The Government has approved a new €750,000 support scheme for businesses and community groups impacted by last weekend’s major fire at the Tycor Business Centre in Waterford City.

The new support package was signed off by Government in the last hour and is aimed at helping affected businesses continue trading and protect jobs in the aftermath of the fire. 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.

The blaze broke out at the old jute factory site on Saturday, May 9th, with fire crews from across Waterford and Kilkenny battling the fire overnight. While the incident was eventually brought under control, the building was extensively damaged, with asbestos contamination later identified at the site. Cleanup operations are continuing and are expected to continue into next week. Up to 40 premises were left severely damaged.

Additional support is also being provided through Microfinance Ireland, with dedicated loans of between €2,000 and €50,000 to become available for impacted micro businesses from next week. The scheme will offer a fixed interest rate of 5.5% APR, no fees or hidden costs, and a six month repayment moratorium to help businesses facing immediate cash flow difficulties, according to Government officials.

The scheme was approved at a special cabinet meeting this afternoon.

A meeting involving affected business owners, Government representatives and Waterford City and County Council was held earlier this week at the Tower Hotel to discuss the response and recovery effort.

Enterprise Minister Peter Burke says the Government has “responded rapidly” to the fire and says the new scheme will help businesses “get back on their feet and start trading again.”

He says the Tycor Business Centre was “a hugely important part of the local economy” and supported up to 200 jobs across a range of businesses and community organisations.

Minister of State Mary Butler described the incident as “devastating” and said the impact has been “far reaching” for local businesses, social enterprises and community groups.

Meanwhile, Minister of State John Cummins says the supports will provide “comfort and clarity” to business owners affected by the fire, describing the situation in Tycor as “unprecedented.”

Sinn Fein TD David Cullinane welcomed the package saying its a “step forward” and added further support will be needed to ensure the the businesses will have alternative premises to continue trading.