Loan Features
• Business Loans of up to €50,000 are available for eligible micro-enterprises (ie businesses with less than 10 employees and up to €2m annual turnover) that are currently trading • Loans may be used for working capital and required business changes as a result of COVID-19 • Loan terms are typically up to 3 years • 6 months interest free and repayment free moratorium , with the loan to then be repaid over the remaining 30 months of the 36-month loan period. • New low interest rate of 4.5% if submitted through Local Enterprise Office or referred by your Bank and 5.5% if you apply to Microfinance Ireland directly • No fees or hidden costs with fixed repayments. No penalty for early repayment
Capital expenditure, and in exceptional circumstances working capital loans, may be funded up to 5 years
Mentoring
Under the Local Enterprise Office Mentor Programme, clients work with an experienced mentor to identify solutions to areas of exposure within their business.
With advice and guidance from their mentor, clients develop strategies that are more robust, which address issues and maximise potential opportunities when the COVID-19 crisis comes to an end. Mentoring services are now free of charge.
Trading Online Voucher Scheme
Under the Government’s National Digital Strategy, the expanded Trading Online Voucher Scheme helps small businesses with up to 10 employees to trade more online, boost sales and reach new markets. There is up to €2,500 available through the Local Enterprise Offices with co- funding of 10% from the business*.
Training and further business supports are also provided by Local Enterprise Offices, and businesses that have already received a Trading Online Voucher can now apply for a second voucher, where upgrades are required.
Funding can be used towards adding payment facilities or booking systems to your website or developing new apps for your customers. The voucher can also be used towards subscriptions to low cost online retail platform solutions, to help companies quickly establish a retailing presence online.
*For applications received from April 7 th 2020 until September 30 th 2020. Further eligibility, terms and conditions apply.
LEAN for Micro
LEAN for Micro is available to LEO clients to help build resilience within small companies. Under this programme, clients can avail of consultancy support with a LEAN Expert (a qualified practitioner), who will work with the company to introduce lean principles, undertake a specific cost savings project and assist the company in benchmarking its performance.
LEAN for Micro can also be used to help implement new remote working and physical distancing guidelines.
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