In October 2012, the Minster for Jobs, Enterprise & Innovation launched the Credit Guarantee Scheme (CGS).
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 due to aspects of their sector, target market or business model being deemed to be high risk.
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%.
It is important to note that a customer cannot apply directly for a facility under the Scheme. A credit application must be processed in the normal way first and assessed under its own merits. It must be formally declined before eligibility for the Scheme can be considered.
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.