Here within the EIAI, it is our understanding that businesses, organisations and individuals within the Event Industry have been unsuccessful in obtaining financial government support since the onset of Covid-19 and its restrictions earlier this year. The inability to secure funding or support has become a widespread issue within the industry, mainly due to the nature of how businesses operate or type of premises. We are currently conducting a survey in order to better research these issues in order to approach the government and communicate this issue effectively. The survey can be found here and will remain open until January 15th 2021: https://eiai.ie/event-industry-funding-support-survey/
In the meantime, this article contains useful information on the available grants, loans and funding schemes available to those in need of support within the industry.
Enterprise Ireland Funding
Covid-19 Business Financial Planning Grant
The Covid-19 Business Financial Planning grant aims to provide a strategic intervention for companies to work with third party consultants to prepare a detailed financial and business plan with forecasts and assumptions. The grant offers up to €5,000 for an engagement with an approved external consultant to develop a financial plan to secure the external finance required for business continuity.
Eligibility can be checked here: businessresponse@enterprise-ireland.com or by calling +353 1 727 2088.
Finance in Focus Grant
A Finance in Focus grant of €7,200 will be available to Enterprise Ireland and Údarás na Gaeltachta clients that want to access consultancy support to undertake immediate finance reviews. Further details are yet to be published on the grant but a step by step process is available here, including relevant documentation:
https://www.enterprise-ireland.com/en/Process/Companies/Finance-in-Focus-Grant-Claim.html
Seed and Venture Capital Scheme 2019-2024
This scheme has concluded for time being, with its most recent call for Expressions of Interest closing in May 2020. Those still interested in availing of this scheme should watch out for any updates or changes.
Sustaining Enterprise Fund
The aim of this fund is to provide funding to Covid-19 affected businesses in order to stabilise cash flow, adapt their operations and innovate to meet new customer needs. The package includes:
- A non-repayable grant of up to 50% of a funding package (up to €200,000) is now available
- Funding of between €100,000 and €800,000 available.
- No repayments for the first 3 years.
- Zero administration fee for the first 6 months – 4% thereafter
Organisations hoping to apply for this fund must employ ten or more full time employees, are operating in the manufacturing and internationally traded service sectors, have seen (or expect to see) a 15% or greater reduction in actual or projected turnover or profit, or a significant increase in costs, as a result of Covid-19. Funding will be provided for a five year period and will consist of a combination of repayable and non repayable support. Those interested in applying can start the process by contacting the following: businessresponse@enterprise-ireland.com or calling +353 1 727 2088.
Sustaining Enterprise Fund for Small Businesses
As part of the Sustaining Enterprise Fund, a separate fund will be available for smaller enterprises. This fund offers smaller companies €25-€50k on a short term (3-6 month) basis in order to support the continuation of their business and strengthen their ability to return to growth and trading strongly in three years time. Eligible applicants must have suffered, or be projected to suffer, a 15% or more reduction in actual or projected turnover or profit as a result of the Covid-19 outbreak, have employed more than 10 full time employees by February 29th 2020 and their annual turnover must not exceed €5 million on their most recent financial statements. Those interested in availing of the fund can find more information and the application log-in here:
Ireland Strategic Investment Fund (ISIF)
Pandemic Stabilisation and Recovery Fund
In order to support large and medium Irish enterprises the ISIF made a €2 million fund available. The PSRF will focus on enterprises employing more than 250 employees with a turnover of more than €50 million per annum. Similar to other schemes, businesses must be able to prove they were viable prior to the onset of the pandemic. The PSRF aims to have the flexibility to invest in a range of instruments from equity to debt and hybrid instruments. For those interested in learning more, a dedicated email address psrf@isif.ie has been provided by the ISIF.
