There are many supports available for businesses from organisations such as Enterprise Ireland in the current challenging economic climate. It can be difficult to know what your company might be eligible for, and what the criteria are for drawing down such grants and loans. We have looked at this issue and created a brief overview to assist you. If you would like to talk to us about the supports available, just call us on 052 61 37775.
Enterprise Ireland provide a Strategic Consultancy Grant to carry out a strategic review of one or more business functions. The SME Strategic Consultancy grant can support the cost of hiring Strategic Consultants to assist in the development and/or implementation of strategic initiatives in the SME. It is designed to facilitate business growth as the consultants can act as coach, mentor, facilitator, analyst, negotiator and/or operator for the company.
Eligible projects must be new assignments of strategic significance to the company such as a specific strategic review of one or more business functions and/or implementation of a new strategic initiative at a corporate or functional level.
Strategic Consultancy Grant
As expected, there are rules around the use of grants. The Strategic Consultancy Grant cannot be used to subsidise regular company operating costs. Routine or ongoing outsourced consultancy costs such as PR, marketing, legal, financial costs are not eligible for support.
Eligible companies include;
- Manufacturing or Internationally Traded services SME company employing 10-249 people.
What costs are eligible and what is the maximum funding available?
Up to 50% of the costs incurred in hiring a consultant to a maximum grant amount of €35,000. Applications are considered on a case-by-case basis and the level of funding will be determined following assessment of;
- Apply via the Enterprise Ireland Online Application System.
Prior to applying you must do the following: Contact your assigned Enterprise Ireland Adviser.
- First time applicants will be required to register on the Enterprise Ireland Online Application System.
BANK FUNDING : SBCI Covid-19 Working Capital Loan Scheme
Approval of loans subject to main banks own credit policies and procedures. Businesses cannot complete a loan application until they have received their eligibility letter from the SBCI.
Loan features
- Loan amounts of between €25,000 to €1.5m per eligible enterprise. Max Interest 4%
- Terms ranging from 1 year to 3 years. – Loans unsecured up to €500,000.
- Optional interest-only repayments may be available at the start of the loans.
- The loan amount and term is dependent on the loan purpose.
Loans can be used for
- Future working capital requirements.
- To fund innovation, change or adaptation of the business to mitigate the impact of Covid-19.
Loans cannot be used for Refinancing of Current Debt
As we referenced earlier, this can be a maze of information to navigate through. We can help you to ensure that you are fully aware of what assistance you can avail of. Contact us on 052 61 37775.
Further Reading from AAL
We have written extensively about the impact of Covid-19 in recent weeks and how businesses can utilise the time to better position themselves for a time when life returns to normal. You can read some of our most read articles on the topic below.
Organisational Change Is Now Continual Change
There is some hope that the crisis is peaking from a health and economic perspective. There is no denying that the pandemic has caused people to stop and think about how they are doing business and why they are doing what they do. However, in this article our Managing Director Áine Kiely O’Donnell suggests that the businesses who have used this time to think about their businesses need to consider that in the ‘new reality’ they will need to consistently think about their businesses in an effort to maintain their competitive edge. Read more here.
AAL COVID-19 Resources – Managing Your Company In A Time of Crisis
AAL has been providing an extensive amount of information for client companies impacted by COVID-19. The global economy has experienced a shock of the type not seen since the onset of the Great Depression almost one hundred years ago. Government measures have resulted in some companies having to cease operations for the duration of the crisis. Others have been forced to look at new ways of working in an effort to continue operating at this time.
We have compiled some of our most read articles and most relevant communications to client companies to enable you to understand how the COVID-19 crisis impacts on you and your company.
Our company is working with our a wide range of companies, across many sectors, at the moment and we are helping them to deal with the current crisis. We are also helping them to look at how their company might come out through ‘the other side’ of the COVID-19 crisis as a stronger company. Contact us today on 052 61 37775 if you would like to speak to us about how we might be able to help your company through COVID-19. Read the full article here.
It’s Time To Start Thinking Differently
In times of disruption or crisis, novel circumstances abound. Understanding the contours of what is happening and what is most likely to happen next can be the difficult piece, especially if you are a traditional thinker. Áine Kiely O’Donnell looks at new ways of thinking that might help you, and your business, in these extraordinary times. Read more here.