Loan and Credit Guarantee Schemes

COVID-19 Credit Guarantee Scheme: The COVID-19 Credit Guarantee Scheme facilitates up to €2 billion in lending to eligible businesses that have been negatively impacted as a result of the outbreak of COVID-19 in Ireland. The Scheme offers a partial Government guarantee (80%) to participating finance provid-ers against losses on qualifying finance agreements to eligible SMEs, small Mid-Caps and primary producers.

It is designed to incentivize participating finance providers to continue to play their role in supporting the availability of additional liquidity to Irish businesses. 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. The scheme will run until 31 December 2021.

Further Information: https://enterprise.gov.ie/en/What-We-Do/Supports-for-SMEs/Access-to-Finance/SME-Credit-Guarantee-Scheme/

Microfinance Ireland COVID-19 Business Loan: The COVID-19 Business Loan from Microfinance Ireland is available to microenterprises that have been impacted by the coronavirus pandemic in Ireland. Loans from €5,000 to €25,000 are available to microenterprises that meet the eligibility criteria for the COVID-19 Loan. The business must be a microenterprise, be unable to get finance from banks and/or other commercial lending providers and have been negatively impacted by COVID-19 by a minimum of 15% of turnover or profit.

Further Information: https://enterprise.gov.ie/en/What-We-Do/Supports-for-SMEs/COVID-19-supports/Microfinance-Ireland-COVID-19-Business-Loan.html

SBCI COVID-19 Working Capital Scheme: A scheme to fund working capital requirements or to fund innovation, change or adaptation of the business to mitigate the impact of COVID-19. The Working Capital Scheme offers loans under the scheme range from €25,000 to €1.5m to finance the day to day running of a business. To qualify for eligibility to the scheme, businesses need to meet one criterion related to the impact of COVID-19 on their business and one innovation criterion as per EIF standard conditions.

Further Information on eligibility requirements: https://enterprise.gov.ie/en/What-We-Do/Supports-for-SMEs/COVID-19-supports/SBCI-Covid19-Working-Capital-Scheme-FAQ.html

Additional €500m COVID-19 Funding for Future Growth Loan Scheme for SME’s, Farmers

and Fishing: The Strategic Banking Corporation of Ireland (SBCI) administers this Scheme. This Scheme provides longer-term loans to COVID-19 impacted businesses. The scheme includes loans from €25,000 to a maximum of €3,000,000, loan terms ranging from 7 to 10 years, no security required for loans of up to €500,000, and competitively priced loans (maximum interest rate of 4.5%).