Sustaining Enterprise Fund

SEF

Enterprise Ireland is helping Irish businesses to rebuild after the impact of Covid-19 – providing the funding they need to stabilise cashflow, adapt their operations and innovate to meet new customer needs.

Our new funding package is available, which includes:

  • A non-repayable grant of up to 50% of a funding package (up to €200,000) is now available
  • Funding of between €100,000 and €800,000 available.
  • No repayments for the first 3 years.
  • Zero administration fee for the first 6 months - 4% thereafter.

This funding is time-limited and open to manufacturing or internationally traded services companies that employ more than 10 people.

Sustaining Enterprise Fund - €800k

Support of between €100,000- €800,000 can be provided to companies who have been impacted by Covid 19. The objectives of the fund are to:

  • Ensure eligible companies can accelerate their recovery
  • Provide funding needed to stabilise casheflow, adapt operations and innovate for new customer needs

Eligible companies

In order to be eligible for funding, companies must:

  • Employ 10 or more full-time employees*
  • Are operating in the manufacturing and internationally traded service sectors
  • Have experienced, or be projected to experience, a 15% or more reduction in actual or projected turnover or profit as a result of the Covid-19 outbreak. The reduction in turnover or profit of 15% or more, compares a quarter in 2019 (pre-Covid) to the same quarter in either 2020 or 2021.
  • Have had a significant increase in operational costs as a result of Covid-19.
  • Not have been Undertakings in Difficulty at 31st December 2019 and at the date of application, as provided for in State aid law. An exception to this is micro and small undertakings (i.e. undertakings with fewer than 50 employees and less than €10m of annual turnover and/or balance sheet value) provided that at the moment of providing the support, they are not subject to collective insolvency procedure under national law.

The Sustaining Enterprise Fund will be used to support the implementation of a Sustaining Enterprise Project Plan which should be provided by the company outlining the eventual stabilisation of the business and a return to viability. The Covid-19 Business Financial Planning Grant can help companies to develop the Sustaining Enterprise Project Plan.

*For companies with less than 10 people a range of supports are available from MicroFinance Ireland and the Local Enterprise Offices - contact the business response unit.

Description of funding

  • Funding will be provided for a five-year period, using the following instruments: repayable advances, grant aid, equity or loan note.
  • Funding provided will comprise a combination of repayable and non-repayable support.

Points of Note:

  • Repayable Advances are due for repayment in years 4 and 5 i.e. no repayment for the first 3 years.
  • The Equity instrument used will primarily be Cumulative Redeemable Preference Shares (CRPs).
  • Cumulative Convertible Redeemable Preference Shares (CCRPs) and ordinary equity may be used where Enterprise Ireland seeks to match the terms of other investors.
  • All Funding will be made available against a submitted Sustaining Enterprise Project Plan subject to completing a satisfactory due diligence process.

Who cannot apply?

The scheme is not open to companies who:

  • 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.

How to apply

For information on how to apply please contact the Enterprise Ireland team on

GA-BSF@enterprise-ireland.com

For further information:

Enterprise Ireland has a comprehensive suite of supports available for companies at all stages of development, under Sustaining Enterprise Fund and Innovative Start-Up funding, as well as other funding offers.

If you have funding needs, please get in touch with your Development Adviser or contact GA-BSF@enterprise-ireland.com

See also information on Sustaining Enterprise Fund - Small Enterprise