New Credit Guarantee Scheme aims to help SME's stuggling to access finance

Ulster Bank has announced that it is the first bank open for applications for the Government's new Credit Guarantee Scheme.

The Department of Business, Enterprise and Innovation initiative aims to help commercially viable SMEs who are finding it difficult to access finance through traditional channels.

The funding is aimed at SMEs that have insufficient and/or a perception of higher risk.

Key features include facilities of between €10,000 and €1 million, terms of up to seven years, as well as Term Loans, Demand Loans and Performance Bonds.

"Ulster Bank is delighted to be the first bank to offer the new Credit Guarantee Scheme as part of a number of supports to business customers," said Eddie Cullen, Managing Director, Commercial Banking Division, Ulster Bank.

"It’s particularly important because it is specifically designed for SMEs that may be finding it hard to access finance."

Minister of State at the Department of Business, Enterprise and Innovation, Pat Breen, T.D. said: "The previous Credit Guarantee Scheme has been very successful with 560 facilities totalling €88.8 million sanctioned since it was launched in 2012, supporting 3,519 jobs.

"The new scheme has been expanded to provide even greater support for Irish SMEs to sustain and grow their businesses and increase the number of job opportunities across the country."

Digital Desk

Related Articles

RBS says problems with online and mobile banking have been fixed

Ulster Bank €1.4bn home loans sale sparks row

Government ‘washing its hands’ of mortgage problem

Ulster Bank signals buying any rival bank off agenda

More in this Section

Paris seeks to attract London's City workers with new English school after Brexit

Mark Zuckerberg faces fresh call to be removed as Facebook’s chairman

Finance Ireland agrees to buy Pepper Money and enter Irish mortgage market

'They are going around the country like cowboys' - John McGuinness urges Govt to regulate receivers

Breaking Stories

'Jesus, did I paint them?’; Robert Ballagh reacts to the nude portraits to him and his wife

Here's what you can expect from Making a Murderer 2

’Tis the season... for scares: Your guide to Ireland's Haunted experiences

Ask Audrey: I’m pretending to be a poet to impress a stunning pseudo-intellectual from Clonakilty

More From The Irish Examiner