Niall Collins
Question:421. Deputy Niall Collins asked the Minister for Business, Enterprise and Innovation if a business (details supplied) will receive assistance. [10816/20]
View answerTuesday, 16 June 2020
Questions (421)
Written answers
The 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/.
In addition to the package of Covid 19 specific liquidity measures, the full range of Local Enterprise Offices (LEOs) 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.
Microfinance Ireland (MFI) is administering special COVID-19 Loans. The interest rates on these loans have been reduced from 7.8% to 4.5% if applied for through the local enterprise office. Loans are between €5,000 and €50,000 with no repayments or interest due in the first six months.
Furthermore, by moving their Mentoring and training programmes online, in the form of free webinars available through the LEO’s Facebook page and YouTube Channel, the 31 LEOs have continued to provide the Micro-enterprise sector with a full range of advice and support offerings and continue to process applications for grant schemes such as the Feasibility Study Grants, Priming Grants, Business Expansion Grants and the LEAN for Micro Programme.
I can assure the Deputy that I continue to work with my colleagues across Government and with all stakeholders to examine further appropriate supports to assist businesses, including micro-enterprises, impacted by Covid-19. In that regard, Government will continue to explore potential funding mechanisms for all enterprises as they work through the challenges facing them, including through any further mechanisms allowable under the EU’s state aid framework.