Written answers

Wednesday, 27 May 2020

Department of Jobs, Enterprise and Innovation

Covid-19 Pandemic Supports

Photo of Matt CarthyMatt Carthy (Cavan-Monaghan, Sinn Fein)
Link to this: Individually | In context | Oireachtas source

447. To ask the Minister for Jobs, Enterprise and Innovation if she will provide a bespoke support scheme for private bus and coach operators affected by the Covid-19 lockdown; and if she will make a statement on the matter. [7918/20]

Photo of Heather HumphreysHeather Humphreys (Cavan-Monaghan, Fine Gael)
Link to this: Individually | In context | Oireachtas source

In order to assist businesses to address the challenges posed by COVID-19, the Government has put in place a comprehensive suite of supports for firms of all sizes, which includes the wage subsidy scheme, grants, low-cost loans, write-off of commercial rates and deferred tax liabilities.

These supports are designed to build confidence, to further assist businesses in terms of the management of their companies and to allow them to begin looking to the future and start charting a path forward for weeks and months ahead.For a full list of supports for business please see .

The full range of Enterprise Ireland, IDA, Local Enterprise Office (LEO) and Údarás na Gaeltachta grant and advisory supports continue to be available to eligible firms to help with strategies to access finance, commence or ramp-up online trading activity, reconfigure business models, cut costs, innovate, diversify markets and supply chains and to improve competitiveness.

In that regard, Government will continue to explore funding potential for all enterprises including micro-enterprises as they work through the challenges facing them, including through any mechanisms allowable through the EU’s state aid framework.

The SBCI Covid-19 Working Capital Scheme was announced on 11 March and opened for eligibility applications on 23 March. The Covid-19 Working Capital Scheme is offered by my Department in cooperation with the Department of Agriculture, Food and the Marine, and is supported by the InnovFin SME Guarantee facility. The scheme is operated by the SBCI. It currently makes available a fund of up to €200 m to eligible businesses that have been negatively affected by impacts arising from the outbreak of Covid-19 to enable those businesses to innovate, change or adapt in response to the current business environment. Following my further announcement on April 8 this Scheme is now being expanded to make available an additional €250 million in lending, which will bring the total amount of lending available under this scheme to €450 million.

The Future Growth Loan Scheme makes up to €300 million of loans available with a term of 8-10 years and is operated by the Strategic Banking Corporation of Ireland (SBCI) though participating lenders. We have seen strong demand for the scheme since its launch in April 2019 across all sectors and regions including in exporting businesses and family businesses.

These measures are in addition to the €150m of funding capacity in the Government’s Credit Guarantee Scheme.

For microenterprises (under 10 employees) and businesses with over 10 employees, Microfinance Ireland (MFI) are administering special COVID-19 Loans, with an additional €13m in capital support bringing its total lending capacity up to €20m for the coming period. There is also a substantial reduction in interest rates on these loans from 7.8% to 4.5%. Loans can be made up to €50,000 with no repayments required and no interest charged in the first six months.

I can assure the Deputy that I continue to work with my colleagues across Government to examine further appropriate supports to assist businesses impacted by Covid-19.

The Department of Transport, Tourism and Sport may be able to provide further information to the Deputy in relation to this matter.


No comments

Log in or join to post a public comment.