Coronavirus (Covid-19) - Client Update - 12th March 2020
12th March, 2020
Following the statement by an Taoiseach today in relation to the Irish Government’s response to Covid-19 and the announcement earlier in the week by Government of a series of supports in response to Covid-19, Enterprise Ireland has published a Guide to assist affected exporting companies in transitioning through the immediate and critical challenges that Covid-19 presents and which outlines the relevant supports available to business.
- a €200m Package for Enterprise Supports including a Rescue and Restructuring Scheme available through Enterprise Ireland for viable but vulnerable firms that need to restructure or transform their businesses. Details of these supports are being finalised.
- a €200m Strategic Banking Corporation of Ireland (SBCI) Working Capital Scheme for eligible businesses impacted by COVID-19. Further information can be found at https://sbci.gov.ie/
- a Short Time Work Support is available from the Department of Employment Affairs and Social Protection and is an income support payment for employees who have been temporarily placed on a shorter working week and is intended to help employers during periods of temporary difficulty. Further details at www.gov.ie/stws
- “Finance in focus” grant of up to €7,200 available to Enterprise Ireland and Údarás na Gaeltachta clients to support financial planning.
- Other Enterprise Ireland supports including; Strategic Consultancy Grant for SME’s to assist in the development of a strategic response plan by the company; Act On initiative, providing access to two days consultancy engagement at no extra cost to access financial management, strategic sourcing and transport and logistics advice; Key Manager support to provide partial funding towards the recruiting of a full or part-time manager with critical skills for future growth; Agile Innovation Fund and Operational Excellence Offer; Be Prepared grant for contingency planning. Visit www.enterprise-ireland.com/businessresponse for further details on the above supports.
- Vouchers for business continuity preparedness, innovation and productivity will be available through Local Enterprise Offices in every local authority area.
- The Credit Guarantee Scheme is a government supported product from the banks for small and medium businesses who have difficulty borrowing from their bank. Businesses can apply for loans of up to €1 million at AIB, Bank of Ireland or Ulster Bank. Loans can be for terms of up to 7 years. The scheme provides an 80% guarantee to participating banks which are AIB, Bank of Ireland and Ulster Bank.
- Additional financial supports are available locally through the 31 Local Enterprise Offices and Microfinance Ireland. The maximum loan available from Microfinance Ireland will be increased from €25,000 to €50,000 as an immediate measure to specifically deal with exceptional circumstances that micro-enterprises are facing.
- In light of Covid-19, Revenue have announced a number of measures specifically aimed at SME's and sub-contractors. Additional advice and guidance can be found here.
For further information or for any queries you have on the supports available, please contact the new Business Response Unit at GA-BSF@enterprise-ireland.com
We continue to provide a complete service to clients across the world and our staff across our international network of overseas offices remain contactable to support client business needs across the world.
We continue to monitor developments relating to Covid-19 (Coronavirus) and engage with colleagues across Government including the Department of Health, Department of Foreign Affairs and Trade and the Department of Business, Enterprise and Innovation, in relation to further precautionary measures.
We are advising all clients who are planning to travel to affected areas, to regularly review the Government of Ireland advice at gov.ie/health-covid-19, the travel advice from the Department of Foreign Affairs Travel Advice, business continuity advice from the Department of Business, Enterprise and Innovation and the World Health Organisation WHO Corona Virus Advice for the Public.
In line with the Government’s statement on mitigating the impacts of Covid-10, Enterprise Ireland is currently rescheduling a number of upcoming events and will update clients in due course. In the meantime, please visit www.enterprise-ireland.com/events to keep up to date with any changes over the coming days and weeks.
We will keep you appraised of further developments in relation to Covid-19 (Coronavirus) as they arise and advise you to monitor our website for updates in relation to Enterprise Ireland.