Supports for local businesses

WEXFORD’S Local Enterprise Office (LEO) are said to be busy coordinating supports and information for the many businesses across the county impacted by the Covid-19 shutdown. A number of supports have been specifically tailored to assist SMEs impacted by the pandemic.

One of such is the new ‘Business Continuity Voucher’ which is now available through the LEO and is open to all sole traders and companies across every sector locally that employs up to 50 people. The voucher is worth €2,500 in third party consultancy costs to develop short and long-term strategies to respond to the Covid-19 pandemic.

‘The goal is to help business owners make informed decisions about what immediate measures and actions should betaken to protect staff and sales,’ the LEO stated.

The voucher will give companies access to contingency planning advice that will help them to continue trading through this crisis and to be ready for the recovery phase, when it comes.

It will also help firms to prepare a business case so that they can apply for emergency financial interventions through the banks, the Strategic Banking Corporation of Ireland or Microfinance Ireland.

The areas that the voucher can help vary, but it can include the likes of preparing for an application for emergency funding, developing a business continuity plan, reducing variable costs or implementing remote working.

In the week the scheme was announced, 29 businesses across Wexford applied for support and the LEO is currently processing applications within a week of receipt.

Another popular scheme is the Covid-19 Business Loan from Microfinance Ireland, which is a government funded initiative to support small businesses through this difficult period and protect jobs. When a business has less than 10 employees, has been impacted by Covid-19 and cannot secure bank finance, the MFI Covid-19 Business Loan may be an alternative funding solution. Where applications are with the Local Enterprise office there is a 1% discount on the interest rate at 6.8%.

Under Covid 19 the first 6 months are interest free and a moratorium on repayments for 6 months.

There are also a number of online training courses for financial planning, HR, working remotely etc that have been developed to support SMEs throughout the Covid-19 crisis.

For further details on all of these initiatives, get in touch with Wexford LEO their website or Email info@leo.wexfordcoco. ie; Phone 053 9196620.