The spread of the Covid-19 virus has the potential to significantly impact Irish businesses.
The Department of Business, Enterprise and Innovation welcomes the announcements by AIB and Bank of Ireland that they will support Irish businesses through this period.
We want to assure businesses that our Department and its agencies stand ready to support businesses impacted by disruption related to this outbreak. We encourage businesses to use all available Government supports to help them respond to this emergent situation. To that end, DBEI want to highlight the following supports available to impacted businesses to help them to weather the working capital and liquidity issues arising from the outbreak.
Credit Guarantee Scheme
Under the Credit Guarantee Scheme, unsecured funding of up to €1m is available for terms of up to seven years. Loans under the scheme are available from AIB, Bank of Ireland and Ulster Bank. Businesses can apply through the SBCI website at sbci.gov.ie
SBCI Covid-19 Working Capital Loan Scheme
Funding under the SBCI Covid-19 Working Capital Loan Scheme, which makes available loans of up to €1.5m to Brexit-impacted businesses, with loans up to €500,000 unsecured is available for businesses that have been negatively impacted by Covid-19, or as a result of the containment measures, including those indirectly impacted through supply chain disruption. Funding under the scheme is easy to access, competitively priced and offered at favourable terms. The maximum interest rate is 4% and loans are for terms of up to 3 years. Businesses can apply through the Strategic Banking Corporation of Ireland’s website at sbci.gov.ie.
If neither of these is suitable, your business may be eligible for funding from through Microfinance Ireland, which offers loans to businesses with fewer than ten employees. In response to the current outbreak, funding available through Microfinance Ireland will be increased to €50,000, at an interest rate of between 6.8% and 7.8%. Businesses can apply through their Local Enterprise Office or directly at microfinanceireland.ie.
Local Enterprise Offices and Enterprise Ireland
Issues around Covid-19 are complex and impacts may vary depending on your business. We would urge businesses to seek professional advice where necessary. Businesses can contact their nearest Local Enterprise Office to find out more about business continuity preparedness, innovation and productivity vouchers from €2,500 up to €10,000 (with 50:50 match funding) and supply-chain consultancy supports through Enterprise Ireland.