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Enterprise Ireland
 
Purpose
A new fund of up to €180 million specifically aimed at firms operating in the manufacturing and internationally traded services sectors. The objectives of the fund are to ensure eligible companies can accelerate their recovery and to provide funding needed to stabilise cashflow, adapt operations and innovate for new customer needs.
 
Eligibility

• Employ 10 or more full time employees;
• Operate in the manufacturing and internationally traded service sectors;
• 15% or greater reduction in actual or projected turnover or profit, or a significant increase in costs as a result of Covid-19

 
Funding
Up to €800K of funding is available under the scheme. Funding comprises a combination of repayable and non-repayable support, with a maximum non-repayable grant of up to 50% of the funding package (up to €200K) being available.
 
Key Terms

• No repayments in the first three years
• Repayable advances are due for repayment in years 4 and 5

Interest
4% administration fee (zero for first six months)
 
Ineligible companies
The scheme is not open to companies who

• Are active in primary agricultural, fishery or aquaculture sectors
• Operating in the coal and steel sector
• Were covered by specific rules for Financial Services

Further information is available here.
 

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Strategic Banking Corporation of Ireland (SBCI) through participating finance providers
 
Purpose
The Scheme offers a partial Government guarantee (80%) to participating finance providers against losses on qualifying finance agreements to eligible SMEs, small Mid-Caps and primary producers. Loans under the Scheme provide much-needed liquidity to businesses that have been negatively impacted as a result of the outbreak of COVID-19. 
 
Eligibility
This Scheme is available to eligible SME and small Mid-Cap businesses, including primary producers (businesses engaged in farming and fishing), established in Ireland. Full details of eligibility criteria are available through the SBCI website.
 
Funding
Loans under the Scheme range from €10,000 to €1 million, for terms of up to five-and-a-half years.
 
Key terms

• Must demonstrate a minimum 15% decline in actual or projected turnover or profit as a result of Covid-19
• Financing is offered through a range of products including term loans, working capital loans and overdrafts
• The scheme offers a partial government guarantee (80%) to participating finance providers
• Optional interest and/or capital moratorium may be available at the discretion of the finance provider
• Loans must be used for working capital/liquidity (stock, wages and other overheads) or investment (e.g. refit of premises, buying new equipment)
• A participating enterprise (the borrower) will be required to pay a premium to comply with the terms of the European Commission’s State Aid Temporary Framework. The premium will range from 0.15% - 0.61% for SMEs, depending on the term of the loan, and from 0.3% - 1.40% for small Mid-Caps depending on the term of the loan.
• The scheme is scheduled to remain in place until 31 December 2021

 
Interest
Interest rates on these products will vary depending on individual characteristics such as the size of the loan, the tenor of the loan and the profile of each business. However, finance providers will offer a reduced interest rate compared to similar lending and this reduction will be stated on each loan agreement.
 
Further information is available here.

 
 

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Microfinance Ireland
 
Purpose
A Government initiative to support small business, negatively impacted by Covid-19, through the current period of uncertainty.
 
Eligibility
To apply the following criteria must be met

• The business is a micro-enterprise (Annual turnover of less than €2 million, Balance Sheet not exceeding €2 million and fewer than 10 employees)
• Unable to access finance from banks or other commercial lending providers
• Must demonstrate a minimum decline in turnover or profit of 15%

 
Funding
€5000 to €25,000
 
Key terms

• Six months interest free and repayment free moratorium
• Loan terms of up to 3 years (up to five years in certain circumstances)
• Government rebate for interest paid in months 7-12 of the loan
• Fixed repayments with no penalty for early repayment

 
Interest

• 4.5% for applications through Local Enterprise Offices
• 5.5.% for applications directly to Microfinance Ireland

 
Further information: 

• https://dbei.gov.ie/en/What-We-Do/Supports-for-SMEs/COVID-19-supports/Microfinance-Ireland-COVID-19-Business-Loan.html 
• Microfinance Ireland COVID-19 Business Loan FAQs

 
 

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Strategic Banking Corporation of Ireland (SBCI)
 
Purpose
A €450 million fund available to eligible businesses negatively impacted by Covid-19 to cover future working capital requirements and to fund innovation, change or adaption of the business.
 
Eligibility
Viable micro, small and medium sized enterprises (SMEs) and Small Mid-Cap enterprises that meet the eligibility criteria. SME’s and small midcaps must satisfy the Covid-19 criterion and one of the innovation criteria, details of which can be found at sbci.gov.ie
 
Funding
Loans of €25000 to €1,500,000
 
Key terms

• Three-month interest only option at the discretion of the lender’s assessment of the application
• Loans unsecured up to €500,000
• Loans terms of up to three years duration

 
Interest
Interest of up to 4% at the discretion of the participating banks
 
Further information:

• https://sbci.gov.ie/products/covid-19-working-capital-loan-scheme
• SBCI COVID-19 Working Capital Scheme FAQs

 
 

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Strategic Banking Corporation of Ireland (SBCI)
 
Purpose
A scheme available to eligible businesses to support strategic long-term investment. The scheme is offered by Government through the Department of Business, Enterprise and Innovation, the Department of Agriculture, Food and the Marine, and the SBCI.
 
Eligibility
The scheme is available to eligible SME and Small Mid-Cap businesses, including those in the primary agriculture (farming) and seafood (fishing) sectors in Ireland.
 
Funding
Loans from €25,000 to €3 million per eligible business. Loans of up to €500,000 are unsecured.
 
Key terms

• Loan terms range from 7 to 10 years
• Optional interest only repayments available in certain circumstances
• A business plan must be submitted for loans in excess of €250,000

 
Applicants must choose one of the following loan purposes

• Investment in tangible or intangible assets to increase productivity and/or efficiency, set up a new establishment or extend an existing one.
• Diversification into new products or a change in a production process.
• Investment in tangible or intangible assets for process and organisational innovation.
• Investment in tangible and intangible assets on agricultural holdings linked to primary agricultural production (excludes purchase of land other than site costs or livestock).
• Investment in connection with the processing and marketing of agricultural products.

 
Interest
First six months

• Interest of up to 4.5% on loans of up to €249,999
• Interest of up to 3.5% on loans greater than or equal to €250,000

 
The rates thereafter are variable and will be dependent on the cost of funds at that point in time.
 
Further information is available here.