Digital Economy Blog

 Government Supports Available to Irish Companies

The difficulties created by Brexit highlight the importance of the current system of government assistance from small and medium-sized businesses. SMEs can reorganize their cost bases and reprice their goods and services with the help of state-backed, reasonably priced, flexible finance in order to continue trading with the UK despite how weak the pound is.

Strategic Banking Corporation of Ireland

The Strategic Banking Corporation of Ireland's (SBCI) strategic goal is to provide Irish SMEs with efficient financial solutions that solve flaws in the Irish credit market. In addition, it aims to promote innovation and competition while ensuring the effective utilization of all EU resources. By using an on-lending mechanism, the SBCI avoids making direct loans to SMEs. Instead, it makes it easier for on-lenders (partner financial companies), to provide flexible, affordable credit to Irish SMEs.

Irelands Strategic Investment Fund

ISIF addresses both debt and equity investment needs for Irish companies. Through its investments in SME funds and platforms, ISIF provides flexible term debt, asset backed finance, venture debt, growth equity, and buyout equity (filling funding gaps and providing scaling capital for businesses).

Enterprise Ireland

Enterprise Ireland provides funding and supports for SMEs and larger companies who wish to expand their activities, improve their efficiency or grow their international sales.

Microfinance Ireland

Microfinance Ireland, which manages the Microenterprise Loan Fund, offers assistance in the form of loans of up to €25,000. Starting, newly established, or expanding microbusinesses with less than 10 employees who have sound business plans are eligible for the loans.

EXEED Grant Scheme

Excellence in Energy Efficiency Design (EXEED) is an incentive program to promote energy efficiency in business. Successful applicants can get grant support of up to €1,000,000 per project. The EXEED grant scheme can help fund the energy-efficient design of heating, cooling, refrigeration, compressed air and business processes. Examples include improving insulation, installing air handling units with heat recovery, installing electric vehicle chargers, and installing energy-efficient heating and cooling equipment.