Bank of Ireland has created a new online portal to make the application process for loans under the Irish Government’s €2bn Credit Guarantee Scheme as simple as possible.

As the Covid-19 Credit Guarantee Scheme to help Irish businesses navigate the ongoing pandemic, Bank of Ireland has created a new online portal to simplify the application process.

The bank will start accepting applications from Thursday 10 September.

“We stand ready to support our customers through this scheme”

Bank of Ireland is also launching a €400,000 marketing campaign across TV, radio, print and digital platforms to help drive awareness of the scheme nationwide.

What is the Credit Guarantee Scheme?

The Irish Government has allocated €2bn under the Credit Guarantee Scheme, with the size of an individual loan linked to business turnover or wage costs, depending on the applicant.

The scheme aims primarily to support SMEs nationwide, with the State guaranteeing 80pc of the loan.

Loans of between €10,000 and €1m are available under the scheme which will be available through the country’s banks.

“The past few months have presented a range of challenges for businesses across Ireland, and we have been working closely with our customers in providing them with the supports necessary to survive for now, and thrive into the future,” explained Michael Lauhoff, director of Business Banking at Bank of Ireland.

“As businesses continue to reopen, and as they adapt to a very changed commercial reality, we strongly welcome the introduction of the Covid-19 Credit Guarantee Scheme. From Thursday of this week Bank of Ireland will be open for applications from businesses looking to avail of the support on offer. We are also putting our weight behind this by launching a €400,000 nationwide marketing campaign to play our part in ensuring businesses are fully aware of the scheme’s launch.

“The rates available under this new scheme are attractive and we view this as another important way we can help to reboot economic activity and the national recovery. We stand ready to support our customers through this scheme,” Lauhoff said.

Since the onset of the global health emergency in March Bank of Ireland has put a range of supports in place for customers, with over 14,000 business loan payment breaks processed in recent months. The Covid-19 Credit Guarantee Scheme provides further support for viable businesses, facilitating additional financial support to lessen the economic impact of the pandemic.

“The €2bn Covid-19 Credit Guarantee Scheme, together with the additional €500m for the Future Growth Loan Scheme and €125m for the Working Capital Scheme, will assist SMEs in accessing funding to address the challenges posed by Covid-19,” said Nick Ashmore, CEO of the Strategic Banking Corporation of Ireland. “The SBCI is delighted to continue to work with Bank of Ireland in the delivery of this scheme.”

Written by John Kennedy (john.kennedy3@boi.com)

Published: 7 September, 2020

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