Troy secures access for small & micro-businesses to €200m COVID-19 Enterprise fund

Published on: 30 April 2020

Fianna Fáil Spokesperson on Business, Enterprise and Innovation Robert Troy has welcomed confirmation from Minister Humphreys that small and micro businesses can now access the new €200m Sustaining Enterprise scheme.

He said that the Minister must immediately confirm the amount in direct grant aid that will be available under the newly redesigned scheme for firms with less than 10 employees.

He warned that a continuation of “repayable advances” as per the original scheme was of no use to small businesses and that cash grants are what is needed rather than saddling small businesses with debt.

Deputy Troy explained, “Having repeatedly requested that the Minister open up the scheme to businesses with less than ten employees, I’m glad she has finally done so.

“Given that 92% of all Irish enterprises have less than 10 employees, it was illogical that the scheme would be closed to these businesses. It was also grossly unfair that those most in need of support, couldn’t access it.

“Small and micro businesses should be able to take advantage of new State aid rules, which allow supports to address urgent liquidity needs up to €800,000, just as other larger companies can.

“In a response to my Parliamentary Question the Minister confirmed that her Department is redesigning the scheme to allow small and micro sized businesses in the manufacturing and international services sectors avail of “direct grants, repayable advances, loans and equity.”

“She needs to recognise that repayable advances are not a viable option for many and she now needs to confirm the amount in grant aid which will be available,” he concluded.