The Enterprise Stabilisation Fund (ESF) was established by Government to support viable but vulnerable exporting companies who were experiencing difficulties due to the economic crisis which started in 2008. €100m was allocated to the fund to the end of 2010. Client companies of Enterprise Ireland, IDA, Údarás Na Gaeltachta and Shannon Development across all sectors within manufacturing and internationally traded services were eligible to apply. The fund was administered by Enterprise Ireland.
The State Aid basis for the Enterprise Stabilisation Fund is the Temporary Aid Framework 2008. Based on this derogation from the EU, the ESF was open for applications for the years 2009 and 2010.
Funding was in the form of preference shares, supporting a range of activities including market development, productivity improvements, cost reduction and product development.
Enterprise Ireland approved €80.4m under the ESF and paid out €80.018m. 223 companies were approved funding and the average funding per enterprise was €375,000. Based on the most recent analysis, this investment supported 7,140 jobs. The majority of the companies supported are still trading as viable entities, contributing to the Irish economy. In addition, over €22m has been redeemed to date and redemption of the shares will continue to be sought.
Table 1 shows the total amount invested/drawn down by year over the period 2007-2010.
Table 1: total amount invested/drawn down by year over the period 2007-2010, under the Enterprise Stabilisation Fund.
|
Year
|
Investment Amount (€)
|
|
2007
|
180,337
|
|
2008
|
7,028,316
|
|
2009
|
56,029,434
|
|
2010
|
16,780,000
|
|
Grand Total
|
80,018,087
|
