Galway Bay fm newsroom - Local Enterprise Office Galway is offering support to local businesses in addressing the challenges associated with the coronavirus crisis.
LEO Galway says the first step for businesses experiencing cash flow difficulties should always be to open communication with the bank.
Additional cash flow supports can also be accessed through the LEO Galway office.
Changes have been made to the MicroFinance Ireland loans and the maximum loan available through the programme has been doubled to €50 thousand as an immediate measure to deal with the impact on micro-enterprises.
Businesses may also be eligible for a Business Continuity Voucher, which will provide advisory specialists in fields including finance and HR to help develop a lean, robust business strategy as enterprises face an extended period of great uncertainty.
The Department of Business, Enterprise and Innovation has also put in place a package of business supports including the Covid-19 Working Capital Loan, that will offer loans of up to €1.5m at reduced rates.
Businesses can apply for loans of up to €1m for terms of up to 7 years from AIB, Bank of Ireland or Ulster Bank through the Government's Credit Guarantee Scheme.
More information regarding the options available are available at the LEO Galway website.
