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Covid-19 Pandemic Supports

Dáil Éireann Debate, Tuesday - 24 November 2020

Tuesday, 24 November 2020

Ceisteanna (155)

Darren O'Rourke

Ceist:

155. Deputy Darren O'Rourke asked the Tánaiste and Minister for Enterprise, Trade and Employment the position regarding the SBCI Covid-19 working capital loan scheme; the total number of applications; the number of successful applications and the value of same; the number of unsuccessful applications and the value of same; the number of ineligible applications; and the breakdown of same by county and lending institution in tabular form. [38770/20]

Amharc ar fhreagra

Freagraí scríofa

Since the onset of COVID-19, Government has worked to ensure that appropriate supports are in place for businesses as they seek to navigate the disruptions this has brought to their trading environments. The COVID-19 Working Capital Scheme makes funding available to eligible businesses that have been negatively impacted by the pandemic.

This scheme was developed in cooperation between the Department of Enterprise, Trade and Employment and the Department of Agriculture, Food and the Marine. It is operated by the SBCI through participating finance providers. Loans under the scheme range from €25,000 to €1.5m for terms of up to three years and are offered at favourable terms compared to otherwise similar lending in the market. These loans are offered at a maximum interest rate of 4% and there is no requirement for security on loans of up to €500,000.

The scheme features a two-stage application process. Businesses must first apply to the SBCI to confirm their eligibility for the scheme. If successful, they are issued an eligibility reference number, which they can then use to apply for lending with a participating finance provider. Loans under the scheme are subject to the banks' own credit policies and procedures.

Some of the details requested have not been included as they may include commercially sensitive information or fall outside the scheme's reporting. The total number of applications for eligibility under the scheme to date (20 November) is 3,999, of which 3,562 have so far been deemed eligible. Of those, 930 have so far progressed to sanction at bank level, to a total value of €119.54m.

More granular data, including a per-county breakdown, is provided by the SBCI as part of its quarterly reports. The breakdown of eligibility application and loans sanctioned per county as of the most recent quarterly report (30 June) is shown in the table below.

County

Eligibility Applications Approved

Eligibility Applications Ineligible

Loans Sanctioned

Total Value of Loans Sanctioned

Carlow

26

0

5

€2,205,000

Cavan

32

2

4

€300,000

Clare

67

0

12

€1,892,000

Cork

382

1

100

€10,269,000

Donegal

102

0

19

€1,051,000

Dublin

1103

0

197

€25,691,000

Galway

145

0

24

€2,150,000

Kerry

94

0

26

€2,680,000

Kildare

120

1

18

€2,817,000

Kilkenny

38

1

5

€690,000

Laois

27

0

4

€585,000

Leitrim

19

0

3

€575,000

Limerick

91

1

21

€1,870,000

Longford

18

0

2

€325,000

Louth

91

2

13

€2,715,000

Mayo

67

1

12

€1,494,000

Meath

90

2

23

€3,020,000

Monaghan

36

0

2

€140,000

Offaly

26

0

6

€325,000

Roscommon

26

0

6

€360,000

Sligo

38

1

13

€965,000

Tipperary

62

0

19

€2,105,000

Waterford

49

0

8

€1,740,000

Westmeath

40

0

5

€425,000

Wexford

71

0

15

€2,802,000

Wicklow

80

3

18

€1,410,000

Total

2,840

15

600

€72,506,000

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