A new low-cost Covid-19 loan scheme has been launched by the Government in a bid to help businesses get back on their feet.
The Covid-19 Loan Scheme will cost between €25,000 and €1.5 million for small and medium businesses (SMEs) including farmers, food businesses, and those who work in fishing. The credit will be available for one to six years.
To qualify for the loan, businesses must have experienced a detrimental effect of a minimum of 15% on turnover or profit due to the virus. This scheme will replace the Covid-19 Credit Guarantee Scheme which closed at the end of June.
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The loans will be given out by the Strategic Banking Corporation of Ireland through participating lenders. The financial support will be available without security if the loan amount is less than €500,000.
Additionally, it will have a lower interest rate than another comparable lending in the market. Up to 30% of new loans may be allowed for refinancing of existing short-term credit.
Tanaiste and Minister for Enterprise, Trade and Employment Leo Varadkar said: "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"
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