Sustaining Enterprise Fund - Small Enterprise
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 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 Fund will be used to support eligible companies to implement a Business Continuity Project Plan which must be provided by the company outlining the eventual stabilisation of the business. Based on this plan, Enterprise Ireland can provide financial support (against a detailed cashflow projection) to eligible companies for a 3-6 month period to support business continuity.
The main features of this support are:
- Repayable funding of up to €50,000 available for companies with annual turnover of €1.5m - €5m
- Repayable funding of up to €25,000 available for companies with turnover of less than €1.5m
- Funding to be repaid subject to the project objectives being achieved
- An annual administration fee of 4%.
The funding to be repaid as follows:
- 3-year grace period
- Full repayment by the end of year 5, on successful achievement of the project objective.
Am I eligible?
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 1; and
- An annual turnover in their most recent financial statements not exceeding €5m.
In addition, eligible applicants must have:
- Suffered, or be projected to suffer, a 15 per cent or more reduction in actual or projected turnover or profit as a result of COVID-19 outbreak (including a significant increase in costs as a result of the COVID-19 outbreak).
- Have engaged with their financial institution on their financing needs to sustain the business through the short and medium term.
This Fund is not open to companies that meet any of the below criteria:
- 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 operating in the coal or steel sector.
- Are active in the primary agricultural, fishery or aquaculture sectors.
- Are covered by specific rules for Financial Services 2.
- Include or relate to activities that Enterprise Ireland considers as ineligible or as involving an unacceptable reputational risk. Ineligible activities include activities relating to:
- The gambling sector, including ‘gaming’ (as defined in the Gaming and Lotteries Act 1956).
- Adult entertainment.
- Tobacco products.
- Cannabis-based products which are not authorised as medicines.
1 Defined as working 37.5 hours or more per week. Employees must be based in Ireland.
2 Financial institutions are those included in the Communication from the Commission on the application, from 1 August 2013, of the State aid rules to support measures in favour of banks in the context of the financial crisis (‘Banking Communication’) (OJ C 216, 30.7.2013, p. 1).
How do I apply?
Prior to submitting an online application, you should discuss this with your Enterprise Ireland Development Advisor.
If you are not an Enterprise Ireland client or do not know who your Development Advisor is, please do not start an application until you have contacted the Business Response Unit at firstname.lastname@example.org
You can apply via the Enterprise Ireland Online Application System.
Following submission of your online application form, you will also need to submit the following supporting documents via email to Enterprise Ireland:
- Copy of latest management accounts to include P&L and Balance Sheet.
- Copy of latest signed audited accounts (consolidated if part of a Group). Where audited accounts are not available, statutory accounts acceptable to Enterprise Ireland should be provided (abridged accounts are not accepted).
- Most recent 6-month business bank statement (not older than 2 weeks from the date of application)
- If the company is part of a group structure, a diagram outlining the companies in the group, showing the shareholding of each and the relationship.
For more information, please contact your Enterprise Ireland Development Adviser