Working Capital Loan Scheme
– sbci –
Type of scheme:
Loan facility of €200 million.
Purpose:
Improve access to lending for Micro, Small and Medium-sized Enterprises.
Funding size:
– Loans from €25,000 to €1,500,000.
– Loan terms between 1 and 3 years.
– Loans up to €500,000 are unsecured.
– Fixed interest rate determined by the lender but not more than 4%.
– Interest-only repayments may be available at the start of the loan.
Eligible costs:
Working capital requirements.
Fund innovation, change or adaptation to mitigate the impact of COVID-19.
Eligibility criteria:
– Viable micro, small and medium-sized enterprises (SMEs) and small mid-cap enterprises impacted by COVID-19 resulting in a turnover or profitability decrease by at least 15% and meet one of the following:
– At least 80% of the scheme loan will be spent on research and innovation activities associated with the company’s response to the Covid-19 challenge
– The business is seeking to enter a new product or geographical market requiring significant investment
– At least one technology right has been registered in the last 24 months and the purpose of the loan is to enable use of this technology right
– The business has been active in innovation in the past 3 years
– The applicant has been awarded a research and development or an innovation prize by an EU institution or EU body over the last 24 months
– The enquired loan is not covering the same expense funded by another research or innovation support scheme received in the last 3 years
– The borrower is an early-stage SME and has received an investment over the last 24 months from a venture capital investor or business angel
– The loan will be invested in producing, developing or implementing new or substantially improved products, processes or services
– The applicant is a “fast-growing enterprise” with an average annual growth greater than 20% over a 3-year period
Loans in this scheme are subject to the de minimis State aid threshold of €200,000 per undertaking received in the last three fiscal years
Excluded from funding:
– Refinance of existing debt
– Businesses involved in the primary agriculture and/or aquaculture sector
– Pure real estate development activity
How to apply:
Complete the Eligibility Application Form via SBCI’s website.
Upon receipt of a letter of confirmation from SBCI, a loan application must be submitted to AIB, Bank of Ireland or Ulster Bank.
Loans are available until the full amount of the loan facility is exhausted.