Are operating in the manufacturing and internationally traded service sectors
• Have seen (or expect to see) a 15% or greater reduction in actual or projected turnover or profit, or a significant increase in costs, as a result of Covid-19.

The Sustaining Enterprise Fund will be used to support the implementation of a Sustaining Enterprise Project Plan which should be provided by the company outlining the eventual stabilisation of the business and a return to viability. The Covid-19 Business Financial Planning Grant can help companies to develop the Sustaining Enterprise Project Plan.

*For companies with less than 10 people a range of supports are available from MicroFinance Ireland and the Local Enterprise Offices – contact the business response unit.

Description of funding

• Funding will be provided for a five-year period, using the following instruments: repayable advances, grant aid, equity or loan note.
• Funding provided will comprise a combination of repayable and non-repayable support.

Points of Note:

• Repayable Advances are due for repayment in years 4 and 5 i.e. no repayment for the first 3 years.
• The Equity instrument used will primarily be Cumulative Redeemable Preference Shares (CRPs).
• Cumulative Convertible Redeemable Preference Shares (CCRPs) and ordinary equity may be used where Enterprise Ireland seeks to match the terms of other investors.
• All Funding will be made available against a submitted Sustaining Enterprise Project Plan.

Who cannot apply?

The scheme is not open to companies who:

• 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.

For further assistance or to find out more regarding COVID-19 business supports contact WENTWORTH or call on WENTWORTH on 021-4217470

For further information:

Enterprise Ireland has a comprehensive suite of supports available for companies at all stages of development, under Sustaining Enterprise Fund and Innovative Start-Up funding, as well as other funding offers.

If you have funding needs, please get in touch with your Development Adviser or our Covid 19 Business Response Unit at businessresponse@enterprise-ireland.com

See also information on Sustaining Enterprise Fund – Small Enterprise

Full Information for SME Funding for Sustaining-Enterprise-Fund on www.enterprise-ireland.com