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New €200m enterprise support scheme due next week

The Government is expected to announce details of a new €200 million scheme of enterprise supports for businesses suffering as a result of the Covid-19 pandemic next week.

The measures will be aimed at the manufacturing and internationally traded sectors and were approved by the EU under a temporary framework governing state aid rules earlier this week.

Firms with 10 or more full-time employees which have seen their turnover decline by 15% or more since the coronavirus crisis began will be able to access the loans.

It is understood the fund will also be accompanied by a further €25m in additional supports to help micro-enterprises struggling with the current restrictions.

The new schemes will add to the existing suite of measures announced by the Government to help companies survive through the crisis.

Over 700 firms have applied for funding from the Government’s Covid-19 Working Capital Scheme.

790 email and 561 phone queries have also been received, according to the Department of Business, Enterprise and Innovation.

So far 65 companies have had eligibility reference numbers issued by the Strategic Banking Corporation of Ireland. 

These are required before a firm can apply to a lender for the finance.

The €200m scheme supports loans from €25,000 up to €1.5m, with a maximum interest rate of 4%.

The number of applications for the Government’s Credit Guarantee Scheme is not known, the department said, as applications are made through banks.

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