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The Minister of Business, Enterprise and Innovation (DBEI), Heather Humphreys TD, announced earlier this week details on package of supports that have been put in place for businesses impacted by COVID-19.

Minister Humphreys has said:

I am hearing from many businesses that they are very concerned about their cashflow in the coming weeks. I want to reassure them that there are a number of schemes that can help them meet their short-term working capital and liquidity needs.

The Department of Business, Enterprise and Innovation have introduced a range of supports, including:

  • €200m Strategic Banking Corporation of Ireland (SBCI) Working Capital Scheme for eligible businesses affected by COVID-19.
  • €200m Package for Enterprise Supports including a Rescue and Restructuring Scheme available through Enterprise Ireland.
  • The maximum loan available from MicroFinance Ireland will be increased to €50,000 as an immediate measure to deal with exceptional circumstances that micro-enterprises are dealing with.
  • Credit Guarantee Scheme will be available to firms that have been impacted by COVID-19 through the Pillar Banks.

The Pillar Banks agreed that they would support businesses during this time.

The Minister welcomed the assurance, stating:

I welcome that the Pillar Banks have publicly announced that they will offer relief, including short payment holidays on mortgage payments of three to six months to customers that find themselves in financial distress as a result of the fast-spreading coronavirus and that businesses will be able to avail of emergency working capital, payment flexibility on borrowings and trade finance for those sourcing products from new suppliers internationally as the virus plays havoc on supply chains

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