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General News / March 19, 2020

Government puts range of financial support in place for businesses

General News / March 19, 2020

Government puts range of financial support in place for businesses

The steps were revealed in a press conference today, including loans of up to € 1.5m.

Today the Irish government has put a number of financial supports in place for businesses. These include a €200m Strategic Banking Corporation of Ireland Working Capital scheme for eligible affected businesses.

Loans of up to €1.5m will be available at reduced rates, with up to the first €500,000 unsecured.

Also revealed was a new €200m package for enterprise supports. This will include a rescue and restructuring scheme for firms that are vulnerable, but still viable. It will be available through Enterprise Ireland for firms needing to restructure or transform their business.

The maximum loan available from Microfinance Ireland has been increased from €25,000 to €50,000 as an immediate measure to specifically deal with exceptional circumstances that micro-enterprises – (sole traders and firms with up to 9 employees) – are facing.

Vouchers from €2,500 up to €10,000 will be available in every county from Local Enterprise Offices. They’ll have 50:50 match funding to support business continuity preparedness, innovation and productivity.

A Finance in Focus grant of €7,200 will be available to Enterprise Ireland and Údarás na Gaeltachta clients that want to access consultancy support to undertake immediate finance reviews.

The Department of Business, Enterprise and Innovation is now operating a Business Support Call Centre to advise on the Government supports available to businesses and enterprises. The number is 00 353 1 631 2002.