Covid-19 Credit Guarantee Scheme
Irish SMEs now have the opportunity to access discounted finance for their business under the Government’s Covid-19 Credit Guarantee Scheme.
This benefit comes from support from the Department of Enterprise, Trade and Employment.
What is the Covid-19 Credit Guarantee Scheme?
Announced as part of the Government’s “July Stimulus” package for businesses that have been negatively impacted as a result of the outbreak of Covid-19 in Ireland, the Covid-19 Credit Guarantee Scheme will facilitate up to €2 billion in lending to eligible businesses.
We’ll host a webinar with a guest speaker from Linked Finance, Robert Davis, who will share insights into how to avail of this. Linked Finance is one of Ireland’s largest lenders to Irish businesses, which has been selected to issue loans to businesses that have been affected by Covid-19 and are eligible under the conditions stated by the government.
Linked Finance works according to three simple principles that reflects doing business in the real world and sets us apart from the slow, bureaucratic pillar banks, offering loans from 12 months to 5 years between €10,000 and €250,000 at a significantly discounted rate from our standard loans. All loans are unsecured with no personal guarantees required for loans under €250,000.
- Simple application process
- Fast credit decisions in under 24 hours from getting your documents
- Support every step of the way through the process from a dedicated contact
- Rates on the loans start at only 4.75% pa.
What kinds of businesses can apply for the Covid-19 Credit Guarantee Scheme?
Micro Enterprises and SMEs, established and operating in Ireland can qualify for a discounted loan under the Credit Guarantee Scheme under certain criteria. Your business must also have experienced an adverse impact of minimum of 15% in actual or projected turnover or profit due to the impact of Covid-19. It must also have been financially viable on 31 December 2019.
Only Limited Companies are eligible to apply for the Covid-19 Credit Guarantee Scheme loan from Linked Finance.
What can the loans be used for?
The loans can be used to provide much needed working capital or liquidity for businesses that have been negatively affected by Covid-19. If you have big ideas to invest in your business or buy new equipment, then that’s covered too.
The purpose of the scheme is to allow businesses to move forward and survive during these challenging times. So if you need working capital or purchase new stock or equipment, invest in new business ventures or clear day-to-day expenses then this loan can help you.
Are any sectors not eligible for the Scheme?
Businesses engaged in the following activities are not eligible for the Scheme:
- Extraction of crude petroleum
- Extraction of natural gas
- Support activities for petroleum and natural gas activities
- Manufacture of tobacco products
- Manufacture of weapons and ammunition
- Manufacture of military fighting vehicles
- Construction of buildings
- Construction of residential and non-residential buildings
- Buying and selling of real estate
- Gambling and betting activities
- Monetary intermediation
How long will the scheme be available?
The scheme is available on a first-come first serve basis until June 30th 2021.
How can businesses apply?
We’ll host a webinar with guest speaker Robert Davis explaining how to apply and offering more information about what is needed for this soon. In the meantime feel free to email him on firstname.lastname@example.org and he will arrange a callback and answer any questions you may have.
Our webinar will be at the end of January. To stay tuned for this and other webinars, join our newsletter.