- A €200 million Working Capital Loan Scheme addressed to viable micro, small and medium sized enterprises ("SMEs") and Small MidCap enterprises that meet the eligibility criteria. Loans of up to €1.5 million will be available at a maximum interest rate of 4%, with up to the first €500,000 unsecured.
- A Credit Guarantee Scheme which supports loans up to €1 million for periods of up to 7 years. The purpose of this scheme is to encourage additional lending to SMEs by offering a partial Government guarantee (currently 80%) to banks against losses on qualifying loans to eligible SMEs.
- Microenterprises loans of up to €50,000 from MicroFinance Ireland. The terms of which include a six months interest free and repayment free moratorium, with the loan to then be repaid over the remaining 30 months of the 36-month loan period. This scheme is addressed to sole traders, partnerships and limited companies who are not in a position to avail of bank finance and experiencing the economic effects of the Covid-19 crisis.
- A €200m Rescue and Restructuring Scheme available through Enterprise Ireland for vulnerable but viable firms that need to restructure or transform their business.
- Local Enterprise Offices in every county will be providing vouchers from €2,500 up to €10,000.
- A Finance in Focus grant of €7,200 will be available to Enterprise Ireland and Údarás na Gaeltachta clients.
- Commercial Rates Deferral: the Government has agreed with local authorities that they should agree to defer rates payments due from the most immediately impacted businesses – primarily in the retail, hospitality, leisure and childcare sectors, until the end of May. This measure will be implemented by each local authority in its own area.
- All banks have announced that they will offer flexibility to their customers and confirmed that they may be able to provide payment holidays or emergency working capital facilities.
For further information on how these measures might be relevant for your business please contact:
Feilim O'Caoimh – Partner & Head of Corporate and Commercial Department
+353 (0)1 8280 664
Jamie Woodcock- Solicitor, Corporate and Commercial Department
+353 (0)1 8280 674
Teodora Puiu – Trainee Solicitor, Corporate and Commercial Department
+353 (0)1 8280 683
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