A €750,000 support scheme has been approved by the Government for businesses and community groups impacted by the recent blaze at the Tycor Business Centre in Waterford city.
The package, which was signed off by the Government this afternoon, is aimed at providing financial aid to impacted businesses to help them to continue trading and protect jobs.
Under the scheme businesses can apply for up to €30,000 in funding, with an initial payment of up to €5,000 being made available while the final details are completed.
Between 30 and 40 small businesses and about 200 jobs have been impacted by the fire last Saturday.
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The blaze broke out at the old jute factory site on May 9th, with fire crews from across Waterford and Kilkenny battling the fire overnight.
The fire was eventually brought under control last Sunday afternoon, but the building was extensively damaged, with asbestos contamination later identified at the site. Clean-up operations are expected to continue into next week.
Additional support is being provided through Microfinance Ireland, with dedicated loans of between €2,000 and €50,000 to be made available for impacted micro businesses from next week.
Supported by the Irish government, Microfinance Ireland assists businesses struggling to secure a loan from a traditional lender.
The scheme will offer a fixed interest rate of 5.5 per cent APR, no fees or hidden costs, and a six-month repayment moratorium to help businesses facing immediate cash flow difficulties, according to Government officials.
At a meeting earlier this week, Minister for Enterprise Peter Burke noted the Tycor Business Centre was “a hugely important part of the local economy”.
Minister of State Mary Butler described the incident as “devastating” and said the impact had been “far reaching” for local businesses, social enterprises and community groups.
Minister of State John Cummins said the supports would provide “comfort and clarity” to business owners affected by the fire, describing the situation in Tycor as “unprecedented”.
Waterford City and County Council said in a statement: “Structural engineers, specialist demolition contractors, and asbestos contractors have been engaged by the Causeway Group (owners) to carry out the required structural assessments and to develop appropriate design methodologies for the works.”
