15th May 2026
€750,000 scheme to help business continuity and limit potential job losses
The Government has today (Friday, 15 May) signed off on a new €750,000 scheme for businesses affected by the fire last weekend at the Tycor Business Centre in Waterford. At an incorporeal meeting, the Government also agreed to activate new Microfinance Ireland financial assistance for micro-business impacted.
Following the meeting, the Minister for Enterprise, Tourism and Employment, Peter Burke TD, said:
“The Government has responded rapidly to this devastating fire. I have received agreement to develop a new €750,000 scheme that will help these small businesses get back on their feet and start trading again.
““The scheme will provide for up to €30,000 in funding, of which up to €5,000 will initially be made available to businesses impacted while the scheme details are being finalised.
“The Tycor Business Centre was a hugely important part of the local economy and was home to a variety of businesses and community groups where up to 200 people worked.
“Along with the new scheme, I have asked MicroFinance Ireland to roll out a dedicated loan support for micro-businesses impacted by the fire. This will be available from next week and will offer a six-month moratorium on repayment.”
Government Chief Whip and Minister of State at the Department of Health with special responsibility for Mental Health, Mary Butler TD, said:
"This was a devastating incident in the heart of Waterford and the fallout has been far reaching. Many local businesses, social enterprises, community groups and a day service for people with disabilities have felt severe effects.
"I want to acknowledge the leadership of Waterford City & 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, said:
“I want to thank Minister Burke for working swiftly to get this support package in place for businesses and organisations impacted by the fire having met with those affected in Waterford on Tuesday.
“I want to also pay tribute and thank Waterford City and County Council for their leadership in managing and coordinating the response on the ground to the fire.
“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.”
ENDS
Notes to editor:
- In response to the unique circumstances presented by the Tycor Business Centre fire, it is proposed that a once off, limited scheme be established for businesses and community, voluntary and sporting organisations.
- Scheme details are subject to finalisation by the Department of Enterprise, Tourism and Employment in consultation with Waterford City and County Council and the LEO. The Scheme will be administered by Waterford City and County Council in cooperation with the LEO.
- The MicroFinance Ireland support is targeted at microenterprises experiencing difficulty securing bank funding and 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 microenterprises with immediate cash flow challenges, provision is being made for up to six months’ full repayment moratorium, whereby the full principal and interest payments would only commence at the end of the repayment moratorium period. The facility will be provided with no fees or hidden costs, and eligible applicants may also avail of mentoring support where appropriate.
Back to Department News