Leo Varadkar (Dublin West, Fine Gael) | Oireachtas source

Understandably, many businesses are very worried heading into the winter period. The cost of energy, and the cost of doing business generally, is rising, interest rates are going up and consumer confidence is waning, so businesses need help with their energy bills. The Government has introduced a significant package in the budget to help them in the coming months.

This morning, along with the Minister for Public Expenditure and Reform, Deputy Michael McGrath, I launched the €200 million Ukraine enterprise crisis scheme. It will be implemented through Enterprise Ireland, IDA Ireland and Údarás na Gaeltachta and is now open for applications. It is not limited to client companies of those agencies. It will assist viable but vulnerable firms of all sizes in the manufacturing and internationally traded services sectors that are suffering liquidity problems or are affected by severe rises in energy costs as a result of Russia’s invasion of Ukraine. The scheme will operate under two streams and will provide between €20,000 and €500,000 per firm to ensure there is sufficient liquidity available in the markets, thereby reducing additional costs for firms. For energy-intensive companies impacted by exceptionally severe increases in gas or electricity costs, the scheme will provide for a minimum of €20,000 and a maximum of €2 million per firm.

In line with the Government’s commitments under the climate action plan, the scheme recognises the importance of encouraging sustainability, and successful applicants will be required to put in place an energy efficiency plan. I point out that the scheme is only for manufacturers and those involved in the internationally traded sectors.

The scheme will work alongside other measures announced in the budget, such as the Ukraine credit guarantee scheme which will provide €1.2 billion in low-cost lending to business, and the temporary business energy support scheme, administered through the Revenue Commissioners. The latter scheme is being finalised at present and will have an estimated cost of approximately €1.25 billion. It will provide energy subsidies to businesses of that level.

See this speech in context