€1bn pot for businesses affected by Covid-19, Government announces

€1bn pot for businesses affected by Covid-19, Government announces

The government has increased funds available to businesses hit by coronavirus, with a pot of €1bn now available.

An extra €450m will be available through the Strategic Banking Corporation of Ireland, it has been announced.

Those loans can be between €25,000 and €1.5m with an interest rate of 4%.

An extra €200m has been added to the future growth loan scheme and there will be €30m more for micro-enterprises which will be given out through local enterprise offices.

“This package is a significant step-up in the supports available for all businesses in all sectors at this very difficult time," Minister for Business, Enterprise and Innovation, Heather Humphreys said.

"The measures have been developed to meet the varying needs of Irish enterprise and they are very specifically targeted by size, sector and need.”

The impact of Covid-19 presents unprecedented difficulties for businesses who have already spent the past three years preparing for the possible consequences of Brexit, but those preparations will stand to us.

The measures include a new €180m Sustaining Enterprise Fund for firms in the manufacturing and international services sectors, an announcement welcomed by Enterprise Ireland.

“I greatly welcome today’s announcement by the government on the introduction of a range of new funding instruments to help Irish businesses respond to the economic challenges Covid-19 presents, said Julie Sinnamon, the group's CEO.

"While their immediate focus has been on dealing with the welfare of their employees, (businesses) are also being impacted by a collapse in demand in certain sectors, supply chain disruption and cashflow challenges," she added.

More on this topic

Coronavirus wrap: Premier League testing boost as Djokovic shares US Open doubtsCoronavirus wrap: Premier League testing boost as Djokovic shares US Open doubts

Places of worship set to reopen in the UK for private prayer from June 15Places of worship set to reopen in the UK for private prayer from June 15

Higgins pays tribute to 'remarkable' nurses' response to Covid-19 crisisHiggins pays tribute to 'remarkable' nurses' response to Covid-19 crisis

Nine further Covid-19 deaths and 24 new cases - NPHETNine further Covid-19 deaths and 24 new cases - NPHET