Dáil Éireann Debate, Wednesday - 24 March 2021
144. Deputy Marian Harkin asked the Tánaiste and Minister for Enterprise, Trade and Employment the amount businesses have drawn down from the €2 billion Covid-19 credit guarantee scheme launched in 2020; and if a quarterly breakdown of the amounts drawn down will be provided. [14026/21]
Amharc ar fhreagraThe COVID-19 Credit Guarantee Scheme is the largest loan guarantee scheme in the history of the State. The Scheme provides €2 billion in lending, for terms up to five-and-a-half years and offers a range of lending products between €10,000 and €1 million. It is available to SMEs and small mid-caps (business with less than 500 employees), including primary producers (businesses engaged in the farming and seafood sectors).
This scheme is providing vital access to lending facilities for a wide range of sectors. Businesses which have been most impacted by the effects of the virus are utilising the Scheme. The wholesale and retail sector accounted for nineteen percent of loans drawn, the accommodation and food services sector accounted for fourteen percent of loans drawn, and the primary agriculture and fisheries sector accounted for thirteen percent of loans drawn by value, demonstrating that funding is getting to where it is most needed.
There have been 3,470 loans drawn for a value of €207 million under the Scheme up to 4 March (latest data available from participating lenders). These loans are being drawn from all over the country.
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 https://enterprise.gov.ie/en/Publications/COVID-19-Credit-Guarantee-Scheme-Performance-Reports.html.
The Scheme is currently available through commercial banks, several non-bank lenders and a number of credit unions. This long-term policy goal of diversification will add competition in the market and ensure a wide range of loan products are available throughout the regions.
