Local Enterprise Office Fingal Welcomes Expansion of Business Supports
Expansion of Trading Online Voucher (TOV) Scheme and reduction in Microfinance Ireland (MFI) interest rate announced
Minister for Business, Enterprise and Innovation, Heather Humphreys TD, has announced a major expansion of supports for businesses impacted by COVID-19, including an expansion of the TOV Scheme and a reduction in the interest rate for MFI loans.
Minister Humphreys announced the expansion of the €2,500 TOV Scheme through Local Enterprise Offices (LEOs), for businesses employing up to 10 people.
In agreement with the Minister for Communications, Climate Action and the Environment, Richard Bruton TD, an additional €3.3m is being provided to the scheme bringing the total available nationally to €5.6m. Local businesses in Fingal that previously benefitted from the TOV Scheme can, from today, apply for a second voucher of up to €2,500, with co-funding of 10%.The voucher can be used to help add payment or booking systems to websites, along with subscriptions to low-cost online retailing platform solutions.
A substantial reduction in interest rates on MFI loans was also announced, bringing the rate down to 4.5%, where applications are made through LEO Fingal COVID-19 Business Loans of up to €50,000 are available from MFI with no repayments and no interest charged in the first six months, for eligible businesses that employ less than 10 people.
Minister Humphreys said: “This package is a significant step-up in the supports available for all businesses in all sectors at this very difficult time. The measures have been developed to meet the varying needs of Irish enterprise and they are very specifically targeted by size, sector and need. The impact of COVID-19 presents unprecedented difficulties for businesses who have already spent the past three years preparing for the possible consequences of Brexit, but those preparations will stand to us. I want to reiterate to firms that we will continue to use all available tools at our disposal to support them and keep money flowing through the economy in the difficult months ahead.”
Commenting on the TOV Scheme, Minister Bruton said: “Trading Online Vouchers are a key government grant to help small and micro enterprises get online. The changes which we are announcing today will help companies, working with their Local Enterprise Office, to get online during this difficult period. This is particularly important when so many small businesses are closed. However, the value of the Trading Online Voucher will stand to your company for years to come, will boost your revenue, and will help you sustain and create jobs into the future.”
Welcoming the expansion of business supports, Oisín Geoghegan, Chair of the LEO Network and Head of Enterprise in Fingal said: “For many local businesses, the options for trading are very limited as a result of COVID-19. However, there are a lot of opportunities in online selling and by accessing this Trading Online Voucher scheme, small businesses can develop a sustainable strategy for increasing sales.”
He added: “If your business needs access to finance, applying for microfinance loans through Local Enterprise Office Fingal will secure the lowest available rate and you will get valuable assistance in the application process and free one-to-one mentoring along the way.”
Meanwhile, The Business Continuity Voucher, worth up to €2,500 in third party consultancy support, is another new measure available for businesses through LEOs. It is designed for businesses across every sector that employ up to 50 people and can be used by companies and sole traders to develop short-term and long-term strategies. The goal is to help companies make informed decisions about what immediate measures and remedial actions should be taken, to protect staff and sales.
In addition, LEOs have also moved most of the training programmes, workshops and networking online, making them as accessible as possible for those working remotely. LEO Fingal is now offering programmes in leading your business through the COVID-19 emergency; cashflow management during a crisis; developing an ecommerce strategy; adopting lean six-sigma work practices; and managing remote teams.
More details about small business supports available through LEO Fingal can be found at www.locaenterprise.ie/Fingal, and by emailing firstname.lastname@example.org.
A guide to LEO supports nationwide can be found at LocalEnterprise.ie/Response, along with details of Enterprise Ireland supports.