What is the Sustaining Enterprise Fund for Small Enterprises?
As part of the Sustaining Enterprise Fund, Enterprise Ireland will administer a specific Sustaining Enterprise Fund for Small Enterprise.
This fund will provide a €25k to €50k short term working capital injection to eligible smaller companies to support business continuity and strengthen their ability to return to growth and be trading strongly in 3 years’ time.
What can the fund be used for?
Companies which have been impacted by a 15% or more reduction in actual or projected turnover or profit as a result of the Covid-19 outbreak, can avail of the fund.
It is designed to provide financial support to eligible companies for a 3-6-month period and to sustain business so companies can return to viability and contribute to the recovery of the economy.
Who is eligible for the fund?
Eligible applicants are manufacturing and internationally traded service companies with:
- 10 or more full-time people on their payroll on the 29th of February 2020
- An annual turnover in their most recent financial statements not exceeding €5 million.
Funding available to companies is based on the following threshold:
- Companies with an annual turnover in their most recent financial statements not exceeding €1.5 million can apply for up to €25,000 in funding
- Companies with an annual turnover in their most recent financial statements greater than €1.5 million but less than €5 million can apply for funding up to €50,000.
Who can not apply for the fund?
The scheme is not open to the following companies:
- Are medium or large undertakings (employing more than 50 people and turnover >€10m annually) who were in financial difficulty on 31 December 2019.
- Are operating in the coal or steel sector
- Are active in the primary agricultural, fishery or aquaculture sectors
- Are covered by specific rules for Financial Services.
For more information visit businessresponse@enterprise-ireland.com
