The Business Continuity Voucher scheme was launched on 26th March last as part of the suite of Covid 19 business supports. The purpose of the scheme was to provide expert guidance and advice to SMEs employing up 50 people and enable business owners make informed decisions about what immediate measures and remedial actions could be taken at the outset of this crisis, to protect staff and sales and eventually help the business recover.
The scheme was a resounding success in terms of uptake, the product of it being an appropriate support for that point in time. The Local Enterprise Offices have thus far approved 9,389 Business Continuity Vouchers to the value of almost €20.6m and had received 14,829 applications by the closing date. The LEOs will continue to work with existing applicants and recipients of BCV vouchers and their subsequent business continuity plans. The awarding and processing of vouchers under the BCV scheme will naturally taper off in the coming weeks as the Local Enterprise Offices process the outstanding applications.
The payment of the Business Continuity Voucher is dependent on the project being finished, invoice and project report submitted to LEO, with the LEO subsequently completing due diligence checks and processing by Local Authority Finance Units. Details on the take-up of the Vouchers is available on my Department's website at: https://dbei.gov.ie/en/Publications/Take-up-of-DBEI-COVID-19-Business-Supports.html.
Clearly the level of demand both for the scheme and the consequent budget drawdown has been unprecedented, with approvals to date to the value of €20.6m representing a substantial portion of the existing LEO budget for 2020. To date, in general, the new Covid-19 business support Schemes have been supported through both a reprioritisation of my Department's and our development agencies budgets for 2020 and through securing additional funding or commitments to fund for specific schemes. This is a continually evolving situation and my Department is continually reviewing take-up of schemes and the need for reallocations or additional budgets.
Business Continuity Voucher applicants who have been unsuccessful have been offered a range of other supports that they can avail of such as the Local Enterprise Office Mentor Programme. This programme is designed to enable clients to work with an experienced mentor to identify solutions to areas of exposure within their business. With advice and guidance from their mentor, clients develop strategies that are more robust, which address business planning issues and maximise potential business opportunities. These mentoring services are now free of charge.
Furthermore, Local Enterprise Offices have moved training programmes, workshops and networking meet-ups online, covering areas such as cash management in a crisis, leading your business through COVID-19 and advice for employers impacted by the crisis. Training programmes are offered completely free of charge or there is a nominal fee and places can be booked online, through this link: https://www.localenterprise.ie/Fingal/Training-Events/Online-Bookings/.
As the reopening of the economy proceeds, more and more businesses are transitioning from the planning to the implementation phase as we progress through the remaining stages of the Government Roadmap. It is in this context that the Business Continuity Voucher is being phased out and is now closed to new applicants. In recognition of this new stage the new €250m Restart Grant was introduced to assist micro and small businesses to help them with the costs associated with reopening and reemploying workers following COVID-19 closures.
