‘Significant package’ announced for businesses impacted by ‘devastating’ Waterford fire
The Government has signed off on a new scheme to support businesses with premises at the Tycor Business Centre
A “significant package” has been announced for businesses impacted by the “devastating” fire at the Tycor Business Centre in Waterford city last weekend.
The fire caused extensive damage to the roof and inside of the building and whilst no one was injured, the fire has come as a big blow to a number of local businesses whose premises are located there.
The Government has signed off on a new scheme to support the affected businesses, with a total value of €750,000.
At an incorporeal meeting, it also agreed to activate new Microfinance Ireland financial assistance for micro-business impacted.
Following the meeting, Minister for Enterprise Peter Burke said that the Government had “responded rapidly to this devastating fire”.
Minister Burke continued: “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.”
He concluded by saying that this new scheme will be available from next week and will offer a six-month moratorium on repayment.
Meanwhile, Minister of State and Waterford Fianna Fáil TD Mary Butler acknowledged the huge impact of the fire on a number of local businesses.
Minister Butler 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.”
She went on to welcome the announcement of the Government scheme, which she hopes will provide the necessary support for the affected businesses.
“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.”
The scheme was also welcomed by Minister of State and Waterford Fine Gael TD John Cummins, who thanked Minister Burke and Waterford City and County Council for their work.
Minister Cummins 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.”
It is understood that the scheme details are subject to finalisation by the Department of Enterprise, Tourism and Employment.
This will be done in consultation with Waterford City and County Council and the Local Enterprise Office (LEO).
The scheme will be administered by the council in co-operation with the LEO over the coming weeks.