Funding for the CCGS is provided under the EU Commission Temporary State Aid framework. See here for further details. 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: 2019 Management Accounts; or 2019 Certified Accounts; or 2019 Audited Accounts

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.

Covid-19 Credit Guarantee Scheme FAQs

Q: What is Covid-19 Credit Guarantee Scheme?

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: fund working capital including liquidity needs invest so your business can adapt 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)

Q: How long will it run for?

It will run until 31st December 2021 or until it is fully subscribed.

Q: What facility terms are available?

CCGS facilities range from twelve months up to five years and six months.

Q: What funding amounts are available?

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: 25% of your turnover in 2019, or Double your annual wage bill in 2019 or the last year available. 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.

Q: What is the government guarantee premium?

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: the type of beneficiary the term of the facility the loan amount outstanding You can get more information on the government guarantee premium from the SBCI.

Q: What is the difference between SMEs and Mid-Caps?

SMEs are defined by the Standard EU definition [Commission Regulation 2003/361/EC] as enterprises that: Have fewer than 250 employees. Have a turnover of €50 million or less (or €43 million or less on their balance sheet). Are independent and autonomous i.e. not part of a wider group of enterprises. Have less than 25% of their capital held by public bodies. Is established and operating in the Republic of Ireland. A Small Mid-Cap is an enterprise that is not an SME but has fewer than 500 employees.

Q: Can the CCGS be used to refinance?

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)

Q: Do I qualify for a CCGS facility?

To qualify for a CCGS facility, you must be able to confirm 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 or profit reduced by at least 15% due to Covid-19 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.