Government of Ireland

What is the Credit Guarantee Scheme?

The Covid-19 Credit Guarantee Scheme has been developed by the Department of Business, Enterprise and Innovation (DBEI) to support businesses disrupted by the pandemic. The Strategic Banking Corporation of Ireland (SBCI) has been appointed as operators of the scheme which has the aim of providing low-cost funding for businesses.

The scheme will facilitate up to €2 billion in lending to eligible businesses. This can be through traditional bank loans or through financing options such as Invoice Finance which do not incur long-term debt.

The scheme will be available until 31st December 2020 on a first-come, first-served basis.

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Credit Guarantee Scheme and Invoice Finance

We offer access to Credit Guarantee Scheme funding through our Invoice Finance facilities.

Invoice Finance is designed to help businesses manage cash flow and build working capital. It is ideal for businesses which face cash flow challenges or want to finance growth. It allows you to bridge the gap between raising a customer invoice and being paid. By releasing that cash quickly, you can manage the day-to-day activities of your business and plan for growth with a sustainable cash flow that builds working capital.

Invoice Finance is flexible because this funding model matches the performance of your business. Based on your invoices, this means you will not struggle with high fixed repayments as you might with a loan or overdraft. It also means your funding can increase in line with your business growth.

Download our guide to Invoice Finance

Are you eligible for Invoice Finance?

You are likely to be eligible for Invoice Finance if you:

  • Provide goods and/or services to other businesses
  • Issue your customers with credit terms of between 30 and 90 days
  • Have strong credit management and control reporting tools

Read our FAQs for CGS eligibility criteria.


How the Credit Guarantee Scheme can benefit your business

  • Facility amounts up to €1 million
  • Term of up to 2 years
  • Guarantee Premium applies

  • A discounted rate of 0.5% will be applied on our standard facility rates
  • Available for Eligible Micro enterprises, SMEs and Small Midcaps

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How to apply?

To apply for a CGS facility, you must be able to declare that your business:

  • Was viable and not in financial difficulty on 31 December 2019
  • Can return to viability in the future
  • Has seen or will see its actual or potential turnover/profit reduced by at least 15% due to the impact of COVID-19

Scheme eligibility criteria will apply. All applications will undergo credit assessment and further information may be required. A guarantee premium, payable to the government, will apply.*

If you don’t qualify for a CGS facility, you can still apply for one of our standard invoice finance facility.

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