The SBCI COVID-19 Working Capital Scheme makes lending available to eligible businesses that have been negatively impacted by the COVID-19 outbreak.
Loans under the scheme range from €25,000 to €1.5 million and are for terms of up to three years and are offered at favourable terms. For example, the maximum interest rate on loans under the scheme is 4% and there is no requirement for security on loans of up to €500,000.
This scheme features a two-stage application process, whereby businesses must first apply to the SBCI to confirm their eligibility for the scheme. Successful eligibility applicants are then issued an eligibility reference number which they can use to apply with a participating finance provider for loan approval.
As of Monday, 18 January 2021, the COVID-19 Working Capital Scheme has had a total of 4,305 applications for eligibility to the scheme, of which 3,871 have been approved and 37 deemed ineligible. 971 loans have been sanctioned at bank level to a total value of €130,310,263.
Granular details of the scheme, including the per-county breakdown of eligibility applications and draw down of loans for the COVID-19 Working Capital Scheme, are reported on a quarterly basis, and so the attached document includes eligibility data and loan draw down data as of the most recent quarterly report, dated 30 September 2020. Details by county up to December 2020 are currently being compiled and will be published as soon as available.
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Details on the breakdown of uptake of lending across the participating financial providers would constitute commercially sensitive information and thus has not been included in this response.
