Credit Guarantee Scheme

The Credit Guarantee Scheme is a government supported product from the banks for small and medium businesses.  The scheme provides an 80% guarantee by the government to participating banks which are AIB, Bank of Ireland and Ulster Bank. Businesses can apply for loans of up to €1 million at the three pillar banks i.e. AIB, Bank of Ireland or Ulster Bank.  Loans can be for terms of up to 7 years.

To help SMEs impacted by COVID-19 related issues to have access to sufficient working capital, the government has repurposed the Credit Guarantee Scheme (CGS) to provide counter guarantees to the banks, mitigating credit risk or need for collateral.

The Credit Guarantee Scheme can be used by businesses to obtain loans to support changes they need to make to their business in response to Covid-19. 

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