The Government, through the Department of Business, Enterprise and Innovation, has announced a package of supports for businesses impacted by Covid-19, namely:
- A €200m Strategic Banking Corporation of Ireland (SBCI) Working Capital scheme for eligible businesses impacted by COVID-19. Loans of up to €1.5m will be available at reduced rates, with up to the first €500,000 unsecured. Applications can be made through the SBCI website.
- A €200m Package for Enterprise Supports including a Rescue and Restructuring Scheme available through Enterprise Ireland for vulnerable but viable firms that need to restructure or transform their business.
- The maximum loan available from MicroFinance Ireland will be increased from €25,000 to €50,000 as an immediate measure to specifically deal with exceptional circumstances that micro-enterprises – (sole traders and firms with up to 9 employees) – are facing. Applications can be made through the MFI website or through your local LEO.
- The Credit Guarantee Scheme will be available to COVID-19 impacted firms through the Pillar Banks. Loans of up to €1m will be available at terms of up to 7 years.
A number of other supports have been announced for firms experiencing trading difficulties and short-term shocks. Full details of all supports can be found here.
Shannon Chamber is here to support your business. We continue to liaise closely with Government, through Chambers Ireland, to ensure they are aware of the difficulties being faced by businesses as a result of the Covid-19 outbreak.
We would welcome your feedback on how your company is/may be affected by COVID-19, the measures you are putting in place to protect both your business and your employees and also on the range of Government supports now being offered to companies.
This information will help us liaise with Government on your behalf. Simply log onto www.surveymonkey.com/r/QSLDPZ7
Keep an eye on our website where we will be posting continuous updates.
If you have any other comments, please let us know. We welcome your feedback.