{"id":6643,"date":"2020-04-14T09:44:45","date_gmt":"2020-04-14T08:44:45","guid":{"rendered":"https:\/\/www.sage.com\/en-ie\/blog\/?p=6643"},"modified":"2026-01-09T15:05:40","modified_gmt":"2026-01-09T15:05:40","slug":"coronavirus-financial-support-business","status":"publish","type":"post","link":"https:\/\/www.sage.com\/en-ie\/blog\/coronavirus-financial-support-business\/","title":{"rendered":"Coronavirus: Financial support and how your business can access it"},"content":{"rendered":"
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\n\t\t\t\t\t\t\tMoney Matters<\/a>\t\t\t\t\t\t<\/div>\n\t\t\t\t\n\t\t\t\t
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\n\t\t\t\t\t\tCoronavirus: Financial support and how your business can access it\t\t\t\t\t<\/h1>\n\t\t\t\t<\/div>\n\n\t\t\t\t\t\t\t\t\t

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\n\t\t\t\n\t\t\t\t\"\"\t\t\t\tRuth Doris<\/span>\n\t\t\t<\/a>\n\n\t\t\t\t\t<\/div>\n\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t<\/div>\n<\/div>\n\n\n\n\n\n

Coronavirus (COVID-19) is having a significant impact on economic activity globally. The Irish government has introduced a series of measures to provide financial support for businesses for the duration of the pandemic.<\/p>\n\n\n\n

The first package was unveiled on 9 March 2020 and valued at more than \u20ac3bn. As the full extent of coronavirus is becoming apparent, the government has announced several additional supports and enhanced measures for businesses \u2013 the latest on April 8 2020.<\/p>\n\n\n\n

In this article, we look at the financial measures available to help your business and how you can access them. We cover the following:<\/p>\n\n\n\n

SBCI COVID-19 Working Capital Loan Scheme\u200b<\/a><\/p>\n\n\n\n

Future Growth Loan Scheme\u200b<\/a><\/p>\n\n\n\n

SME Credit Guarantee Scheme\u200b<\/a><\/p>\n\n\n\n

Microfinance Ireland COVID-10 Business Loan\u200b<\/a><\/p>\n\n\n\n

Sustaining Enterprise Fund\u200b<\/a><\/p>\n\n\n\n

Business Financial Planning Grant\u200b<\/a><\/p>\n\n\n\n

LEAN Business Continuity Voucher\u200b<\/a><\/p>\n\n\n\n

COVID-19 Online Retail Scheme\u200b<\/a><\/p>\n\n\n\n

Business Continuity Voucher\u200b<\/a><\/p>\n\n\n\n

Bord Bia COVID Response Marketing Support Package\u200b<\/a><\/p>\n\n\n\n

Revenue measures\u200b<\/a><\/p>\n\n\n\n

Commercial rates deferral\u200b<\/a><\/p>\n\n\n\n

Temporary COVID-19 Wage Subsidy Scheme\u200b<\/a><\/p>\n\n\n\n

COVID-19 Pandemic Unemployment Payment\u200b<\/a><\/p>\n\n\n\n

Illness Benefit for COVID-19 Absences\u200b<\/a><\/p>\n\n\n\n

COVID-19 Working Capital Loan Scheme<\/h2>\n\n\n\n

What is it?<\/h3>\n\n\n\n

The scheme operated by the state-backed Strategic Banking Corporation of Ireland through participating banks was increased on 8 April 2020 from \u20ac200m to \u20ac450m.<\/p>\n\n\n\n

It aims to help small and medium-sized businesses to adapt to challenges presented by coronavirus. The funds must be used for future working capital and to finance changes needed to adapt to the current economic environment due to coronavirus.<\/p>\n\n\n\n

Who is eligible?<\/h3>\n\n\n\n

Micro, small and medium-sized enterprises (SMEs) and small midcap companies excluding those operating in primary agriculture and aquaculture sector and those in financial difficulties.<\/p>\n\n\n\n

What it covers?<\/h3>\n\n\n\n

One to three-year loans from \u20ac25,000 to \u20ac1.5m at reduced interest rates up to 4% \u2013 the first \u20ac500,000 of which are unsecured. Term and amount approved are dependent on the purpose of the loan.<\/p>\n\n\n\n

Businesses have an option of availing of interest-only repayments for six months. The scheme operates from March 2020 to March 2021, or until it has been fully subscribed.<\/p>\n\n\n\n

How your business can access it<\/h3>\n\n\n\n

You can apply for the scheme on the SBCI website. Once your application has been approved, you can submit a loan application to one of the participating lenders: AIB, Bank of Ireland and Ulster Bank.<\/p>\n\n\n\n

Future Growth Loan Scheme<\/h2>\n\n\n\n

What is it?<\/h3>\n\n\n\n

The scheme<\/a> is operated by the Strategic Banking Corporation of Ireland (SBCI) and supported by the Department of Business Enterprise and Innovation and the Department of Agriculture, Food and the Marine and backed by the European Investment Fund was set up in June 2019 to assist companies with challenges posed by Brexit.<\/p>\n\n\n\n

It has been allocated an additional \u20ac200m in response to coronavirus.<\/p>\n\n\n\n

Who is eligible?<\/h3>\n\n\n\n

Viable micro, small and medium-sized enterprises and small mid-cap enterprises to businesses in <\/strong>the primary agriculture (farmers) and seafood sectors to support long-term strategic investment.<\/p>\n\n\n\n

What it covers?<\/h3>\n\n\n\n

Loan amounts are from \u20ac100,000 to a maximum of \u20ac3m per applicant. Terms are 8 to 10 years; interest rates are from 3.5% to 4.5%. Participating lenders are AIB<\/a>, Bank of Ireland<\/a>, Ulster Bank<\/a> and KBC.<\/p>\n\n\n\n

How your business can access it<\/h3>\n\n\n\n

The application process<\/a> is in two steps. Firstly, you need to confirm your eligibility with the SBCI before making an application to one of the participating lenders.<\/p>\n\n\n\n

Once your application has been assessed and approved, you\u2019ll be issued with an eligibility reference number allowing you to apply for a loan with one of the participating lenders.<\/p>\n\n\n\n

SME Credit Guarantee Scheme<\/h2>\n\n\n\n

What is it?<\/h3>\n\n\n\n

The scheme run by the Strategic Banking Corporation of Ireland (SBCI) has been repurposed to help SMEs impacted by coronavirus.<\/p>\n\n\n\n

It provides an 80% guarantee for qualifying loans to participating lenders: AIB, Bank of Ireland and Ulster Bank.<\/p>\n\n\n\n

Who is eligible?<\/h3>\n\n\n\n

SMEs as well as franchises and co-operatives. Your business must be viable but facing one of three barriers to lending:<\/p>\n\n\n\n