COVID-19 Credit Guarantee Scheme
– sbci –
Type of scheme:
Loan facility of €2 billion.
Purpose:
Improve access to lending for Micro, Small and Medium-sized Enterprises.
Funding size:
Loans from €10,000 to €1,000,000 determined by one of the following:
• double the borrower’s annual wage bill for 2019, or for the last year available. In the case of a borrower created on or after 1 January 2019, the maximum loan must not exceed the estimated annual wage bill for the first two years in operation;
• 25% of the borrower’s total turnover in 2019.
Loan terms between 3 months and 5.5 years.
Discounted interest rate determined by the lender + guarantee premium payable to the Government of Ireland
Up to 12 months interest and/or capital moratoria are possible
Eligible costs:
Working capital or investment requirements.
Eligibility criteria:
Viable micro, small and medium-sized enterprises (SMEs), primary producers and small mid-cap enterprises that have or expect to have a reduction of minimum 15% in their turnover or profitability as a result of Covid-19.
Excluded from funding:
Refinance of debt incurred pre the Covid-19 pandemic Pure real estate development activity Hemp production other than for fibre.
How to apply:
The scheme is available through a range of lenders.
Loans will be available up to end of June 2021