Credit Guarantee Scheme Extended

The government has extended the Covid-19 credit guarantee scheme for another six months as latest figures show that little more than a quarter of the €2 billion in soft loans on offer have been utilised by pandemic-hit businesses.

Scheme Features 

• Loans from €10,000 to a maximum of €1,000,000 per borrower, subject to Loan Amount Criteria, see below for further details.
• Terms of between 3 months up to 5.5 years.
• Loan Amounts =<€250,000 will be unsecured (unless it is a requirement of the product feature e.g. asset finance, invoice discount facilities).
• Amounts >€250,000 may be secured however, a personal guarantee may only be sought in circumstances where it is required to capture supporting security, or where it is an uncollateralised personal guarantee and is limited to a maximum of 20% of the initial finance agreement amount.
• Loans will be available up to the 30^th June 2022.
• Up to 12 months interest and / or capital moratoria are possible under the Scheme, these remain at the discretion of the participating finance provider.
• The Scheme will permit the refinance and rollover of debt incurred as a result of Covid-19: e.g. Covid-19 related expenses that were initially funded through short term/temporary facilities such as overdrafts.
  
  

For more information contact predmond@rda.ie