Minister Humphreys announces supports for businesses impacted by COVID-19

Minister of Business, Enterprise and Innovation (DBEI), Heather Humphreys TD, has announced details on the package of supports she has put in place for businesses impacted by COVID-19, including:

– A €200m Strategic Banking Corporation of Ireland (SBCI) Working Capital scheme for eligible businesses impacted by COVID-19. Loans of up to €1.5m will be available at reduced rates, with up to the first €500,000 unsecured. Applications can be made through the SBCI website.

– A €200m Package for Enterprise Supports including a Rescue and Restructuring Scheme available through Enterprise Ireland for vulnerable but viable firms that need to restructure or transform their business.

– The maximum loan available from MicroFinance Ireland will be increased from €25,000 to €50,000 as an immediate measure to specifically deal with exceptional circumstances that micro-enterprises – (sole traders and firms with up to 9 employees) – are facing. Applications can be made through the MFI website or through your local LEO.

– The Credit Guarantee Scheme will be available to COVID-19 impacted firms through the Pillar Banks. Loans of up to €1m will be available at terms of up to 7 years.

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Ireland is still dependent on external borrowing

Ireland still dependent on external borrowing

Commenting yesterday on the release of the 2016 End of Year Exchequer Returns, Ian Talbot Chief Executive Chambers Ireland said: “Today’s Exchequer figures provide a timely reminder that in spite of a strong economic recovery, Ireland is still dependent on external borrowing to fund the running of the country.

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Consumer spending increases in January

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Irish consumers continued to increase their spending at a strong pace in January 2016. Results from the latest Visa Europe Consumer Spending Index show that there was a larger increase in face-to-face expenditure in January than seen at the end of the year, with the rate of expansion accelerating to +5.6 per cent.

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