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By enterprise
Simon Coveney, Minister of Enterprise, Trade and Employment, has extended two Emergency Business Flooding Schemes previously approved for small business, sports clubs, communities, and voluntary organizations unable to obtain flood insurance and affected in recent flooding in Counties Cork, Waterford, Limerick, Kilkenny and Louth, to include those affected in Louth, Wexford, and other areas effected in flooding between 24 October and 5 November 2023.
Coveney, Minister of Coveney:
Due to the persistent weather conditions in recent weeks I decided to extend my emergency Business Flooding Scheme, which was launched on 24th October. This scheme will be extended to all those who have been affected and those who may still be in danger in the next few days. The enhanced version will also be extended to help businesses who have suffered extraordinary damage.
The schemes were set up in order to offer urgent help to those businesses who, for no reason, could not get an insurance policy to cover the cost of repairs caused by floods. The Irish Red Cross, as with previous weather-related events, will administer the scheme and make payments on behalf of the Department”.
These schemes offer humanitarian assistance towards costs associated with restoring small business, sports, community and voluntary premises back to pre-flood conditions, including flooring, fixtures, fittings, and damaged goods where applicable.
The financial assistance is aimed at helping small business, sport clubs and other community-based organisations. Standard Emergency Business Flooding Scheme has two phases:
The first phase will begin immediately, and the contribution will be up to EUR5,000 depending on the extent of the damage. Payments will be processed as quickly as possible
Businesses can request additional financial assistance if their premises are assessed by Irish Red Cross as having suffered significant damage above EUR5,000. Total support for both phases combined is capped at EUR20,000
The Government agreed that due to the extreme severity of flooding in certain areas, it would activate an Enhanced Emergency Business Flooding Scheme that will provide higher levels of financial assistance to businesses who have been affected severely in specific locations.
There will be two phases:
Initial applications leading to quick payments will have a new upper limit set at EUR10,000. This will be an up-front payment, but it is subject to assessment after payment. Businesses will have to reimburse any excess payments.
A small group of claimants may have suffered significant losses and seek financial assistance in excess of EUR10,000. A second step will be required in this situation to assess the loss more thoroughly. The total amount of the initial and any subsequent payments will be capped at EUR100,000. The payment could also be subjected to spot checks in the future and a subsequent audit
Microfinance Ireland offers low-cost loan options to help small business owners who are unable to get financing elsewhere. Cashflow loans up to EUR25,000 are available for business expenses, including stocking or restocking. Capital expenditure loans are available to fund refurbishing of premises and equipment replacement.
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