The Government have announced additional measures to assist businesses affected by the pandemic.

The Covid-19 Loan Scheme will be offered to SME’s, including, farmers, fishers & food businesses. Loans of €25,000 up to €1,500,000 will be available with terms of 1-6 years with unsecured loans available up to an amount of €500,000. These loans will be at a lower interest rate than the current lending rate in the market. For example, loans of less than €250,000 will be capped at 3.7% and 2.75% for loans of €250,000 and above. The loans can be used towards working capital and investment.

To qualify, a business must have been affected by Covid-19 with a minimum of 15% of turnover or profit impacted.

The Tánaiste announced;

“There are currently more people employed in Ireland than ever before in the history of the state. That would have been unimaginable a few months ago even. However, many businesses are still getting back on their feet after what has been an incredibly challenging period. I know Putin’s war on Ukraine has caused more uncertainty.

“These State-backed loan schemes are working well. The existing Covid Credit Guarantee Scheme helped more than 10,000 SMEs access low-cost credit. 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. It’s about giving SMEs as many options as possible.”

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Please note this article is for information purposes and does not constitute advice. Details correct at time of publishing.