Sustaining Enterprise Fund - Small Enterprise

As part of the Sustaining Enterprise Fund, Enterprise Ireland will also administer a specific Sustaining Enterprise Fund for Small Enterprise.

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This fund will provide a €25k to €50k short term working capital injection to eligible smaller companies to support business continuity and strengthen their ability to return to growth and be trading strongly in 3 years time.

The purpose of the fund is to sustain eligible manufacturing and internationally traded services companies to provide support to companies: who have been impacted by a 15% or more reduction in actual or projected turnover or profit; and require access to liquidity to sustain business continuity.

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

  • Provide financial support (against detailed costs and cashflows) to eligible companies for a 3-month period to support business continuity
  • Sustain business so that companies can return to viability and contribute to the recovery of the Irish economy.
  • Businesses qualifying under this EU-supported scheme will be offered funding of up to €50,000.

Under this fund, eligible companies can apply for up to a maximum of €50,000 per undertaking in the form of repayable advances. Funding available to companies is based on the following threshold:

  • Companies with more than 10 employees and an annual turnover in their most recent financial statements not exceeding €1.5 million can apply for up to €25,000 in funding
  • Companies with more than 10 employees and an annual turnover in their most recent financial statements greater than €1.5 million but less than €5 million can apply for funding up to €50,000.

The Project Plan should Detail:

  • Funding assistance sought
  • The expenditure underpinning the financial assistance
  • Summary cash flows for the next 3 months of trading (weekly for the first month)
  • How the project plan strengthens business continuity in order to strengthen the position of the company to be trading in 3 years’ time.
  • Who cannot apply?

This scheme is not open to companies that:

  • Were in financial difficulty on 31st of December 2019
  • Entered financial difficulty after 31st of December 2019 for reasons not related to Covid-19
  • 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.

Applications

Eligible applicants are manufacturing and internationally traded service companies with:

  • 10 or more full-time people on their payroll on the 29th of February 2020
  • An annual turnover in their most recent financial statements not exceeding €5 million.

In addition, eligible applicants must have:

Suffered, or be projected to suffer, a 15% or more reduction in actual or projected turnover or profit as a result of the Covid-19 outbreak (including a significant increase in costs as a result of the Covid-19 outbreak)

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

If you are ready to APPLY ONLINE CLICK here to get started