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

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