Dáil Éireann Debate, Wednesday - 15 September 2021
88. Deputy Michael Moynihan asked the Tánaiste and Minister for Enterprise, Trade and Employment the number of businesses in County Cork that have availed of the Covid-19 credit guarantee scheme; and if he will make a statement on the matter. [43824/21]
Amharc ar fhreagraIt is just over one year since the Covid-19 Credit Guarantee Scheme (CCGS) was launched. During this time the scheme has provided vital access to finance to 6,592 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.
As at 2 September, 805 loans with a value of €52,467,034 have been drawn under the CCGS by businesses in County Cork.
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 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 would strongly encourage businesses to avail of the low-cost lending facilities in the remaining months of the scheme.
