May 19, 2020

Enterprise Ireland’s new Sustaining Enterprise Fund

Enterprise Ireland’s new Sustaining Enterprise Fund provides manufacturing and internationally traded services companies with capital to help stabilise and rebuild their businesses.

 

For further information, click here, contact your Development Advisor or contact the Covid-19 Business Response Unit at businessresponse@enterprise-ireland.com. The purpose of the fund is to sustain companies who have been impacted by a 15% or greater reduction in actual or projected  turnover or profit, and/or have a significant increase in costs as a result of the Covid-19 outbreak.

 

To deliver on this, the objectives of the fund are to:

  • Ensure eligible companies have access to necessary liquidity in the short-term; and
  • Sustain the business so that the company can return to viability and contribute to the recovery of the Irish economy.

 

This €180m Fund is open to eligible companies which:

  • Employ 10 or more full-time employees
  • Are operating in the manufacturing and internationally traded services sectors
  • For SMEs – have applied for funding from a financial institution, including, where appropriate, through the SBCI Covid-19 Working Capital Loan/Future Growth Loan Schemes
  • For large companies – have applied for funding with an appropriate financial institution.

 

Businesses qualifying under this EU-supported scheme will be offered a repayable advance of up to €800,000. The Sustaining Enterprise Fund will be used to support the implementation of a Sustaining Enterprise Project Plan which must 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.

Read more about Enterprise Ireland’s Funding Supports at: https://globalambition.ie/supports/