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.

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.