New supports for firms impacted by the coronavirus

Minister for Business, Enterprise and Innovation, Heather Humphreys TD, has announced a major expansion of supports for businesses impacted by COVID-19, including an expansion of the Trading Online Voucher Scheme and a reduction in the interest rate for Microfinance Ireland loans.

Minister Humphreys announced the expansion of the €2,500 Trading Online Voucher Scheme through Local Enterprise Offices, for businesses employing up to 10 people.

Local businesses in Sligo that previously benefitted from the Trading Online Voucher Scheme can apply for a second voucher of up to €2,500, with co-funding of 10%. The voucher can be used to help add payment or booking systems to websites, along with subscriptions to low-cost online retailing platform solutions.

A reduction in interest rates on Microfinance Ireland loans was also announced, bringing the rate down to 4.5%, where applications are made through Local Enterprise Office, Sligo. COVID-19 Business Loans of up to €50,000 are available from Microfinance Ireland with no repayments and no interest charged in the first six months, for eligible businesses that employ less than 10 people.

John Reilly, Head of Enterprise with Local Enterprise Office Sligo at Sligo County Council said: “For many local businesses, the options for trading are very limited as a result of COVID-19. However, there are a lot of opportunities in online selling and by accessing this Trading Online Voucher scheme, small businesses can develop a sustainable strategy for increasing sales.”

He added: “If your business needs access to finance, applying for microfinance loans through Local Enterprise Office Sligo will secure the lowest available rate and you will get valuable assistance in the application process and free oneto-one mentoring along the way.”

Meanwhile, The Business Continuity Voucher, worth up to €2,500 in third party consultancy support, is another new measure for businesses through Local Enterprise Offices for businesses across every sector that employ up to 50 people. The goal is to help companies make informed decisions about what immediate measures and remedial actions should be taken, to protect staff and sales. Local Enterprise Offices have also moved the majority of training programmes, workshops and networking online, making them as accessible as possible for those working remotely.