Údarás client companies able to access €5m Covid-19 fund

 

It’s been confirmed that Údarás na Gaeltachta’s client companies will be able to access the full range of supports under the Sustaining Enterprise Fund, with an initial amount of €5m being made available.

This is in addition to the recently announced extra funding of €0.6m secured for Údarás na Gaeltachta to administer the Online Trading Scheme in the Gaeltacht.

This €180m Sustaining Enterprise Fund is specifically aimed at all firms with 10+ employees impacted by COVID-19 that are vulnerable but viable.

The Fund will be available to eligible Údarás na Gaeltachta clients and will be operated by Enterprise Ireland, providing repayable advances and preference shares of up to €800,000 as agreed with the EU under new State Aid rules and, together with leveraged lending from the financial markets, should see up to €500m of additional investment in vulnerable but viable firms.

These grants will only be repayable if and when a business returns to financial good health.

Údarás na Gaeltachta client companies should contact an tÚdarás to begin the process.

In a statement, Údarás na Gaeltachta’s CEO Mícheál Ó hÉanaigh said that they will continue to work closely with all stakeholders during this period to ensure that supports and resources are available to Gaeltacht enterprises during this uncertain time.