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For Oral Answer on : 23/11/2023
Question Number(s): 76 Question Reference(s): 51303/23
Department: Enterprise, Trade and Employment
Asked by: David Stanton T.D.
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QUESTION
* To ask the Minister for Enterprise; Trade and Employment the way his Department is assisting businesses that were adversely impacted by the recent flood events in Midleton, County Cork and elsewhere in the country; and if he will make a statement on the matter.
– David Stanton T.D.
For ORAL answer on Thursday, 23 November, 2023.
REPLY
On the 24th of October 2023, the Government activated enhanced emergency business flooding humanitarian schemes that provides support of up to €100,000 to business, community, voluntary and sporting bodies. The Schemes now covers areas impacted by recent severe weather events including Counties Cork, Galway, Waterford, Limerick, Louth, Wexford, and Kilkenny.
These schemes provide urgent assistance to businesses that were unable, through no fault of their own, to get insurance to help with the costs of repairing the damage caused by flooding.
The Irish Red Cross are administering and making payments under the Schemes on behalf of my Department. The Red Cross has distributed a total of €636,232 to businesses in Cork as of Friday the 17th of November. This funding has been administered to a total of 44 businesses.
The number of applications by businesses in Cork is expected to rise as the closing date for receipt of applications has been extended to Friday the 15th of December 2023.
In addition to the flooding schemes, financial assistance by way of low-cost loans is immediately available from Microfinance Ireland to small businesses that cannot get loan financing from other lenders. Loan options include cashflow loans of up to €25,000, which can be used for general business purposes including re-stocking and other business costs. Loans for capital expenditure are also available which could fund the refurbishment of premises or the replacement of equipment.
