SMEs should take full advantage of supports offered for Covid-19
FARMING, food, and agribusiness professional services firm IFAC is urging challenged Wicklow SMEs to take full advantage of Covid-19 supports
Covid-19 and lockdown are continuing to send shock waves through the economy, with business activity for many SMEs in decline, as well as tumbling consumer and business confidence.
In particular, according to IFAC, many business owners across the Irish food and agribusiness sectors report being challenged by the current circumstances.
Yet despite numerous supports being put in place from SBCI and the Credit Guarantee Scheme to Enterprise Ireland and Microfinance Ireland schemes, some businesses aren’t making the most of the opportunities available to help them to continue operating.
David Leydon, head of Food and AgriBusiness with IFAC, says: ‘ The speed at which businesses need to adapt to the ever-evolving circumstances is causing significant strain. Many business owners have mentioned to me that they’re not sure if they’re taking advantage of all the supports the State and banks have made available. Consequently, with our banking and tax teams, we’ve developed a checklist for business owners, or their financial controllers, to help them examine all the supports available to ensure they are not missing out on opportunities.’
IFAC has a Covid-19 supports checklist for business owners and financial controllers. Regarding working capital, you can apply for the SBCI Covid-19 Working Capital Loan Scheme, SBCI Credit Guarantee Scheme or the Microfinance Ireland loan of up to €50,000.
With regards to banking, you should be communicating with your bankers. Options include applying for a payment break on your business loan, seeking an overdraft extension or emergency working capital facilities.
You can also apply for the Temporary Covid-19 Wage Subsidy Scheme for employees. You can also access the Covid-19 Illness Benefit Scheme for employees who have contracted the virus and are self-isolating for two-weeks, to the value of €350.
Enterprise Ireland (EI) clients should touch base with their Development Advisor. If your business is now distressed but viable you should consider EI Rescue and Restructure scheme. The Covid-19 Business Financial Planning Grant of €5,000 is also available for assistance in reviewing your financial situation. The Covid-19 Online Retail Scheme has also been launched by EI to assist client companies to get online, while the Lean Business Continuity Voucher provides funding of up to €2,500 for training or advisory services support related to the continued operation of your business during the current pandemic.
For Local Enterprise Office (LEO) clients, the Business Continuity Voucher is a 100 per cent funded €2,500 grant towards consultancy cost to help develop a strategy in response to Covid-19. The LEOs have also expanded the Trading Online Voucher Scheme to support 90 per cent of costs incurred in developing a digital focus for your business.