Government announce potential €30k support package, €50k loan for Tycor businneses
Business owners met Minister for Enterprise Peter Burke at a closed-doors meeting at the Tower Hotel on Tuesday, May 12.
Businesses and social enterprises impacted by a widespread fire that ravaged the Tycor Business Centre can avail of a one-off support package of up to €30,000, with loan support of up to €50,000.
38 entities spanning across 50 units were impacted by the fire, with around 200 workers left facing an uncertain future.
The support package will be administered by Waterford City and County Council via the Local Enterprise Office, with a €5,000 ex-gratia payment immediately available.
The loan will be controlled by Microfinance Ireland at a fixed interest rate of 5.5% APR over a maximum term of five years. Repayments would not commence for up to six months.
The total support scheme has been costed at €750,000 by Minister for Enterprise Peter Burke.
Waterford Fianna Fáil TD and Minister for Mental Health Mary Butler said she was "really pleased" with the details of the scheme.
"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," she said.
“Government recognises that people needed support quickly, and that is what we have approved today,” said Waterford Fine Gael Minister for Local Government and Planning John Cummins TD.
“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.
“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.”
Simultaneously, Waterford Chamber and the Council have collaborated to channel charitable contributions to the businesses most impacted by the fire.
