The Government has announced more than €1 billion in new measures supporting small and medium enterprises.
These are vital to sustain business activity and to position Ireland to be recovery-ready post the COVID-19 crisis.
The measures include €1 billion in liquidity measures available for SMEs and the agri-sector and the launch of a €180 million Sustaining Enterprise Fund.
Other measures, including those aimed at helping SMEs going online or developing their online capacity, have also been announced by the Department of Business, Enterprise and Innovation.
I would urge all small and medium business owners to inform themselves of the expansion of these schemes and supports to ensure that they avail of them.
Business continuity will be key to sustaining jobs and economic activity so that Ireland can recover from this crisis as quickly as possible.
The schemes include a €250 million expansion of the the Working Capital Loan Scheme run by the Strategic Banking Corporation of Ireland, an additional €200 million in COVID-19 funding for the Future Growth Loan Scheme, a new €2,500 Business Continuity Voucher available through Local Enterprise Offices (LEOs) and an additional €30 million for microenterprises to further support initiatives such as the €2,500 Trading Online Voucher Scheme.
The Sustaining Enterprise Fund of up to €180 million will offer a repayable advance of up to €800,000 for eligible companies.
I am pleased that supports such as the Future Growth Loan Scheme will help provide additional working capital for SMEs in the agri-food sector.
Investment support for primary producers and food businesses would be essential as the sector is currently demonstrating its crucial role in providing high quality food for everyone’s consumption.
Further information on the business supports schemes is available at the Department of Business, Enterprise and Innovation website www.dbei.ie