As businesses across Ireland prepare to accelerate their recovery from the impact of Covid-19, Enterprise Ireland has seen a significant increase in demand for the Sustaining Enterprise Fund (SEF) which was launched in April of this year specifically to help companies negatively impacted by the pandemic.
The SEF offers qualifying businesses funding of up to €800,000 which comprises up to €200,000 in non-repayable grants and a further €600,000 in repayable support over five years and which has a grace period of three years before repayments commence.
“Up to 50pc of the funding can be made up of the non-repayable grant subject to a maximum of €200,000,” says Leo McAdams, Divisional Manager with Enterprise Ireland’s Investment Services Division.
The funding supports the implementation of a Business Sustainment Plan, which must be provided by the company when applying for assistance under the SEF.
“The SEF funding is time-limited, so it is important that businesses apply as soon as possible for the funding they need to stabilise, reset, and accelerate their recovery,” says Adams.
To be eligible for funding under the SEF companies must be in the manufacturing or internationally traded services sectors, employ more than 10 people and have seen a fall in turnover, or expect to see a fall of 15pc, or have experienced significantly increased costs as a result of Covid-19.
“Companies of every size and across all sectors of the economy are benefiting from the SEF,” says Leo McAdams. “The Fund helps Irish businesses to reboot after Covid-19 by providing the finance to stabilise cash flow, adapt operations, and innovate to meet new customer needs. Businesses wishing to accelerate their recovery should contact Enterprise Ireland now.”
Irish Independent, October 2020