Strategic Banking Corporation of Ireland (SBCI)
Covid-19 Working Capital Loan Scheme
The Working Capital Loan Scheme aims to fund working capital requirements or to fund innovation, change or adaptation of the business in order to mitigate the impact of Covid-19. Loans between €25,000 and €1.5 million can be attained with a maximum interest rate of 4%. The terms of repayment can be between one and three years. Small, medium and mid-cap enterprises (as defined by the Standard EU definition) may apply for this loan. Those wishing to apply for the SBCI loan can find the application form here: https://sbci.gov.ie/products/covid-19-working-capital-loan-scheme/application-form
Microfinance Ireland
Covid-19 Business Loan
This initiative is aimed at providing support to small businesses affected financially by Covid-19. Businesses who have been impacted by a reduction of 15% or more in turnover or profit, namely those who cannot avail of loans from their bank or lending providers, may apply for the MFI loan. Businesses can receive between €5,000 to €25,000 in support. Repayments on this loan do not start until 7 months into the remaining payment period (typically one-three years) and will be 0% interest for the first six months. Another eligibility factor is that businesses must employ less than 10 employees. More information can be found on the link below:
https://microfinanceireland.ie/loan-packages-2/covid19/
Local Enterprise Ireland
Trading Online Voucher Scheme
With so many businesses moving their service/product either fully or partially online LEO has made a scheme aimed at assisting small enterprises (up to 10 employees) trade more online, boost sales and reach new markets. The scheme offers up to €25,000 in financial aid alongside training and advice. It should be noted that to avail of a 90% voucher rate applications must be submitted by 5pm December 31st 2020 but following this a voucher rate of 50% may be acquired. Those who have already availed of a voucher can apply for a second one where upgrades are needed. To check your eligibility or apply for the voucher, look here: https://www.localenterprise.ie/Discover-Business-Supports/Trading-Online-Voucher-Scheme-/
Government Support
Short Time Work Support
Short-Time Work Support is a form of the Jobseeker’s benefit and is a support payment for people who have been temporarily placed on a shorter working week by their employer. The support is made to make up for days lost. The criteria for this payment is that the short time work must be systematic and demonstrate a clear work pattern. The payment is capped at 234 days and is based on PRSI payments. Similar to the Jobseeker’s benefit, the applicant must qualify for the same conditions. To check these conditions or to apply please follow this link: https://www.gov.ie/en/service/c20e1b-short-time-work-support/
Employment Wage Subsidy Scheme
The EWSS provides a flat-rate subsidy to qualifying employers based on the numbers of eligible employees on the employer’s payroll and gross pay to employees. It will continue to remain in place until March 2021. This scheme is regularly checked by Revenue to ensure it is being used for the purpose it is intended. Employers must provide valid tax clearance to enter the scheme with seasonal and new hires also falling under the scheme with backdating available as far as July 1st 2020. Employers must be able to prove that their business will experience a 30% reduction in turnover between 01/07/20 and 01/12/20 and that Covid-19 is the cause. For further information see here:
Covid-19 Pandemic Unemployment Payment
The COVID-19 PUP is available to employees and the self-employed who have lost their job on or after 13 March due to the COVID-19 pandemic. The payment is paid at four rates dependent on your weekly earnings prior to losing your job. The payment is paid in arrears and is paid electronically or at your local post office. Those eligible for the payment must fall under criteria such as being aged 18-66, be actively seeking work or have lost your job due to the ongoing pandemic. Further criteria is listed here: https://www.gov.ie/en/service/be74d3-covid-19-pandemic-unemployment-payment/
Those hoping to apply for the payment can do so on their social welfare account at mywelfare.ie
Stream D of the Cultural Capital Scheme 2019-2022
Stream D of the Cultural Capital Scheme provides a range of capital funding measures to assist in the re-opening of theatres, arts centres and culture venues as part of Project Ireland 2040 -Investing in our Culture, Language & Heritage.The scheme maintains a high degree of flexibility matched with a timely decision making process allowing organisations such as the above to implement necessary capital adaptations to their buildings, making them safer in accordance with health and safety protocols specific to Covid-19. Galleries, professionally-managed arts centres, museums, heritage centres, studios, archives, performance and creative spaces are all considered to be eligible facilities. Organisations can apply to re-purpose up to €10,000 of their grant which can be used to fund eligible costs at a 90% funding rate or up to €5,000 which will not require match funding. Grants will be paid out on the basis of paid invoices. Application forms and further details can be found here: https://www.gov.ie/en/service/b61b2-stream-d-of-the-cultural-capital-scheme-2019-2022/#:~:text=Apply-,What%20Stream%20D%20of%20the%20Cultural%20Capital%20Scheme%20is,our%20Culture%2C%20Language%20%26%20Heritage.
Covid Restriction Support Scheme (CRSS)
The CRSS is a targeted support for businesses impacted by Government advised restrictions introduced to combat the effects of the ongoing pandemic. To qualify under the scheme, a business must demonstrate that, because of Covid restrictions, the turnover of the business in the period for which the restrictions are in operation, and for which a claim is made, will be no more than 25% of an amount equal to the average weekly turnover of the business in 2019 (or average weekly turnover in 2020 in the case of a new business) multiplied by the number of weeks in the period for which a claim is made. For business owners interested in applying for this scheme, it is advisable to look up further criteria and application details via the following link: https://www.revenue.ie/en/corporate/press-office/budget-information/2021/crss-guidelines.pdf
Enterprise Support Grant
The Enterprise Support Grant is available to assist eligible self-employed recipients who close their Covid-19 PUP on or after 18 May 2020. This grant aims to provide business owners with a once-off grant of up to €1,000 which will help to restart their business following its closure due to the pandemic. Applicants must have previously been availing of the PUP and have since closed their claim and have reopened their doors. Applicants must employ fewer than 10 people. They can also not be in receipt of other financial support grants. The grant will cover restart costs such as new safety measures, repairs, fuel and wages. To apply for this grant applicants can find the forms via the following link: https://www.gov.ie/en/service/739f3-enterprise-support-grant-for-buisnesses-impacted-by-covid-19/
While there have been other grants and funding schemes available since the onset of Covid-19, this article has not included any that have since closed their applications. EIAI hope that those struggling financially within our industry may find the information they need here but for further advice or queries please contact us at hello@eiai.ie
