Enterprise Ireland Business Financial Planning Grant can assist domestically focused companies during Crisis
AS PART of the Covid-19 Business Response recently announced by the Government, Enterprise Ireland has announced that it will administer a Business Financial Planning Grant to specifically support domestic focused companies as well as a Sustaining Enterprise Fund for small enterprises.
60 percent of Irish companies that have engaged with Enterprise Ireland since March say that Covid-19 has had a very negative or critical impact on their business to date.
Financial planning was listed as one of the key priorities identified by client companies in responding to the crisis. 34 percent of the client companies in contact have engaged with a financial institution, and just one in three have put a financial plan in place.
Worth up to €5,000, the Business Financial Planning Grant will assist companies to develop a Business Sustainment Plan and to engage the ser vices of an approved Financial Consultant when applying for funding. By having a financial plan in place, a business will be better positioned to understand its immediate financial position, manage costs and identify the finance it requires.
Additional supports available from Enterprise Ireland to help Covid-19 impacted businesses include:
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to help companies quickly access expertise in reviewing and optimising operations at a time of crisis to identify the key measures needed to ensure continued operations. This fund can be used to avail of consultancy expertise to assess a business’s preparations to adhere to back to work protocols
• The recently announced by the Government is available to assist companies in the manufacturing and internationally traded ser vices sectors, employing 10 or more people who have suffered, or expect to suffer, a 15% or more reduction in turnover or profits or an increase in costs as a direct result of Covid-19.
Funding of up to €800,000 will allow eligible businesses to access the necessary liquidity and funding to sustain their businesses in the short to medium term and contribute to the recovery of the Irish economy
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As part of the €180 million Sustaining Enterprise Fund, this support will provide a €25k to €50k short term funding injection to eligible smaller companies in the manufacturing and internationally traded ser vices sectors employing 10 or more people (on or before February 29th, 2020) to support business continuity and to strengthen their ability to return to growth. Eligible companies will have suffered, or be projected to suffer, a 15 percent or more reduction in actual or projected turnover or profit as a result of the Covid-19 outbreak.
Enterprise Ireland Regional Director for the NorthEast and North-West, Aidan McKenna said, “This is a very serious and challenging time for businesses with many facing acute challenges particularly around cashflow, investment and holding onto the skills that they worked so hard to recruit. Our focus is on supporting companies through this period, to get the right advice and access to funding that they may need.