Covid-19 lending supports

At last count there were 32 Covid-19 different supports available to business.  Here is a summary of the loan products with a link to the more detailed terms and conditions for each one. 

COVID-19 Credit Guarantee Scheme 

Limits:                       €10K to €1m

Term:                         Up to 5.5 years

Provided by:            various lenders  

Strategic Banking Corporation of Ireland fund the scheme, but it is applied for through the banks, credit unions and finance companies.  80% Government guaranteed. 

COVID-19 Business Loans 

Limits:                       €5K to €25k

Term:                         typically 3 years, but up to 5 years

Provided by:            Micro finance Ireland  

Micro businesses only and the business will need to have been turned down by a mainstream lender.  Apply through your local LEO . 

SBCI COVID-19 Working Capital Scheme

Limits:                       €25k to €1.5m

Term:                         up to 3 years

Provided by:            Strategic Banking Corporation of Ireland 

SME only and certain sectors are excluded.  Business needs to meet certain “innovation” criteria. For loans of up to €500,000 no security is required.

Future Growth Loan Scheme

Limits:                       €25k to €3m

Term:                         7 to 10 years

Provided by:            Strategic Banking Corporation of Ireland through participating lenders

Apply initially to SBCI  and the scheme is nearing full capacity.

Sustaining Enterprise Fund     

Limits:                       €100k to €800k (with up to €200k in grant also available)

Term:                         5 years

Provided by:            Enterprise Ireland

Open to manufacturing or internationally traded services companies that employ more than 10 people.

Pandemic Stabilisation and Recovery Fund      

Limits:                       Total fund is €2bn and lending is on a commercial basis

Term:                         commercial terms 

Provided by:            Ireland Strategic Investment Fund

This fund is for large and medium enterprises employing more than 250 employees or with annual turnover of more than €50 million.  Lending will be on a commercial risk adjusted basis.

As with any loan application the usual terms and conditions are required to be met as regards approval by the relevant banks credit department and the requirement to show repayment capacity for the loan.

Regards

Eddie O'Shea