Dáil Éireann Debate, Wednesday - 15 September 2021
130. Deputy Kieran O'Donnell asked the Tánaiste and Minister for Enterprise, Trade and Employment the number of companies by county that have availed of the Covid-19 credit guarantee scheme since its introduction; the closing date for this scheme; his plans to introduce further schemes to support businesses in the budget; and if he will make a statement on the matter. [43812/21]
View answerIt is just over one year since the Covid-19 Credit Guarantee Scheme was launched. During this time the scheme has provided vital access to finance to six thousand, five hundred and ninety-two SME businesses in all parts of the country. The scheme has provided loans of over €431 million, to these businesses, many of which are those sectors most impacted by the pandemic such as the wholesale and retail sector, accommodation and food services, and construction. These three sectors alone, account for forty-seven percent of the value of loans drawn.
The scheme is currently available through a range of lenders with three commercial banks, six non-bank lenders and nineteen credit unions offering products under the scheme. This provides competition in the market and ensures a wide range of loan products are available throughout the regions.
The number of loans drawn on a county basis and value of loans is provided in the table below.
|
County |
Number |
Value |
|
Carlow |
92 |
€ 4,684,348 |
|
Cavan |
70 |
€ 3,309,221 |
|
Clare |
208 |
€ 10,712,102 |
|
Cork |
805 |
€ 52,467,034 |
|
Donegal |
363 |
€ 20,324,918 |
|
Dublin |
1423 |
€ 120,688,220 |
|
Galway |
549 |
€ 32,615,610 |
|
Kerry |
217 |
€ 11,406,754 |
|
Kildare |
253 |
€ 17,700,609 |
|
Kilkenny |
133 |
€ 7,492,971 |
|
Laois |
108 |
€ 5,170,376 |
|
Leitrim |
46 |
€ 2,732,497 |
|
Limerick |
286 |
€ 16,806,245 |
|
Longford |
41 |
€ 1,678,551 |
|
Louth |
139 |
€ 10,367,743 |
|
Mayo |
340 |
€ 19,652,248 |
|
Meath |
295 |
€ 18,839,515 |
|
Monaghan |
69 |
€ 4,298,542 |
|
Offaly |
98 |
€ 5,186,010 |
|
Roscommon |
86 |
€ 4,400,829 |
|
Sligo |
103 |
€ 5,217,666 |
|
Tipperary |
299 |
€ 15,347,781 |
|
Waterford |
139 |
€ 9,826,431 |
|
Westmeath |
61 |
€ 4,602,938 |
|
Wexford |
139 |
€ 12,223,672 |
|
Wicklow |
230 |
€ 13,429,532 |
|
Total |
6592 |
€ 431,182,363 |
In order to provide the public with relevant data on the performance of the scheme, my Department publishes weekly and monthly reports on its website. These reports provide data on loans drawn under a wide variety of themes and are available at enterprise.gov.ie/en/Publications/COVID-19-Credit-Guarantee-Scheme-Performance-Reports.html
The scheme was developed under the terms of the European Commission’s Temporary Framework on State Aid and is available until 31 December 2021 in line with the Temporary Framework.
I will shortly be announcing the launch of the Brexit Impact Loan Scheme which will make up to €330m in lending available to SMEs and small mid-caps impacted by the UK’s withdrawal from the EU. This scheme is a successor to the Brexit Loan Scheme, which will close to new applications as the new scheme opens. Loans under this scheme will range from €25,000 to €1.5m, and will be for longer terms than under its predecessor: up to six years. These loans will be offered at lower interest rates than other similar lending in the market, and loans of up to €500,000 will be made available unsecured.
I would strongly encourage businesses to avail of the low-cost lending facilities provided under these schemes.
