Sustaining Enterprise Fund
Enterprise Ireland’s liquidity and medium-term financial supports are being delivered under the €180m ‘Sustaining Enterprise’ fund, launched in April. Support of up to €800,000 can be provided to companies targeting them at their different stages of development and growth ranging from established companies to small enterprises and start-ups.
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
Up to €800, 000 is available to eligible companies which:
- Employ 10 or more full-time employees*
- Are operating in the manufacturing and internationally traded service sectors
- Have seen (or expect to see) a 15% or greater reduction in actual or projected turnover or profit, or a significant increase in costs, as a result of Covid-19.
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.
Sustaining Enterprise Fund
- Funding will be available in the form of repayable advances (up to 250k); equity (above 250k) or the total amount approved could be equity, within the range of €100,000 and up to a maximum of €800,000 per company
- A zero per cent administration fee will apply for the first 6 months (2% effective rate in year 1), followed by 4% per annum
- Repayments are not due until year 4 and 5
- Funding will be available in the form of a repayable advances and/or equity within the range of €100,000 and up to a maximum of €800,000 per company
- For smaller companies, funding of up to €50k is available as a repayable advance
Points of Note
- Funding supports will be over a five-year period
- The Equity instrument will primarily be Cumulative Redeemable Preference Shares (CRPs).
- Cumulative Convertible Redeemable Preference Shares (CCRPs) and ordinary equity may be used when EI seeks to match the terms of other investors including Venture Capital companies
- Enterprise Ireland’s investment will ideally (but not necessarily) be on a co-funded basis, with additional funding to be raised from other investors or other external sources of funding.
- If an immediate investment is required, a Repayable Advance of c. €100K may be available with the remaining in equity.
- All Funding will be made available against a submitted Sustaining Enterprise Project Plan.
Who cannot apply?
- The scheme is not open to companies that:
- Were in financial difficulty at 31st December 2019
- 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.
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 advisor or our Covid 19 Business Response Unit at firstname.lastname@example.org
*For companies with less than 10 people a range of supports are available from MicroFinance Ireland – contact the business response unit