• Cyril McAree

News From Our Online Edition: Supports For Businesses Impacted By Coronavirus

The Minister of Business, Enterprise and Innovation, Heather Humphreys, has announced details on the package of supports she has put in place for businesses impacted by COVID-19. The department has put a range of supports in place, including a €200m Strategic Banking Corporation of Ireland (SBCI) Working Capital scheme for eligible businesses impacted by COVID-19. Loans of up to €1.5m will be available at reduced rates, with up to the first €500,000 unsecured. Applications can be made through www.sbci.gov.ie Also available is a €200m Package for Enterprise Supports, including a Rescue and Restructuring Scheme, available through Enterprise Ireland, for vulnerable but viable firms that need to restructure or transform their business.

The maximum loan available from MicroFinance Ireland will be increased, from €25,000 to €50,000, as a measure to deal with exceptional circumstances that micro-enterprises are facing. Applications can be made through www.microfinanceireland.ie, or through your local LEO. The Credit Guarantee Scheme will be available to COVID-19 impacted firms through the Pillar Banks. Loans of up to €1m will be available at terms of up to 7 years. The minister highlighted a number of other supportive measures for firms experiencing trading difficulties and short- term shocks.


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