Other LEO Supports

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Local Enterprise Offices can offer other supports that can help your business respond. These include:

New COVID-19 Business Loan

First 6 months – Interest & Repayment Free

The COVID-19 Business Loan from Microfinance Ireland (MFI), in partnership with Local Enterprise Offices, is a Government-funded initiative to support small businesses through the current period of uncertainty.

It’s designed for micro-enterprises that are a) having difficulty accessing Bank finance and b) impacted, or may be impacted negatively, by COVID-19 resulting in a reduction of 15% or more in turnover or profit.

Loan Features

  • Business Loans of up to €50,000 are available for eligible micro-enterprises (ie businesses with less than 10 employees and up to €2m annual turnover) that are currently trading
  • Loans may be used for working capital and required business changes as a result of COVID-19
  • Loan terms are typically up to 3 years
  • 6 months interest free and repayment free moratorium, with the loan to then be repaid over the remaining 30 months of the 36-month loan period.
  • Discounted interest rate of 6.8% if submitted through Local Enterprise Office or referred by your Bank and 7.8% if you apply to Microfinance Ireland directly
  • No fees or hidden costs with fixed repayments. No penalty for early repayment

Capital expenditure, and in exceptional circumstances working capital loans, may be funded up to 5 years

Here’s a link to Frequently Asked Questions about the new loan


E-mail or telephone your Local Enterprise Office to find out more


Mentoring


Under the Local Enterprise Office Mentor Programme, clients work with an experienced mentor to identify solutions to areas of exposure within their business. With advice and guidance from their mentor, clients develop strategies that are more robust, which address issues and maximise potential opportunities around COVID-19 challenges.


E-mail or telephone your Local Enterprise Office to find out more 


Trading Online Voucher Scheme


An initiative under the Government’s National Digital Strategy, the Trading Online Voucher Scheme helps small businesses trade more online to boost their sales and reach new markets. This scheme is a matched-funding opportunity with up to €2,500 available, with further supports provided by Local Enterprise Offices. Funding can be used towards eligible costs such as digital marketing strategies, e-commerce websites or app development.


E-mail or telephone your Local Enterprise Office to find out more 


LEAN for Micro

LEAN for Micro is available to LEO clients to help small businesses boost competitiveness, increase performance and profitability as well as building resilience within their companies. Under this programme, clients can avail of five days of consultancy with a Lean Expert (a qualified practitioner), who will work with the company to introduce lean principles, undertake a specific cost reduction project and assist the company in benchmarking its performance.


E-mail or telephone your Local Enterprise Office to find out more 


LEO Financial Supports


For existing companies and potential start-ups that meet eligibility criteria (such as employing 10 or fewer people with the potential for growth and job creation), Local Enterprise Offices can also offer financial supports to help manage current market challenges:

  • Priming Grants*
  • Business Expansion Grants*
  • Feasibility Study Grants*
  • Technical Assistance for Micro-Exporters Grant*


*Further eligibility criteria apply.

E-mail or telephone your Local Enterprise Office to find out more 


 

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