The Government has approved a comprehensive support package 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.
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.
Speaking of the support package, Sean McKeown, Chief Executive of Waterford City and County Council said, “For those businesses, charity and community organisations affected by the fire last weekend, this support package will be the catalyst to get back up and running.
“While there is no doubt a long road ahead, Waterford City and County Council and LEO Waterford will continue to directly engage with the businesses affected to develop, identify and deliver the appropriate supports to assist them in getting back to business as soon as possible.”
“I would like to thank Oireachtas members, Minister John Cummins and Minister Mary Butler for working with all the key agencies to bring this package to fruition.”
Minister of State at the Department of the Taoiseach, Mary Butler TD said, “I want to acknowledge the leadership of Waterford City and County Council and the work of all agencies on the ground, especially emergency services and first responders. I also want to thank my government colleagues for their strong, coordinated, and speedy response. I’m really pleased with the details of the scheme which has been rapidly established to assist business continuation and job protection.
“The people of Waterford have also once again showcased the strength of our community values by coming together to help and support those who lost premises, equipment, stock, jobs and more.”
Minister of State at the Department of Housing, Local Government and Heritage, John Cummins TD 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.”
Businesses, social enterprises and community groups located within the Tycor Business Park can contact LEO Waterford or the Economic Development Team at Waterford City and County Council on 051 849655 or 051 849993 from 9.30am on Monday, May 18th for advice on accessing supports.
