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New low cost Covid-19 loan scheme for businesses

The Government has launched a further low cost Covid-19 loan scheme for businesses.

The finance will be available to small and medium businesses (SMEs) including farmers, fishers and food businesses.

Low cost loans between €25,000 and €1.5 million will be available with terms of one to six years.

Credit will be available without security where the loan amount is less than €500,000 and the finance will typically feature a lower interest rate than other comparable lending in the market.

Up to 30% of new loans may be allowed for refinancing of existing short-term credit.

In order to qualify for the loans, businesses must have experienced an adverse impact of a minimum 15% in turnover or profit due to the impact of Covid-19.

The scheme is delivered by the Strategic Banking Corporation of Ireland (SBCI), through participating lenders.

The Covid-19 Loan Scheme replaces the Covid-19 Credit Guarantee Scheme (CCGS) which closed at the end of June.

As of the end of May, the CCGS had seen more than 10,000 SMEs access finance of over €700 million.

Launching the new scheme, Tánaiste and Minister for Enterprise, Trade and Employment Leo Varadkar said it recognises the fact that many businesses are still getting back on their feet after what has been an incredibly challenging few years.

“This successor scheme will give SMEs, including farmers, fishers and food businesses, the option to access really competitively priced loans, should they need to avail of that option, in addition to the other help that is available,” Mr Varadkar said.

Article Source: New low cost Covid-19 loan scheme for businesses – Brian O’Donovan – RTE

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