30th January 2023 - Our mission at the Strategic Banking Corporation of Ireland is to support Irish SMEs to grow, innovate and prosper.
We work to provide solutions for businesses when they come up against challenges.
The economic consequences of the conflict in Ukraine have been far reaching – suply chain disruptions and rapidly increasing energy costs have heavily impacted Irish businesses.
That is why at the SBCI, we are pleased to introduce the new ‘Ukraine Credit Guarantee Scheme’.
This Scheme is offered by the Department of Enterprise, Trade and Employment, and we believe Irish businesses will really benefit from having access to funding under this Scheme in 2023.
The Ukraine Credit Guarantee Scheme is here to provide low-cost finance to fund working capital and investments for Irish businesses, including farmers and fishers.
The Scheme provides funding support for businesses that have been impacted by the rising costs we have seen since the conflict in Ukraine began.
Essentially, it aims to help businesses navigate through this difficult period and create a more stable footing.
Access to low-cost finance is essential for Irish businesses to continue innovating and planning for the future and, this Scheme provides such options for businesses to succeed.
The Ukraine Credit Guarantee Scheme is designed to be flexible for businesses and their needs.
Loans will be available from €10,000 to €1,000,000, repayment terms will be between 3 months and 6 years and, in most cases, loans less than €250,000 will be unsecured.
To be eligible for funding under the Scheme, applicants will need to confirm that their business costs have increased by a minimum of 10% due to the economic impact of the conflict in Ukraine.
Lending provided can be used to support liquidity and working capital, or to fund investments.
We are advising interested businesses to visit our website at https://sbci.gov.ie/products/u..., where you’ll find further details and information.
The first step is to submit an eligibility application form online, and businesses that qualify for the Scheme will be issued an eligibility code.
They can then bring this code to one of the participating on-lenders to start the loan application process.