Significant increase in demand for Sustaining Enterprise fund
As businesses across Ireland prepare to accelerate their recovery from the impact of Covid-19, Enterprise Ireland has seen a significant increase in demand for the Sustaining Enterprise Fund (SEF) which was launched in April of this year specifically to help companies negatively impacted by the pandemic. The SEF offers qualifying businesses funding of up to €800,000 which comprises up to €200,000 in non-repayable grants and [...]
Irish SMEs have lost over €10bn due to Covid-19
Irish SMEs have lost more than €10bn in revenue as a result of the economic disruption caused by Covid-19, according to new estimates by the Central Bank of Ireland (CBI). In a financial stability note published today, the CBI estimated revenue shortfalls across the SME sector range between €10.3bn and €11.7bn, putting many small businesses in financial distress. While the bank said that many of [...]
ID-Pal raises €1m in funding as it looks to expand
Irish online verification company ID-Pal has raised €1 million in funding to fuel expansion. The company, which was founded by Colum Lyons in 2016, is a Software-as-a-Service (SaaS) developer that provides solutions for businesses to ensure compliance with regulatory identity requirements. The company uses mobile technology to allow clients to facilitate verification of their customers’ identities quickly and easily. Clients include AIB Merchant Services, Elavon, Fexco, Mercer [...]
Irish SMEs could rack up €15bn shortfall
Ireland's SMEs lost between €6bn and €10bn in revenue from March to June this year, according to research published this morning by the Economic and Social Research Institute (ESRI). The think-tank warned that the figure for the entire year could hit as much as €15bn, leaving many of the businesses struggling to survive the fallout of the Covid-19 pandemic. About 20pc of micro firms and [...]
Credit Guarantee Scheme will see some borrowers charged up to 5%
Customers will be charged up to 5pc per year to borrow under the Government's Covid-19 Credit Guarantee Scheme, well above advertised rates, once insurance fees are loaded onto bills. The scheme, one of the main pillars of the July Stimulus plan, was launched on Monday. Despite a notional €2bn size, only around a third of that money is available to borrow so far, through lenders [...]
Economic confidence rocked by Covid rise
Economic sentiment fell backwards in August for the first time since the country began to emerge from lockdown and despite the Government's Stimulus Package announced on July 23. Ireland is an outlier with European Commission data on Friday suggesting economic confidence in the euro area as a whole had continued to improve in August. Here though, August has seen Government heighten social and economic restrictions [...]