Dáil Éireann Debate, Tuesday - 16 June 2020
415. Deputy Robert Troy asked the Minister for Business, Enterprise and Innovation if she will consider matters raised in correspondence (details supplied); and the supports available to this sector from her Department. [10758/20]
View answerThe Government has introduced a €12bn package of supports for firms of all sizes, which includes the wage subsidy scheme, the pandemic unemployment payment for the self-employed, grants, low-cost loans, write-off of commercial rates and deferred tax liabilities, all of which will help to improve cashflow amongst SMEs. Full details on all COVID19 supports for business are available at: https://dbei.gov.ie/en/What-We-Do/Supports-for-SMEs/COVID-19-supports/.
There are a number of grant and loan schemes which have been put in place to assist businesses. The Covid-19 Working Capital Scheme open to eligible SMEs and small mid-caps (businesses of up to 499 employees) is operated by the Strategic Banking Corporation of Ireland (SBCI) in cooperation with the Department of Agriculture, Food and the Marine, and is supported by the InnovFin SME Guarantee facility.
The Future Growth Loan Scheme is open to eligible SMEs and small mid-caps currently makes loans available with a term of 8-10 years and is operated by (SBCI) through participating lenders. The Covid-19 Loan, available from Microfinance Ireland (MFI), supports microenterprises access funding arising from the Covid-19 crisis. The new €2 billion COVID-19 Credit Guarantee Scheme to aid SMEs is a further development of the existing Credit Guarantee Scheme already available. The Scheme will be available to all SME sectors, including primary producers. The implementation of this Scheme will require primary legislation, the drafting of which has commenced.
In addition to this new package of liquidity measures, the full range of Enterprise Ireland, IDA, Local Enterprise Office (LEO) and Údarás na Gaeltachta grant and advisory supports continue to be available to eligible firms to help with strategies to access finance, commence or ramp-up online trading activity, reconfigure business models, cut costs, innovate, diversify markets and supply chains and to improve competitiveness.
I can assure the Deputy that I will continue to work with my colleagues across Government and with all stakeholders, to examine all such appropriate business supports to assist businesses impacted by Covid-19. In that regard, Government will continue to explore funding potential for all enterprises as they work through the challenges facing them, including through any further mechanisms allowable under the EU’s state aid framework.
