Government extends Credit Guarantee Scheme to end of year.
The Tánaiste and Minister for Enterprise, Trade and Employment, Leo Varadkar TD, Minister for Finance, Paschal Donohoe TD and the Minister for Agriculture, Food and the Marine Charlie McConalogue TD today announced that the €2bn Credit Guarantee Scheme will be extended and will remain open for applications until the end of the year.
The Credit Guarantee Scheme is the biggest ever state-backed loan guarantee in Ireland. The Scheme offers an 80% government guarantee to participating lenders to provide Irish businesses, including those in the farming and fishing sectors, with access to low interest loans as they respond to the impacts of COVID-19.
Loans provided under the scheme range from €10,000 to €1 million for terms of up to 5.5 years. Loans under €250,000 do not require any personal guarantees or collateral. This is great news for business owners in the common bond of St. Canice’s Credit Union as we are part of this scheme and people can learn more about the scheme here.