Support scheme for impacted Tycor businesses announced by Government

• Once off financial support of up to €30,000 to be administered by the Local Enterprise Office, with initial up to €5,000 ex gratia payment

• Microfinance loan support of up to €50,000 with no repayments for first six months

Fine Gael Minister of State for Local Government and Planning, John Cummins TD has confirmed that a comprehensive support package has been approved by Government for businesses, community, and sporting organisations impacted by the devastating fire at Tycor Business Park last weekend.

The support package includes once off financial support of up to €30,000 which will be administered by Waterford City and County Council via the Local Enterprise Office, who in tandem will assign mentors to support businesses in developing a recovery plan and assisting them with other supports available. An initial €5,000 ex gratia payment will be made available.

Minister Cummins said "Government has today announced a significant support package for Waterford businesses and organisations impacted by the devastating fire at the Tycorbusiness centre.

“Having met with businessesin Waterfordon Tuesday with Minister Burke and with the assistance of the local authority, we have developed a scheme for thoseimpacted,on foot of information shared by businesses through the local enterprise officesurvey.

“Government recognises that people needed support quickly, and that is what we haveapprovedtoday. I am conscious that there is a long road ahead for everyone involved but I believe this assistance will help people begin to rebuild their businesses.

“I want to thank Waterford City and County Council and in particular CEO Sean McKeown who has taken a proactive lead on responding to this devastating fire and worked with Government quickly to get this scheme approved.”

A dedicated loan support scheme for micro businesses is also being stood up following a request by Minister Burkes Department to Microfinance Ireland. The proposed loan will offer a fixed interest rate of 5.5% APR, with loan amounts ranging from €2,000 to €50,000 and a maximum term of up to five years. To assist businesses with immediate cash flow challenges, provision is being made that repayments would not commence for up to six months. This facility will be provided with no fees or hidden costs, subject to an assessment of repayment capacity.

Minister Cummins added “What has occurred in Tycor is an unprecedented situation and our thoughts remain with those affected by this fire. I hope that these supports will offer comfort and clarity to business owners who saw their lives turned upside down as recently as six days ago. The months ahead will no doubt be challenging but we will continue to do our utmost as a Government to help businesses find their feet and get back up and running.