In October 2012, the Minster for Jobs, Enterprise & Innovation launched the Credit Guarantee Scheme (CGS). In April 2020 in response to the worldwide pandemic coronavirus / Covid-19 the scheme has been amended to assist SMEs whose businesses have been impacted by the virus.
The Scheme is targeted at commercially viable SMEs which, under normal lending criteria, are unable to obtain new or additional facilities from their Bank due to insufficient collateral or because they are impacted by Covid-19. Additionally, it is targeted at commercially viable SMEs which due to their sectors, markets or business models are perceived as a higher risk under current credit risk evaluation practice.
The Credit Guarantee Scheme provides Bank of Ireland and other lenders with a State Guarantee, covering eligible credit facilities for 80% of the facility value, over a max 7-year period. The customer is required to pay a premium currently 0.5%.
If you would like to make an application for a business loan, please contact your local Bank of Ireland Branch or talk to your Business Banking Relationship Manager.
For further information on the Credit Guarantee Scheme:
Click here to access specific information on eligibility criteria, key facts, frequently asked questions etc.
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