Crisis Response Business Financial Planning Grant

Overview

The Crisis Response Business Financial Planning Grant is a strategic intervention to assist companies to prepare a detailed financial plan and to assess the impact of currently emerging developments on their business.

The Crisis Response Business Financial Planning Grant offers up to €5,000 (100% of expenditure) for an engagement with an approved external consultant to:

  • understanding the impact of the war in Ukraine, increases in input and energy costs, currency fluctuations and supply chain disruptions on working capital
  • understanding any immediate liquidity issues (if any)
  • creating a financial plan to secure external finance (if required)
  • developing a framework to manage the finances of the business.

The offer seeks to encourage companies to be proactive in developing a detailed financial plan that identifies funding needs and potential sources of funding.

Full details of the grant can be found in the associated Reference Document.

How will the grant be used?

  • The grant will enable companies understand their immediate and long-term liquidity needs arising from the impact of the war in Ukraine and increases in input costs, currency costs and energy cost and the impact of supply chain disruptions on working capital, create a financial plan to secure the external finance required for business continuity and have a framework to manage the finances of the business.
  • Companies will work with approved third-party consultants to develop a financial plan.

The plan will seek to:

  • Establish the companies’ current position.
  • Examine the negative impacts of the war in Ukraine and increases in energy cost and supply chain disruptions on working capital on the business.
  • Establish where the company wants to be in 3 years’ time.
  • Select and prioritise initiatives that will mitigate risks and identify appropriate actions and the resources required.
  • Prepare projections for the next 3 years (monthly profit & loss, balance sheet and cash-flow).
  • Develop a series of actions to be undertaken by the company to mitigate the effects of the current crisis on the company.
  • Identify and empower management to access the finance they require.

Legal Basis

This offer shall be administered in accordance with Industrial Development Act 1986 and Section 7 (2) of the Industrial Development (Enterprise Ireland) Act 1998.

State Aid Basis

The State aid basis of this offer is:

  • Commission Regulation (EU) No 1407/2013 and 1408/2013 of 18 December 2013.
  • Under the De Minimis Regulation (Regulation (EU) No 1407/2013) the maximum De minimis funding any single recipient can receive from the Irish State is €200,000 over a three-year period.

Am I eligible?

The grant is open to all existing clients of Enterprise Ireland that meet the following criteria:

  1. HPSU (>5 full time employees and post EI equity investment, SME or large company)
  2. Actively trading
  3. Engaged in eligible activities
  4. Have been impacted by the war in Ukraine, increases in input and energy costs, currency fluctuations and/or supply chain disruptions.

In addition, the grant will also be open to Údarás na Gaeltachta Clients
Companies will need a positive de Minimis balance to cover the approved grant amount (to be self-certified).

Ineligible Companies

Companies whose products are listed in Annex 1 to the EU Treaty (TFEU) which include:

  • Horticulture companies
  • Fish processors
  • Other primary producers
  • Coal and steel companies

What costs are eligible and what is the maximum funding available?

The grant will be used to cover the daily fees of external approved consultants engaging with companies on the development of a financial and business plan.

The maximum grant available is €5,000 i.e., up to 100% grant on a maximum expenditure of €5,000 (maximum daily rate of up to €900 per day).

Consultancy daily rate to be inclusive of travel & subsistence and all out of pocket expenses. Where a consultancy has more than one consultant engaged on the project, the aggregate number of days worked by all consultants on the project is counted.

The grant offer is exclusive of VAT. The company will be charged VAT by the consultant undertaking the engagement. Any VAT paid can be recovered through normal channels.

Eligible Costs

  • The grant will be used to cover the daily fees of external consultants engaging with companies on the development of a financial and business plan.
  • Consultancy daily rate of up to a maximum €900 per day.
  • Consultancy daily rate to be inclusive of travel & subsistence and all out of pocket expenses.
  • The daily rate must be exclusive of VAT.
  • Where a consultancy has more than one consultant engaged on the project, the aggregate number of days worked by all consultants on the project is counted.

Ineligible Costs

  • Expenditure prior to date of application
  • Consultant expenses
  • Sales and marketing related expenses
  • Trade fair participation costs
  • Any internal costs of the company (e.g. salaries & overheads).

Output Overview

The output of this engagement will be a complete set of financial forecasts for 3 years. The outputs will include an Output Report (.docx), a set of financial models and a completed 3-year Financial Data Sheet (.xlsx).

The output report details the specific outputs required from both the company and the consultant and has a checklist of the outputs required.

Approved Financial Consultants Directory

The financial plans produced as part of this engagement will be used to source external finance; it is vital that the quality of the plans produced is high to ensure the companies have the best chance of securing the finance they require.

In addition, for those Enterprise Ireland companies availing of this grant, the output will form the basis of any application they make for other Enterprise Ireland supports.

Enterprise Ireland has compiled a directory of consultants to work with companies through this grant and it is expected that companies will use these consultants.

Applications that do not include the name of an approved consultant will not be approved.

How do I apply?

Contact your assigned Enterprise Ireland Adviser to discuss your application.

Key contact/more information

For more information, please contact your Enterprise Ireland Adviser.