Funding Working Capital
Supporting Covid-19 impacted SMEs and Small Mid-Caps to innovate and adapt with low cost accessible funding.
Features & Benefits
The SBCI Covid-19 Working Capital Loan Scheme with the Department of Enterprise, Trade and Employment, the Department of Agriculture Food and the Marine and is supported by the InnovFin SME Guarantee Facility, with the financial backing of the European Union under Horizon 2020 Financial Instruments.
The SBCI Covid-19 Working Capital Loan Scheme will operate from 26th March 2020 until 31st December 2021 or until the scheme has been fully subscribed.
- Loan amounts of between €25,000 to a maximum of €1,500,000 per business1
- Maximum interest rate of 4% fixed2
- Loan term ranging from 1 year to a maximum of 3 years
- Fixed repayment schedule
- Unsecured loans up to €500,000
- Optional interest-only repayments may be provided at the start of the loan
- No charges will apply if repaid early
Loans must be used
- To fund working capital and support innovation, change or adaption of your business to mitigate the impact of Covid-19
Loans cannot be used for
- Refinance of undertakings in financial difficulties
- Certain restricted sectors – for more information , refer to sbci.gov.ie
- Refinance of existing debt or Trade Finance products
Who can apply
Viable Micro, Small and Medium sized Enterprises (SMEs) and Small Mid-Cap enterprises that meet the eligibility criteria.
SMEs are defined by the Standard EU definition [Commission Regulation 2003/361/EC] as enterprises that:
- Have fewer than 250 employees
- Have a turnover of €50 million or less (or €43 million or less on their balance sheet)
- Are independent and autonomous i.e. not part of a wider group of enterprises
- Have less than 25% of their capital held by public bodies
- Is established and operating in the Republic of Ireland
A Small Mid-Cap is an enterprise that is not an SME but has fewer than 500 employees
Who cannot apply
SMEs/Small Mid-Caps that:
- Are in financial difficulty
- Are involved in the primary agriculture, aquaculture or the fisheries sector
- Are bankrupt or being wound up or having its affairs administered by courts
- In the last 5 years has entered in to an arrangement with creditors, in the context of being bankrupt or wound-up or having its affairs administered by the courts
- Are convicted of an offense concerning professional misconduct by judgement, fraud, corruption, involvement in a criminal organisation, money laundering or any other illegal activity.
The Covid-19 Working Capital Loan Scheme is being offered by the Strategic Banking Corporation of Ireland in partnership with the Department of Enterprise, Trade and Employment, the Department of Agriculture and the Marine and is supported by the InnovFin SME Guarantee Facility, with the financial backing of the European Union under Horizon 2020 Financial Instruments and the European Fund for Strategic Investments (EFSI) set up under the Investment Plan for Europe. The purpose of EFSI is to help support financing and implementing productive investments in the European Union and to ensure increased access to financing.
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. Lending criteria and terms and conditions apply. Bank of Ireland is regulated by the Central Bank of Ireland.
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.
Warning: You may have to pay charges if you repay early, in full or in part, a fixed-rate credit facility.
Bank of Ireland is not responsible for the information on third party websites.
Over 18 years only. Lending criteria, Terms and Conditions apply. Maximum credit of €120,000 available for online applications.
The SBCI COVID-19 Working Capital Loan is a fixed rate loan. However, if you repay early, in full or in part, your SBCI COVID-19 Working Capital Loan, additional charges will not be payable to Bank of Ireland.