€200M Ukraine Enterprise Crisis Scheme extended

Monday saw the announcement by Minister for Enterprise, Trade and Employment, Simon Coveney, T.D., of changes to the €200 million Ukraine Enterprise Crisis Scheme.

The scheme consists of two streams of funding to enable viable but vulnerable firms of all sizes in the manufacturing and internationally traded services sectors to continue contributing to the success of the Irish economy.

The first stream which will assist firms suffering liquidity problems as a result of Russia’s war on Ukraine has been extended to 31st December, 2023. The second stream, which will help those impacted by severe rises in energy costs, has been extended to March 31st, 2024.

Under the initial Scheme, companies could apply for a minimum of €20,000 and a maximum of €500,000 under stream 1 and up to €2 million in the case of energy intensive firms under stream 2. Now, under the revised scheme, the aid levels are to be increased to €2 million and €4 million respectively.

Minister Coveney said that the Government was “acutely aware of the impact the situation in Ukraine is having on Irish businesses in terms of trading difficulties as well as the impact on energy costs”. Noting that the amended Ukraine Enterprise

Crisis Scheme will continue to assist companies most exposed to and suffering the broader effects of the war in Ukraine, he stated that “the scheme will continue to assist both agency and non-agency manufacturers, exporters and internationally traded services companies.”

Under the scheme, which will be implemented by Enterprise Ireland, companies must submit an energy efficiency plan either planned or underway.