The Irish Government, through the Strategic Banking Corporation of Ireland (SBCI) has given lenders access to cheaper funds to pass on to Irish business borrowers. The State is taking on 80% of the risk and the lender only 20%.
Generally no personal guarantees need to be signed by company directors for peace of mind.
Unsecured loans can be from €10,000 to €250,000.
Secured loans can be up to €1 million.
Terms up to 5 and a half years are available.
It’s not just banks who have access to the scheme. Agile alternative lenders do too.
Businesses can get new or used vehicles, machines and equipment on asset finance.
Businesses can use existing assets as collateral for a working capital loan.
Key eligibility criteria is a hit of at least 15% in turnover or profit due to covid.
There was €2 billion allocated and it’s due to end when the funds run out or at the end of 2021, whichever comes first.
BusinessLoans.ie has access to pillar bank quotes and non-bank quotes so you have more choice and the best deals.
BusinessLoans.ie can get your quotes organised. It costs nothing to get your quote built and see if your business is approved and at what rate. Often we can get you multiple quotes to compare with your accountant or financial advisor. Or if you’re still planning your finance requirements the Local Enterprise Office can arrange a free mentor. For bigger companies Enterprise Ireland has a Covid 19 Business Financial Planning Grant worth €5,000. We’re here for you 7 days on 01 55 636 55.