Thursday, 15 October 2020
Department of Trade, Enterprise and Employment
Covid-19 Pandemic Supports
50. To ask the Minister for Trade, Enterprise and Employment the status of the sustainable enterprise fund; the further considerations being given to the scheme; and if he will make a statement on the matter. [29945/20]
To assist business to address the challenges posed by the COVID-19 pandemic, Enterprise Ireland is working with client companies, through the Sustaining Enterprise Fund, to support the stabilisation of their business so that they can undertake a developmental programme focused on recovery and growth.
Through this fund, Enterprise Ireland provides funding for companies who have been impacted by COVID- 19, either through a reduction in turnover/profit or a significant increase in costs. The purpose of this funding is to enable the company to stabilise and implement a business sustainment plan, leading to a return to viability and contributing to the recovery of the Irish economy.
The Sustaining Enterprise Fund provides manufacturing and internationally traded service companies with access to liquidity between €100,000 and €800,000. This initiative provides the funding companies need to stabilise cashflow, adapt operations and innovate to meet new customer needs. The Sustaining Enterprise Fund provides the following elements:
- A non - repayable grant up to 50 per cent of a funding package (up to €200,000);
- No repayments for the first 3 years; and
- Zero administration fee for the first 6 months and 4 per cent thereafter.
The Sustaining Enterprise Fund is also targeted at companies at different stages of development and growth (e.g. established companies, start-ups and small enterprises).
The agency is actively working with over 202 companies to prepare applications for funding under the Sustaining Enterprise Fund. 112 applications for funding have been approved by Enterprise Ireland to date to the value of €28 million.Under Budget 2021, an additional €10 million in funding is being provided.
All funding under the Sustaining Enterprise Fund must be approved by the 31stof December in line with the EU Commission’s Temporary Framework for State Aid Measures to Support the Economy in the Current COVID-19 Outbreak.