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Midlands Minister Says Credit Guarantee Scheme Will Offer Much-Needed Help To Small Companies

Tuesday, 14 July 2020 13:14

It will provide low cost loans, partially underwritten by the government.

A midlands minister says the government's new credit guarantee scheme will offer much-needed liquidity to small businesses.

A €2 billion package will be available to struggling companies - if the proposed legislation is passed next week - which provides low cost loans of between €10,000 and €1 million, with 80% underwritten by the state.

Businesses with less than 500 staff and which suffered at least a 15% drop in profits due to covid-19 are eligible.

Longford-Westmeath TD and Minister of State for Trade Promotion, Robert Troy, doesn't believe it will end up costing the state €2 billion as it's a loan, not a grant:

However, small businesses are questioning whether the new scheme will help them with the Covid-19 crisis.

Chief executive of the Irish Small and Medium Enterprises Association, Neil McDonnell, says companies don't want to take on more debt:

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