Factsheet for case IE-2020-15/1018 – measures in Ireland
|Country||Ireland , applies nationwide|
|Time period||Open ended, started on 08 April 2020|
|Type||Other initiatives or policies|
Supporting businesses to stay afloat
– Access to finance
|Author||Roisin Farelly (IRN Publishing) and Eurofound|
|Case created||24 July 2020 (updated 10 May 2021)|
Support of up to €800,000 can be provided to companies who have been negatively impacted by COVID-19. The objectives of the fund are to: ensure eligible companies have access to necessary liquidity in the short-term; and sustain the business so that the company can return to viability and contribute to the recovery of the Irish economy.
Total of €180 million available in the fund.
Funding from €100,000, up to €800,000, is available to eligible companies which: employ 10 or more full-time employees, are operating in the manufacturing and internationally traded service sectors, have seen (or expect to see) a 15% or greater reduction in actual or projected turnover or profit, or a significant increase in costs, as a result of COVID-19 health crisis.
The Sustaining Enterprise Fund will be used to support the implementation of a Sustaining Enterprise Project Plan which should be provided by the company outlining the eventual stabilisation of the business and a return to viability.
Funding will be provided for a five-year period, using the following instruments: repayable advances, grant aid, equity or loan note. Funding provided will comprise a combination of repayable and non-repayable support. Up to 50% of the funding provided will be non-repayable, with maximum non-repayable support of €200,000.
The scheme is not open to:
As of July 22, 2020, 148 applications were being developed, 51 were received and 19 were approved, drawing down €7.9 million.
The scheme was approved by the European Commission under EU state aid rules.
According to the Department of Enterprise, Trade and Employment: As of 31 December 2020, 579 applications were received with a total value of €135.70 million.
According to the Department of Enterprise, Trade and Employment: 772 application forms were issued. As of 5 March 2021, 596 applications were received and 430 were approved with a total value of €151.63 million.
|Does not apply to workers||
||Does not apply to citizens|
Social partners' role in designing the measure and form of involvement:
|Trade unions||Employers' organisations|
|Form||Not applicable||Not applicable|
Social partners' role in the implementation, monitoring and assessment phase:
The Ibec employer body likely to have been informed about the scheme - unions not involved.
Ibec likely to have welcomed the scheme.
Eurofound (2020), Enterprise Ireland/IDA Sustaining Enterprise Scheme, case IE-2020-15/1018 (measures in Ireland), COVID-19 EU PolicyWatch, Dublin, http://eurofound.link/covid19eupolicywatch
Disclaimer: This information has not been subject to the full Eurofound evaluation, editorial and publication process. All information is preliminary and subject to change.