Announced as part of the Government’s suite of supports for businesses that have been negatively impacted as a result of the outbreak of COVID-19 in Ireland, the 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.
It is designed to incentivise participating finance providers to continue to play their role in supporting the availability of additional liquidity to Irish businesses.
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 (except where this is a requirement of the product feature, as in the case of asset finance, invoice discount facilities, etc).
The initial product supported for the Scheme is a term loan.
The Scheme is operated by the Strategic Banking Corporation of Ireland (SBCI) through participating finance providers. read more here