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
- 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.
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.
See also information on Sustaining Enterprise Fund – Small Enterprise
Full Information for SME Funding for Sustaining-Enterprise-Fund on www.enterprise-ireland.com