COVID 19 – SMEs have you availed of all the COVID 19 supports?

Ensure that your company has applied for all the grants available.

Covid 19 continues to dominate our news headlines and many companies continue to be adversely affected.  With hope on the horizon, have you a plan, is your business ready to reopen, have you adequate funding, do you need to refinance, and have you availed of all the supports available to you?

This blog outlines the supports and funding available to you. 

Financial Supports  

There are financial supports available from Enterprise Ireland, InterTradeIreland and the Revenue for SME’s

Covid-19 Business Financial Planning Grant – provides 100% funding up to €5,000 to access an approved financial consultant. 

The Act on Initiative Grant – offers advice, support, and access to external consultants.

Emergency Business Solution – offers 100% funding up to €2,250 towards professional advice.

E-merge – offers fully funded access to consultancy to help develop an ecommerce solution. 

Small Business Assistance Scheme for COVID (SBASC) – This is for companies which do not qualify for CRSS or Failte Ireland grant.  It is €4,000 for the first quarter and deadline for applications is 21st April 2021

SMEs could also be eligible for other grants and programmes which are offered by Enterprise Ireland and InterTradeIreland. We recently discussed the range of supports available to SMEs.

There are ongoing financial supports such at the Employment Wage Subsidy Scheme (EWSS) and Covid Restrictions Support Scheme (“CRSS”)

For Micro companies there is the Online Trading Voucher, the Enterprise Support Grant, and several other supports available through LEO.

Funding

COVID-19 Credit Guarantee Scheme– offers loans of between €10k and €1m for terms of up to five and half years.  The first €250k can be unsecured.  The Scheme will permit the refinance and rollover of debt incurred because of Covid-19.

SBCI COVID-19 Working Capital Scheme - offers loans of between €25k and €1.5m for terms of up to 3 years.   The first €250k can be unsecured.  The loan is to be used to finance future working capital requirements or innovation, change or adaptation of your business to mitigate Covid 19. 

The Future Growth Loan Scheme -details are in our Brexit Blog

Sustaining Enterprise Fund – this fund is operated by Enterprise Ireland and offers funding of from €100k to €800k with a 50% non-repayable grant element up to a maximum of €200,000. 

Sustaining Enterprise Fund for Small Enterprises – this fund is operated by Enterprise Ireland offers funding of from €25k to €50k with a 50% non-repayable grant element.

The Microfinance Ireland Covid 19 Business Loan provides up to €25,000 to business who have been negatively impacted by Covid 19.

Recovery and Growth Fund – this is offered by Dunport Capital Management, the fund is backed by a €50m commitment from the Ireland Strategic Investment Fund (ISIF).  It is looking to support well established SMEs which were historically profitable but were hit be COVID 19.  They will be funding requirements between €3m and €15m.

Training & Upskilling                                                              

There are a range of training resources and courses which continues to be offered by Skillnet, LEO, SOLAS and Springboard. 

Sector Support           

For food and drink companies Bord Bia   COVID-19 (bordbia.ie)

For the tourism section Failte Ireland have  COVID-19 Support Hub | Fáilte Ireland (failteireland.ie)

Contact Us

For further guidance on how to avail of all the supports your business is eligible for, contact us at info@walshemanagementconsultants.ie