The Tánaiste and Minister for Enterprise, Trade and Employment, Leo Varadkar, launched an additional €51m in funding to help companies in sustaining enterprise and accelerated recovery from the impact of COVID-19 and to accelerate the digitalisation of enterprises.
The new funding package will also provide liquidity, in the form of grants, capital investment, equity and loan notes to manufacturing and internationally traded services companies which have been negatively impacted by COVID-19 to support productivity improvements and enhance capacity building.
As part of this funding package, a further €20 million is being provided for the existing Sustaining Enterprise and Accelerated Recovery Fund. Up to €31 million is being provided in additional funding for the new Accelerated Recovery Fund which provides liquidity to companies to support significant necessary investment in capital and digital capability for productivity improvements. The funding package also incorporates €9,000 Digitalisation Vouchers to provide strategic intervention for any eligible company wishing to develop a digital adaption plan based on their identified need.
All funding must be provided to successful applicants before the end of 2021.
Announcing the new fund, the Tánaiste said, “since the start of the pandemic we have focused on how best to sustain businesses impacted by COVID-19 restrictions. One of our early measures was the €180 million Sustaining Enterprise Fund. Around two-thirds of the companies benefiting under the Fund are based outside Dublin, and it has helped to keep small, regionally-based companies in business. That includes companies specialising in precision engineering, life sciences and construction, food and food services.”
“The vast majority of businesses, particularly those in the manufacturing and export sectors, have proved remarkably resilient when faced with an unprecedented public health crisis with a major impact on domestic and global trade. Now, as we cautiously emerge from these necessary public health restrictions and global markets begin to open up again, the government will continue to help businesses in their next phase of recovery and adaptation.”
Enterprise Ireland CEO Leo Clancy said, “the new €51 million fund is intended to ensure that Irish businesses continue to be supported in recovery from the impact of COVID-19. To date, Enterprise Ireland has approved more than €181 million in COVID-19 financial supports under the Sustaining Enterprise Fund protecting more than 27,500 jobs.
“As economies reopen, ongoing investment in business-critical areas is vital to the long-term growth of companies.”