Government launches new Enterprise Stabilisation Fund
ENTERPRISE IRELAND
This initiative is aimed at viable but vulnerable internationally trading companies to help them survive the current global downturn by supporting their drive to reduce costs and gain sales in overseas markets and to sustain employment.
Sustainable economic recovery will be driven by enterprises focused on increasing their exports of innovative products and services in global markets.
The ‘Enterprise Stabilisation Fund’ administered by Enterprise Ireland will provide targeted support for internationally trading companies. Approvals will be based on business plans submitted to the agency by applicant companies. Particular attention will be paid to supporting viable small and medium sized enterprises engaged in exporting. Funding will be provided primarily in the form of repayable preference shares.
Assistance will be available to companies that meet particular criteria, such as
- Are manufacturing and/or internationally traded services companies
- Must not have been in difficulty on 1st July 2008, but may now be facing difficulties as a result of the global and financial economic crisis
- Must be judged by Enterprise Ireland to have sound, robust and sustainable business models and business plans that are financially viable in the medium term
- Require support for specific actions to reduce costs or/and increase sales
- Mainly SMEs with significant export growth potential
- Must be assessed as capable of significant growth in the global upturn
- Are currently engaged in exporting
- Are not a pre-revenue start up
- Are not active in the fisheries sector or in the primary production of agricultural products
- Need to be able to demonstrate financial committment/contribution of promoters, banks, other investors etc. to balance of funds required
Where can I get more information?
In the first instance, companies should contact their Development Adviser within Enterprise Ireland. Companies not assigned an Enterprise Ireland Development Adviser should contact Willie O'Brien.