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Energy supports: Budget 2023

The Department of Enterprise, Trade and Employment’s Budget package is designed to help businesses of all sizes with their rising energy costs and to make them more sustainable through longer and medium-term investments.

This support is being delivered through five new targeted energy supports schemes:

Businesses may be eligible for more than one scheme.

While the schemes are currently in development, you’ll find more detail below about their eligibility criteria and how they will be administered. The schemes will be publicised when they are open for applications in the coming months. 

Direct supports

€1.25 billion Temporary Business Energy Support Scheme (TBESS)

Temporary Business Energy Support Scheme (TBESS)

€200 million Ukraine Enterprise Crisis Scheme

Ukraine Enterprise Crisis Scheme

Small Firms Investment in Energy Efficiency Scheme

The Small Firms Investment in Energy Efficiency Scheme will provide a grant through the Local Enterprise Office (LEO) network to companies to encourage investment in energy efficiency technologies or processes that reduce carbon emissions and overall energy costs. The scheme will follow on from the LEO Green for Micro Scheme which currently provides advice and technical support to firms on energy efficiency and reducing their carbon footprint.

The new scheme will open in 2023 and will be administered by the Local Enterprise Offices.

Loans

€1.2 billion Ukraine Credit Guarantee Scheme

Ukraine Credit Guarantee Scheme

€500 million Growth and Sustainability Loan Scheme

The Growth and Sustainability Loan Scheme (GSLS) will make up to €500 million in low-cost investment loans of up to 10 years available to SMEs, including farmers and fishers and small mid-caps, with no collateral required for loans up to €500,000. A minimum of 30% of the lending volume will be targeted towards environmental sustainability. 70% of lending will be for strategic investments with a view to increasing productivity and competitiveness and thus underpinning future business sustainability and growth. The scheme will be operated by the SBCI and participating finance providers. It is anticipated that it will be launched in the market in the first half of 2023.