Farmers took up 10% of the loans in the first month of the Covid-19 Credit Guarantee Scheme. The biggest ever state-backed loan guarantee in Ireland, it offers €2bn of credit to businesses negatively impacted by the pandemic.
Loans between €10,000 and €1m, for terms between three months and five and a half years, including working capital and term loans, with loans of up to €250,000 unsecured, are available.
Up to October 9, 900 business applications were recommended to the credit departments of the pillar banks for final approval to a total value of almost €48m. Of these, 400 applications were approved by October 9, for over €21m.
The wholesale and retail sector accounted for 22% of loans drawn by value, the accommodation and food services sector accounted for 14%, and the primary agricultural sector for 10%.
The scheme is currently available through AIB, Bank of Ireland and Ulster Bank. More lenders are expected to join the scheme in the coming weeks.