Grants and funding for SMEs in Ireland – the 2024 update

For Irish businesses looking for funding and support in 2024, there are plenty of options to investigate.

We asked Alice Flynn and Cristina O’Sullivan, who specialise in supporting our SME clients in this area, for an overview of the key points in 2024.

Closing soon: Ukraine Enterprise Crisis Scheme – Stream 2 – Support for Energy Intensive Companies

If you are interested in this one, don’t delay. The Ukraine Enterprise Crisis Scheme – Stream 2 – is ending soon, having been already extended to 31 March 2024.

• Aid will be approved in the form of direct grants.  
• 30% of the eligible costs up to a maximum of €2 million depending on size of company and demonstrated need.
• Under the scheme companies must submit an energy efficiency plan that is either planned or underway.

Popular schemes for Irish businesses in 2024 include:

• Debt Warehousing – further extended for some businesses until 1 May 2024. Several announcements have been made, as of Feb 5th 2024 interest on the warehoused tax is being reduced to 0% and any business that paid interest already on warehoused tax will have it repaid.
• Enterprise Ireland offer a wide range of supports including the Employment funding support, Key Manager grant and online retail scheme.
• Growth and Sustainability Loan Scheme, delivered by the Strategic Banking Corporation of Ireland (SBCI) through participating finance providers. The €500m Scheme makes competitively priced loans of between €25k and €3 million available to SMEs, including farmers and fishers and small mid-caps, for terms of up to ten years, with loans of up to €500k available unsecured.  The aim is to encourage SMEs to take positive actions in support of the climate change agenda. 
• Ukraine Credit Guarantee Scheme, delivered by the Strategic Banking Corporation of Ireland (SBCI) through participating finance providers will run until 31 December 2024 or until the scheme has been fully subscribed. The €1.2 billion Scheme makes competitively priced loans of between €10k and €1 million available to SMEs, primary produces and small mid-caps, for terms of up to six years, with loans of up to €250k available unsecured. The scheme supports economic activity in Ireland, facilitating the provision of working capital and medium-term investment finance to businesses adversely impacted by the conflict in Ukraine who are facing supply chain disruptions and increased input (including energy) costs.

Go green, know your numbers, and apply early

Don’t get caught short. For companies planning on growth, there are favorable interest rates as well as loans available, but organisations will need to be forward thinking in more ways than one. 

One of the conditions that banks are examaining is how sustainable companies both are now and will be in the future. 

“Businesses should be exploring green options, like solar and reducing emissions, given their growing importance to funding criteria,” says Paul O’Donovan. “If businesses think they will be looking for loans or expanding, they need to ask themselves if they meet sustainability criteria in three, five, seven, or even 15 years.”

Banks and agencies also often take a long time to review and process applications.

Paul O’Donovan advises that businesses need to identify funding gaps well before they happen and get their applications early. “Make sure your accountant is aware and working with you to identify opportunities.”

Understanding your options

There are many providers and options out there, and every business has unique needs. For the best results, Alice and Cristina recommend talking to someone who understands both your business and the complexities of the various supports available in Ireland.

For more information, contact your own accountant or reach out to our specialists in this area at alice@paulodonovan.ie and cristina@paulodonovan.ie.