The SBCI seeks lending partners for the distribution of an additional €200 million in funding for the Brexit Loan and Covid-19 Working Capital Schemes.
- Banks and other financial institutions invited to distribute the additional €200m funding announced by the Minister for Business, Enterprise and Innovation in April – applications to be submitted by 05 June 2020.
- Scheme will provide affordable financing to businesses that are either currently impacted by Covid-19 or will be in the future.
- Scheme will make an additional €200 million available to eligible businesses with up to 499 employees at a rate of 4% or less.
20thMay 2020: The Strategic Banking Corporation of Ireland (“SBCI”) is today launching an Open Call for Expression of Interest (the "Call”) to identify and select Financial Intermediaries to deliver the expanded Brexit Loan and Covid-19 Working Capital Schemes which will make €200m available to businesses that are currently impacted by Covid-19 or will be in the future at low-cost interest rates of 4% or less. Proposals submitted to the SBCI must conform to the requirements of the Call. Expressions of Interest must be submitted by 05 June 2020.
The scheme has been developed in conjunction with the Departments of Business, Enterprise and Innovation and Agriculture, Food and the Marine.
The Scheme aims to assist those businesses affected by the current Covid-19 pandemic.
- Loan amount from €25,000 up to a maximum of €1,500,000;
- Loan term of up to 3 years;
- Loans less than €500,000 are unsecured;
- Interest rate of 4% or less,
Loans can be used for:
- Future working capital requirements;
- To fund innovation, change or adaption the business to mitigate the impact of Covid-19.