Features and Benefits

Get access to low cost lending to help your business innovate and adapt.

Features and Benefits

If your business has been affected by COVID-19, you can apply for a loan to:

  • Fund working capital including liquidity needs
  • Invest so your business can adapt
  • Refinance of debt incurred as a result of COVID-19 (e.g. COVID-19 related expenses that were initially funded through short term/temporary facilities such as overdrafts)


The Credit Guarantee Scheme (CGS) will run until 31st December 2020 or until fully subscribed. Find out more from the Strategic Banking Corporation of Ireland (SBCI).


COVID-19 Credit Guarantee Scheme Loans at a glance

  • Unsecured loans from €10,000 up to €250,000
  • Corporate loans from €250,000 up to €1,000,0001
  • Variable interest rate2
  • A guarantee premium* payable to the government, will apply
  • Interest only option.3

Loans under €250,000

A COVID-19 Credit Guarantee Scheme facility of €100,000 at a variable rate of 2.95%* over a 5 year term will require 60 monthly repayments of €1,794.33. The total cost of credit is €7,659.80.

*This Variable rate is comprised of the Small Business and Agri Rate (SBAR) with a margin of 2.12% – The SBAR rate is a BOI reference rate under SME Regulations. The SBAR rate is 0.83% (correct as at 8/9/2020)

Loans above €250,000

A COVID-19 Credit Guarantee Scheme facility of €300,000 at a variable rate of 2.75%* over a 5.5 year term will require 66 monthly repayments of €4,902.23 The total cost of credit is €23,547.18.

*This Variable rate is comprised of the 3 month Bank Cost of Funds(3Month BCOF) with a margin of 2.6% – The 3 Month BCOF is a BOI reference rate under SME Regulations. The 3 Month BCOF rate is 0.15% (correct as at 8/9/2020)

*Government Guarantee Premium

A guarantee premium4, payable to the government, will apply to all CGS loans. This premium is payable in addition to your loan repayments. We will collect it every quarter and pass it on to the SBCI. The premium will be determined by:

  • the type of beneficiary (SME or Mid-Cap)
  • the term of the facility
  • the loan amount outstanding

Click here for more information on the Government Guarantee Premium.


Bank of Ireland is not for responsible for information provided on third party websites.
Level of security required and rate applicable, will be determined by the amount, purpose & term of facility, in conjunction with the nature and value of the security being offered.
Over 18 years only. Lending criteria, and terms and conditions apply. Maximum credit of €120,000 available for online applications.
WARNING: THE COST OF YOUR REPAYMENT MAY INCREASE
WARNING: THE ENTIRE AMOUNT THAT YOU HAVE BORROWED WILL STILL BE OUTSTANDING AT THE END OF THE INTEREST-ONLY PERIOD
WARNING: IF YOU DO NOT MEET THE REPAYMENTS ON YOUR CREDIT FACILITY AGREEMENT, YOUR ACCOUNT WILL GO INTO ARREARS. THIS MAY AFFECT YOUR CREDIT RATING, WHICH MAY LIMIT YOUR ABILITY TO ACCESS CREDIT IN THE FUTURE.

1 Security may be required.
2 The Reference Rate and Margin will be determined by the loan size. For loans less than €250,000 the Small Business and Agri Rate (SBAR) will be applied to a Margin of 2.12%. Giving an all in variable rate of 2.95%. For loans of or greater than €250,000 3 Month Bank Cost Of Funds (3M BCOF) will be applied with a Margin of 2.6%. Giving an all in variable rate of 2.75% Note: Details above correct as at 8/9/20. Both Reference Rates are published daily here.
3 Interest only and Capital and Interest moratoriums for up to initial 12 months at the start of your loan at the Bank’s discretion.
4 Where a Guarantee Premium is not paid and/or remains unpaid it is an Event of Default under the COVID-19 Credit Guarantee Scheme Loan Facility and the loan could become repayable in full