In light of Covid-19 Enterprise Ireland have introduced a Business Financial Planning grant. The grant will provide a strategic intervention for companies to work with approved third party consultants to prepare a detailed financial and business plan with forecasts and assumptions. It seeks to encourage companies to be proactive in developing a detailed financial plan that identifies funding needs and potential sources of funding. The maximum grant available is €5,000 i.e.100% grant on a maximum expenditure of €5,000.
How will the Grant be Used?
The grant will enable companies understand their immediate liquidity needs as a result of the Covid-19 crisis, create a financial plan to secure the external finance required for business continuity and have a framework to manage the finances of the business. Companies will work with approved third-party consultants to develop a financial plan. The plan will seek to;
- Establish the company’s current position.
- Examine the negative Covid-19 impacts on the business.
- Establish where the company wants to be in 3 years time.
- Select and prioritise initiatives that will mitigate risks and identify appropriate actions and the resources required (people, money, time).
- The plan will include 3 years projections (monthly P&L, B/S and cash-flow).
- The plan will also include a series of actions to be undertaken by the company to mitigate the effects of the current crisis on the company.
- The plan should enable management to identify and access the finance they require. All sources of liquidity available to companies should be explored (including DEASP, Revenue, Banks and other sources).
The output of this engagement will include a recommendation report, a set of financial models and a completed financial data set (FDS).
This grant is available to:
- All Enterprise Ireland and IDA clients; and
- Údarás na Gaeltachta Clients.
- Domestically focused Non-Enterprise Ireland Clients that employ 10 or more full time staff and are manufacturing and/or Internationally Traded Services
Should you wish to avail of the Covid-19 financial planning grant or have any queries relating to the application and approval process please contact us today to discuss how we can assist you.
Paul Redmond, Managing Partner email@example.com