Enterprise Ireland is seeking applications for its COVID-19 Business Financial Planning grant to provide a strategic intervention for companies to work with third party consultants to prepare a detailed financial and business plan with forecasts and assumptions.
Sponsoring Agency: Enterprise Ireland
Type of Fund: Grant
Deadline Available: Available
Deadline Date (mm/dd/yyyy): 06/15/2021
Size of the Fund: Less than USD $50,000
Enterprise Ireland is seeking applications for its COVID-19 Business Financial Planning grant to provide a strategic intervention for companies to work with third party consultants to prepare a detailed financial and business plan with forecasts and assumptions.
The offer seeks to encourage companies to be proactive in developing a detailed financial plan that identifies funding needs and potential sources of funding.
In light of the COVID-19 crisis there is an immediate need for companies to:
• understand their immediate liquidity issues – determine how to minimise costs and maximise sources of liquidity;
• create a financial plan to secure the external finance they require – funding from SBCI/Bank, EI Investment and/or capital from other finance providers will be required to fund companies through the coming months;
• have a framework to manage the finances of the business – a coherent and well-structured plan will facilitate the monitoring and management of the financial position of the company.
Funding Information
• The maximum grant available is €5,000 i.e. up to 100% grant on a maximum expenditure of€5,000 (maximum daily rate of up to €900/day).
• The grant offer is exclusive of VAT. The company be charged VAT by the consultant undertaking the engagement. Any VAT paid can be recovered through normal channels.
Criteria
· The grant will be targeted at:
· all Enterprise Ireland Clients.
· In addition, the grant will also be open to:
· Údarás na Gaeltachta Clients
· IDA Clients
· Domestically focused Non-EI Clients that employ 10 or more full time staff and are manufacturing and/or Internationally Traded Services.
· Companies will need a positive de Minimis balance to cover the approved grant amount (to be self-certified).
Ineligible Companies
• Companies active in the fisheries sector or in the primary production of agricultural products.
• Companies operating in the coal and steel sector
How will the grant be used?
The grant will enable companies to understand their immediate liquidity needs as a result of the COVID-19 crisis, create a financial plan to secure the external finance required for business continuity and have a framework to manage the finances of the business.
Companies will work with approved third-party consultants to develop a financial plan. The plan will seek to:
• establish the company’s current position;
• examine the negative COVID-19 impacts on the business;
• establish where the company wants to be in 3-years' time;
• select and prioritise initiatives that will mitigate risks and identify appropriate actions and the resources required (people, money, time);
• The plan will include 3-years' projections (monthly P&L, B/S and cash-flow);
• The plan will also include a series of actions to be undertaken by the company to mitigate the effects of the current crisis on the company;
• The plan should enable management to identify and access the finance they require. All sources of liquidity available to companies should be explored (including DEASP, Revenue, Banks and other sources).
More information at: https://www.enterprise-ireland.com/en/funding-supports/Company/Esetablish-SME-Funding/Covid-19-Business-Financial-Planning-Grant.html
Eligible Countries:
Ireland
