Answering your questions
The COVID-19 pandemic has severely disrupted economic activity. The Covid-19 Credit Guarantee Scheme (CCGS) was set up to encourage lenders to support recovery by providing low-cost funding to businesses coping with the impact.
If your business has been affected by Covid-19, you can apply for a facility to:
It will run until 31st December 2021 or until it is fully subscribed.
CCGS facilities range from twelve months up to five years and six months.
Facilities of up to €1,000,000 are available subject to eligibility criteria.
Under the rules of the scheme as set out by the Department of Enterprise, Trade and Employment (DETE), the facility amount you are seeking cannot exceed the scheme limit and will be determined by the higher of the criteria below:
Your wage bill should include social charges as well as the cost of personnel working on site but formally in the payroll of subcontractors. For businesses set up after 1 January 2019, the loan cannot be more than the estimated annual wage bill for the first two years in operation.
You can take out more than one facility, subject to the overall CCGS limits per provider and your capacity to repay.
A guarantee premium is payable to the government and will apply to all CCGS facilities. It represents the cost to the government of providing the 80% guarantee to participating lenders.
This premium is payable in addition to your fees for an invoice finance facility. We will collect it and pass it on to the Department of Enterprise, Trade and Employment.
The premium will be determined by:
You can get more information on the government guarantee premium from the SBCI.
SMEs are defined by the Standard EU definition [Commission Regulation 2003/361/EC] as enterprises that:
A Small Mid-Cap is an enterprise that is not an SME but has fewer than 500 employees.
The scheme will permit refinance of debt incurred as a result of Covid-19 (e.g. Covid-19 related expenses that were initially funded through short term/temporary facilities such as overdrafts)
To qualify for a CCGS facility, you must be able to confirm that your business:
If you don’t qualify for a CCGS facility, you can still apply for one of our standard invoice finance facility. Find out more here.
Funding for the CCGS is provided under the EU Commission Temporary State Aid framework.
If you have received state aid in the past, you will have received a letter from the public agency that provided it. These include Enterprise Ireland, Bord Bia or your Local Enterprise Office.
You can apply directly through our website.
We may need some documents to help us make a decision about your loan application. These may include:
NACE, or the Statistical Classification of Economic Activities in the European Community, is the European Union’s system for classifying different business sectors. You can get a list of eligible NACE codes for this scheme from the SBCI. Click here to access.
The premium rate that will apply will depend on the size of the business and the length of time for which the credit is being advanced, as per the examples below:
Duration of facility and rates for SMEs:
Duration of facility and rates for Small Mid-Caps:
Our partnership with the Strategic Banking Corporation of Ireland offers discounted SME funding.
Browse funding examples of our current clients
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