John M Shanahan & Co.

linking practice to business

Chartered Accountants
Registered Auditors

Phone: 057 93 22100

email: info@shanahan.ie

Business Support Schemes - Covid 19

Financial Supports for Business during these Challenging Times - The COVID-19 Aids for business health & well-being.

May 15, 2020

 

We at, John M Shanahan & Co, Chartered Accountants, Tullamore, Co Offaly have taken a moment to taken a moment to look at how your Local Enterprise Office (LEO) can help your business.


While the government has responded to the crisis by working with Irish businesses to help them avail of financial and other supports which are designed to help them stabilise, adapt to the changing situation and prepare for getting back on the road to recovery these  businesses must play their part and focus on both strategic and structural changes need to be made to consolidate and survive.
But before you think about any changes, you need to make sure the business will survive now and into the future.

Your plan for doing so should include the following pointers:

  • Stay focused! Only cash matters in the short term – anything else is a distraction. Cash is king – now more than ever;
  • Prepare a monthly cash flow for the next year incorporating an emergency rolling 3 month forecast to estimate how much cash is needed in the short term.  Keep it simple and be prudent with your estimates.  This will help you to identify your immediate financial priorities and focus on identifying short term quick “wins” through reducing costs by eliminating unnecessary expenses;
  • Once you have a realistic idea of your financial position and cash requirement, look for help whether it is financial support or soft supports, the likes of mentoring or training courses;
  • Do a detailed review of your position now and your future prospects so you can determine a strategy to not just survive but build a better business.

 Your Local Supports

SUPPORTS AVAILABLE THROUGH LOCAL ENTERPRISE OFFICE (LEO)

Business Continuity Voucher
The LEO Business Continuity Voucher is designed for businesses across every sector that employ up to 50 people. It is worth up to €2,500 in third party consultancy costs and can be used by companies and sole traders to develop both short-term and long-term strategies to respond to Covid-19. This scheme is expiring when the fund has been exhausted or on 15th May 2020 whichever is earlier.

Trading Online Voucher

The LEO Trading Online Voucher is designed to assist small businesses with up to 10 employees. It offers financial assistance of up to €2,500 along with training and advice to help a business to trade more online, boost sales and reach new markets. 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 a website or developing new apps for 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.

Covid-19 Business Loan

The Covid-19 Business Loan from Microfinance Ireland (MFI) is designed for businesses currently trading with less than 10 employees and up to €2m annual turnover that are having difficulty accessing Bank finance and are impacted, or may be impacted negatively, by Covid-19 resulting in a reduction of 15% or more in turnover or profit.
Loans to a maximum of €50,000 for typically up to 3 years may be used for working capital and required business changes from Covid-19. There is a 6 months interest free and repayment free moratorium with the loan to then be repaid over the remaining 30 months.  The interest rate is 4.5% if submitted through LEO or 5.5% if you apply to Microfinance Ireland directly.

Other Grants

The LEO can also offer financial supports to help manage market challenges via Business Priming Grants, Business Expansion Grants, Feasibility Study Grants and Technical Assistance for Micro-Exporters Grant.

Click here to Access Offaly LEO

This should help give businesses both time and space to adjust to the new normal.

We at JOHN M. SHANAHAN & CO. are here to help you with all your business, financial, accounting, statutory and taxation requirements, by providing expert, specialist and professional service tailored to meet your needs.

Phone 057 93 22100 or email info@shanahan.ie or use our contact form here- Contact Form.

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