COVID-19 Credit Guarantee Scheme

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.