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Sustaining Enterprise Fund

Description

Enterprise Ireland (EI)

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

  • 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.

*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.

Listing Details

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Interest Rate: 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
Value: €100,000 and €800,000 available
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Term: 5 years
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