Bank of Ireland signs on to Ukraine Credit Guarantee Scheme
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Loading... - Orla Quinn
- 31 Jan 2023
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Bank of Ireland is the first on-lender to be announced for the Ukraine Credit Guarantee Scheme.
Ministers said a number of other lenders are expected to take part in the scheme following the Open Call for participants which closed last Friday.
The scheme has a lending ceiling of €1.2 billion and will facilitate loans for working capital and medium-term investment.
The main features are:
• no personal guarantee or collateral required for loans up to €250,000
• loans of up to 6 years and €1 million
• reduced interest rates vs standard market rates
• available until 31 December 2024 and includes famers, fishers and small mid-caps
• Open Call has encouraged variety of lenders to participate, including non-banks and credit unions
• Pre-eligibility available on SBCI Hub.
Enterprise minister Simon Coveney said many businesses need access to liquidity and this Credit Guarantee Scheme gives that.
“Low cost loans, favourable terms and pre-eligibility availability makes this scheme attractive and accessible to businesses including SMEs, farmers and fishers,” the minister stated.
“In the coming time I look forward to a number of other lenders and financial institutions participating in the scheme. The government will continue to assist businesses in the most practical, targeted and effective way as we continue to negotiate a challenging trading environment.”
Finance minister Michael McGrath explained: “The scheme will allow businesses which have experienced an increase in costs of over 10% on 2020 due to the impact of the conflict to access lending terms of up to 6 years, on loans ranging from €10,000 to €1 million, with amounts of up to €250,000 available on an unsecured basis. Read More…
