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