At Cork Chamber we are monitoring the unfolding situation surrounding the COVID-19 virus on a national and international basis. We are liaising with local and national government to bring updates and guidance for you and your business.
The Department of Business, Enterprise and Innovation has put a range of supports in place and we encourage our members to access available supports to help navigate these uncertain times.
- A €200m Strategic Banking Corporation of Ireland (SBCI) Working Capital scheme for eligible businesses impacted by COVID-19. Loans of up to €1.5m will be available at reduced rates, with up to the first €500,000 unsecured. Applications can be made through the SBCI website
- A €200m Package for Enterprise Supports including a Rescue and Restructuring Scheme available through Enterprise Ireland for vulnerable but viable firms that need to restructure or transform their business.
- The maximum loan available from MicroFinance Ireland will be increased from €25,000 to €50,000 as an immediate measure to specifically deal with exceptional circumstances that micro-enterprises – (sole traders and firms with up to 9 employees) – are facing. Applications can be made through the MFI website or through your local LEO.
- The Credit Guarantee Scheme will be available to COVID-19 impacted firms through the Pillar Banks. Loans of up to €1m will be available at terms of up to 7 years.
The following supports are available for firms experiencing trading difficulties and short-term shocks:
- The Department of Employment Affairs & Social Protection and the Department of Business, Enterprise & Innovation will provide a joint First Responder support service through the Intreo Offices and development agencies, Enterprise Ireland and IDA Ireland in each region to provide tailored supports for impacted firms, with objective of avoiding mass lay-offs and buying time for firms to work through the short-term disruptions.
- Firms that need to reduce hours or days worked can avail of the Department of Employment Affairs and Social Protection Short Term Work Support by contacting their local Intreo Office, see https://www.gov.ie/en/service/c20e1b-short-time-work-support/
- The full range of Enterprise Ireland, IDA Ireland, Local Enterprise Office and Údarás na Gaeltachta grant supports will be available to firms to help with strategies to innovate, diversify markets and supply chains and to improve competitiveness.
- Local Enterprise Offices in Cork will be providing vouchers from €2,500 up to €10,000 (with 50:50 match funding) to support business continuity preparedness, innovation and productivity.
We encourage business to avail of this user friendly Continuity Checklist which is designed to improve business preparedness for disruptions to services and trading as a result of COVID-19. This can be downloaded here.
A suite of supports has been announced to give greater support to employees and self-employed. See more here.