Additional €51m for Covid-19 recovery funds focused on accelerating the return to growth and digitalisation of Irish businesses.
The Irish Government has made a further €51m in funding available through Enterprise Ireland to help companies in their recovery from the impact of Covid-19 and to accelerate the digitalisation of enterprises.
The new funding package will also provide liquidity, in the form of grants, capital investment, equity and loan notes to manufacturing and internationally traded services companies which have been negatively impacted by Covid-19 to support productivity improvements and enhance capacity building.
“As economies reopen, ongoing investment in business-critical areas is vital to the long-term growth of companies”
As part of this funding package, a further €20m is being provided for the existing Sustaining Enterprise Fund.
Every business is now a digital business
Enterprise Ireland CEO Leo Clancy
“To date, Enterprise Ireland has approved more than €181m in Covid-19 financial supports under the Sustaining Enterprise Fund protecting more than 27,500 jobs.”
Up to €31m is being provided in additional funding for the new Accelerated Recovery Fund which provides liquidity to companies to support significant necessary investment in capital and digital capability for productivity improvements.
The funding package also incorporates €9,000 Digitalisation Vouchers to provide strategic intervention for any eligible company wishing to develop a digital adaption plan based on their identified need.
“Since the start of the pandemic we have focused on how best to sustain businesses impacted by Covid-19 restrictions. One of our early measures was the €180 million Sustaining Enterprise Fund,” said Tánaiste and Minister for Enterprise, Trade and Employment Leo Varadkar, TD.
“Around two-thirds of the companies benefiting under the Fund are based outside Dublin, and it has helped to keep small, regionally-based companies in business. That includes companies specialising in precision engineering, life sciences and construction, food and food services.
“The vast majority of businesses, particularly those in the manufacturing and export sectors, have proved remarkably resilient when faced with an unprecedented public health crisis with a major impact on domestic and global trade.
“Now, as we cautiously emerge from these necessary public health restrictions and global markets begin to open up again, the Government will continue to help businesses in their next phase of recovery and adaptation.”
All funding must be provided to successful applicants before the end of 2021.
The Accelerated Recovery Fund is open to companies that operate within the manufacturing and internationally traded services sectors which:
- employed 10 or more full time employees on their payroll on 29 February 2020; or
- employed 10 full time employees at the time of application
To be eligible, companies must have experienced or expect to experience a 15pc reduction in actual or projected turnover or profit or have had a significant increase in operational costs because of the Covid-19 pandemic.
Eligible companies must also not be subject to insolvency procedures.
Under this fund, eligible companies can apply for expenditure to support the implementation of an Accelerated Recovery Plan. The minimum eligible expenditure to support the implementation of the business plan is €150,000. The maximum support that can be approved by Enterprise Ireland is €1.8m per undertaking.
As part of the application you will need to complete a digital assessment scorecard from Enterprise Ireland globalambition.ie/scorecard which will provide an overview of your current digital readiness.
For further eligibility criteria and application details, visit: www.enterprise-ireland.com/recover
“The new €51 million fund is intended to ensure that Irish businesses continue to be supported in recovery from the impact of Covid-19,” said Enterprise Ireland CEO Leo Clancy.
“To date, Enterprise Ireland has approved more than €181m in Covid-19 financial supports under the Sustaining Enterprise Fund protecting more than 27,500 jobs.
“As economies reopen, ongoing investment in business-critical areas is vital to the long-term growth of companies.”