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. 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 by providing 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 3-6 month period to support business continuity.
- Sustain business so that companies can return to viability and contribute to the recovery of the Irish economy.
Description of Funding
Businesses qualifying under this EU-supported scheme will be offered funding of up to €50,000.
- Funding provided will comprise a combination of repayable and non-repayable support, with up to 50% of the funding provided non-repayable.
- An administration fee applies to the repayable element of the funding, as follows:
- 0% administration fee on first six months
- 4% per annum thereafter
Funding available to companies is based on the following threshold:
- Companies with 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 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.
Funding will be awarded against a submitted Sustaining Enterprise Project Plan which should have the overarching objective of strengthening the company’s position to be trading in three years’ time. It must also show that the company, with EI assistance and the contribution of its own business continuity plans, has sufficient cash to bring the business back to more normal operations as the current restrictions are relaxed or lifted over the next three to six months.
Who cannot apply?
This Scheme is not open to companies that:
- 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.
The fund is now closed for 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 Adviser or our Covid-19 Business Response Unit at email@example.com
See also information on Sustaining Enterprise Fund