All banks have announced that they will offer flexibility to their customers, and they may be able to provide payment holidays or emergency working capital facilities where required.
In addition, the following government facilities have been recommended as supports for working capital constraints:
Credit Guarantee Scheme
This scheme supports loans from €10,000 up to €1m for periods up to 7 years. The Scheme is operated on behalf of the Department by the Strategic Banking Corporation of Ireland (SBCI) and applications can be made to participating lenders
Strategic Banking Corporation Ireland (“SBCI”) Working Capital
The €200m SBCI COVID-19 Working Capital Scheme for eligible businesses will be available within the next week. Maximum loan size will be €1.5 million (first €500,000 unsecured) and the maximum interest rate will be 4%. The SCBI is currently working towards bringing this scheme to market as soon as possible. The SBCI website at https://sbci.gov.ie/ will be updated on a regular basis to update on scheme launch.
Enterprise Ireland Business Support Loans
A €200m Package for Enterprise Supports including a Rescue and Restructuring Scheme is available through Enterprise Ireland for vulnerable but viable firms that need to restructure or transform their business. Details of this support is being finalised and further updates will be available in the coming days.
Enterprise Ireland Finance in Focus Grant
Grants of €7,200 will be available to Enterprise Ireland and Údarás na Gaeltachta clients that want to access consultancy support to undertake immediate finance reviews. Application forms are available on the Enterprise Ireland website at https://www.enterprise-ireland.com/en/Process/Companies/Finance-in-Focus-Grant-Claim.html.
Microfinance Ireland
Microenterprises (turnover less than €2m) can access COVID-19 loans of up to €50,000 from MicroFinance Ireland. Loans are available at an interest rate of between 6.8% and 7.8% and businesses can apply through their Local Enterprise Office or directly at https://microfinanceireland.ie/.
