The €2 billion COVID-19 Credit Guarantee Scheme, announced in May 2020, is designed to support lending to SMEs.
- The scheme will provide an 80% guarantee on lending to SMEs until the end of the year for terms between 3 months and 6 years.
- Interest rates will be below current market rates.
- The guarantee can be used for a wide range of lending products between €10,000 and €1 million, with a maximum term of 6 years or less.
- It will be available to all SME sectors, including primary producers.
- SMEs will be able to go directly to the banks in the scheme. This is a further development of the existing Credit Guarantee Scheme which is already available from AIB, BOI and Ulster Bank, and it will be possible for other lenders to get access to the scheme.
If you would like to discuss your financing options, please contact us.