The COVID-19 Credit Guarantee Scheme (CCGS) 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 at interest rates below market rates for similar type loans. 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). The Scheme is available until 31 December 2021 following a Government decision in March to extend it in line with the extension of the European Commission’s Temporary Framework on State Aid.
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.
As at 20 May, 97 businesses in County Kilkenny have availed of the CCGS and have drawn loans with a value of €5,236,459.
The Scheme is currently available through three commercial banks, six non-bank lenders and nineteen credit unions. This long-term policy goal of diversification adds competition in the market and ensures a wide range of loan products are available throughout the regions.
I would strongly encourage businesses to avail of the low-cost lending facilities provided under the scheme as they look towards reopening.