COVID-19 Credit Guarantee Scheme
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Overview of the scheme
- COVID-19 Credit Guarantee Scheme will facilitate up to €2 billion in lending to eligible businesses;
- The Scheme offers a partial Government guarantee (80%) to participating finance providers against losses on qualifying finance agreements to eligible SMEs, small Mid-Caps and primary producers;
- Loans under the Scheme range from €10,000 to €1 million, for terms of up to five-and-a-half years;
- Financing will be offered through a range of products, including term loans, working capital loans and overdrafts;
- Loans of up to €250,000 under the Scheme are available unsecured;
- It does not need an SBCI code;
- This scheme is up and running. It will only be available to get sanctioned up to 31 December.
- Loan to support
- This Scheme is available to eligible SME and small Mid-Cap businesses, including primary producers (businesses engaged in farming and fishing), established in Ireland;
- Your business must also have experienced an adverse impact of minimum 15% in actual or projected turnover or profit due to the impact of COVID-19.
If you would like to apply for this scheme, please contact us as soon as possible to get the application started as timing is critical.
COVID-19 Working Capital Loan Scheme
Overview of the scheme
- €25,000 to €1.5m per enterprise, for 1 - 3 years;
- Unsecured loans up to €500k;
- Maximum interest rate of 4%;
- Optional interest only repayments may be available at the start of the loans;
- Loan amount and term is dependent on the loan purpose;
- Enterprise Ireland Business Planning Grant can be used to support applications for funding.
Loan to support
- Future working capital requirements;
- To fund innovation, change or adaptation of the business to mitigate the impact of COVID-19;
- Available to SMEs and Small MidCap enterprises that;
- Have fewer than 500 employees;
- Have a turnover of €50 million or less (or €43 million or less on their balance sheet);
- Are independent and autonomous i.e. not part of a wider group of enterprises;
- Have less than 25% of their capital held by public bodies;
- Is established and operating in the Republic of Ireland;
- Is a viable business;
- The scheme is accessible through AIB, Bank of Ireland, Ulster Bank;
- The loans cannot be used for:
- Refinance if in financial difficulties;
- Refinance of existing debt facilities.
For more information on the qualifying criteria for the COVID-19 Working Capital Loan Scheme, please click here.
Future Growth Loan Scheme
Loans of between €25,000 to €3 million are available at competitive rates for terms between 7 and 10 years. The scheme was recently extended with a further €500m of long-term loans being made available to help more SMEs, Farmers and the Fishery sector.
Overview of the scheme
- Loans of €100,000 to €3m per applicant, for 8 – 10 years;
- Unsecured loans up to €500k;
- Initial interest rate of 4.5% for loans below €250k, 3.5% for loans above €250k (variable over the term);
- Optional interest-only repayments min certain circumstances.
Loan to support
Loans can be used for long term investment such as:
Investment in Machinery or Equipment; Research and Development; Business Expansion; Facilities and Infrastructure Development; Personnel and Training
Available to companies that have:
- Less than 500 employees;
- Turnover of €50 million or less (or €43 million or less on their balance sheet);
- Are independent and autonomous i.e. not part of a wider group of enterprises;
- Have less than 25% of their capital held by public bodies;
- Established and operating in the Republic of Ireland;
- Is a viable business.
For more information on the qualifying criteria for the Future Growth Loan Scheme, please click here.
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If you require further information on the schemes highlighted, or should you require assistance with the application process, please do not hesitate to contact us.
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