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Enterprise Ireland announces ‘repayable’ fund for SMEs

Enterprise Ireland has a Business Response Unit, and in these times, it has been busy.

Over 1,000 businesses have engaged with the unit since March, with 60% of those companies saying Covid-19 has had a very negative or critical impact on their business.

Financial planning was listed as one of the key priorities identified by client companies in responding to the crisis. 34% of firms have engaged with a financial institution, and one in three have put a financial plan in place.

As part of the Sustaining Enterprise Fund recently announced by the Government, Enterprise Ireland today announced that it will administer a specific Sustaining Enterprise Fund for Small Enterprises.

This fund will provide a €25k to €50k short term funding injection to eligible smaller companies to support business continuity and to strengthen their ability to return to growth. Eligible companies will have suffered, or be projected to suffer, a 15% or more reduction in actual or projected turnover or profit as a result of the Covid-19 outbreak.

Julie Sinnamon, CEO, Enterprise Ireland said many businesses are facing acute challenges particularly around cashflow, investment and holding onto the skills that they worked so hard to recruit. 

“Our focus is on supporting companies through this period, getting the right advice and access to funding that they may need,” she said. “Cash flow and business continuity are key at this point. To help in these critical areas, the €180 million Sustaining Enterprise Fund will provide repayable advances of up to €800K, while smaller businesses can access repayable funding of up to €50k to support business continuity. We are in constant contact with our clients about the range of Enterprise Ireland supports and wider Government supports available to them.”

Minister for Business, Enterprise and Innovation, Heather Humphreys said the Government last weekend announced an expansion of supports for all businesses impacted by Covid-19 by €6.5bn.

“We now have a comprehensive suite of supports for firms of all sizes, which includes grants, low-cost loans, write-off of commercial rates and deferred tax liabilities, all of which will help to improve cashflow amongst our SMEs.

Enterprise Ireland also said that its innovative High Potential Start-Up (HPSU) Fund, which provides up to €800k for innovative technology companies will help start-ups to maintain liquidity and sustain their businesses in the short to medium term.

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New €200m enterprise support scheme due next week

The Government is expected to announce details of a new €200 million scheme of enterprise supports for businesses suffering as a result of the Covid-19 pandemic next week.

The measures will be aimed at the manufacturing and internationally traded sectors and were approved by the EU under a temporary framework governing state aid rules earlier this week.

Firms with 10 or more full-time employees which have seen their turnover decline by 15% or more since the coronavirus crisis began will be able to access the loans.

It is understood the fund will also be accompanied by a further €25m in additional supports to help micro-enterprises struggling with the current restrictions.

The new schemes will add to the existing suite of measures announced by the Government to help companies survive through the crisis.

Over 700 firms have applied for funding from the Government’s Covid-19 Working Capital Scheme.

790 email and 561 phone queries have also been received, according to the Department of Business, Enterprise and Innovation.

So far 65 companies have had eligibility reference numbers issued by the Strategic Banking Corporation of Ireland. 

These are required before a firm can apply to a lender for the finance.

The €200m scheme supports loans from €25,000 up to €1.5m, with a maximum interest rate of 4%.

The number of applications for the Government’s Credit Guarantee Scheme is not known, the department said, as applications are made through banks.

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Enterprise Ireland invested €24m in Irish start-ups

600 delegates are attending the Enterprise Ireland Start-Up Showcase today in Croke Park.

Enterprise Ireland, the government agency responsible for the development and growth of Irish companies in global markets, invested a total of €24m in Irish start-ups in 2019 and supported a total of 127 start-up companies.

The investments were provided through Enterprise Ireland’s High Potential Start-Up (HPSU) and Competitive Start Fund (CSF) programmes.

About 600 delegates attended the Enterprise Ireland Start-Up Showcase today in Croke Park.

Start-ups supported by the agency included 91 High Potential Start-Up (HPSU) investments – which have the potential to create 10 jobs and €1m in sales within three to four years of starting up.

It also supported 36 Competitive Start Fund (CSF) investments, which inject critical early-stage funding into new businesses.

Enterprise Ireland said that 42% of the companies it supported are located outside of Dublin, while 38 women-led start-up companies were approved investment.

Jennifer Melia, Manager of the HPSU Division at the Enterprise Ireland, said that a strong start-up economy is absolutely vital to the future of Ireland. 

Ms Melia said that start-ups are a powerful driver of economic growth, new talent and innovation. 

She noted that 2019 was another successful year for Irish start-ups across a range of sectors including ICT, medtech, fintech, food and manufacturing. 

There was also a strong performance by start-ups from outside of Dublin, she added. 

Manna Drone Delivery is one of the companies attending today’s Croke Park Event. The company is a food delivery company with a difference – it will deliver food by drone.

Manna’s Bobby Healy said the company is very busy testing its drones and next week plans to go live. He said the company has done tens of thousands of flights and is very happy with the performance of the aircraft. 

The drones can fly in heavy weather and is a “magnificent thing” to see in flight, he added. He said that while the recent bad weather and storms has affected the drones’ testing – as they are not allowed to test in bad weather – the aircraft are perfectly capable to weather wind and rain. 

Mr Healy said there is nothing like running your own business. 

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