19 Oct 2020 | 09.28 am
Government Business Supports Available Through Ulster Bank
Three schemes that provide significant working capital
19 Oct 2020 | 09.28 am
Ulster Bank continues to support businesses financially impacted by Covid-19 and Brexit, and also those businesses looking to innovate and grow
We are offering access to three government sponsored lending schemes to support Irish businesses. Below is an overview of the three schemes on offer:
Covid-19 Credit Guarantee Scheme (CGS)*
• Designed to provide SMEs, farmers, fishermen and small mid-caps with access to low-cost liquidity to keep their businesses operating.
• Loans from €10,000 up to €1m, with terms of up to five and a half years. Loans of under €250,000 are available unsecured. The scheme operates until 31/12/2020 or until fully subscribed.
• A Guarantee Premium applies.**
Future Growth Loan Scheme (FGLS)*
• Provides significant injections of liquidity to fund capital expenditure projects for our business customers, to facilitate innovation and expansion as they respond to the challenges brought about by the Covid-19 pandemic.
• Loans from €25,000 to €3m, loans unsecured up to €500,000, with terms ranging from seven to ten years. The scheme operates until 31/12/2022 or until fully subscribed.
Covid-19 Working Capital Loan Scheme*
• Supports Irish SMEs impacted by Covid-19, to fund working capital requirements or to fund innovation, change or adaptation of the business to mitigate the impact of Covid-19.
• Loans from €25,000 to €1.5m. Loans unsecured up to €500,000 with terms ranging from one to three years. The Scheme operates until 31/3/2021 or until fully subscribed.
According to Eddie Cullen, Managing Director, Commercial Banking, at Ulster Bank: “These funds will provide our customers with significant working capital as they respond to the challenges brought about by Covid-19 and by Brexit. They will also allow our customers build for the future by facilitating innovation and expansion.
“Ulster Bank’s participation in these schemes reflects our continued support for our Irish business customers. They are the latest in a range of products and services that we have on offer, and applications for all three schemes are currently being accepted.”
If you wish to talk to us about your business and how these support funds might help your business, our team of SME specialists are ready and available across the country to answer any questions that potential applicants may have.
• For more information about the schemes, please visit digital.ulsterbank.ie/business/loans-and-finance/sbci-covid-support.html
Photo: Tánaiste Leo Varadkar (left) and Eddie Cullen (right), Managing Director, Commercial Banking, Ulster Bank
* Available to over 18s only. Security may be required. Lending criteria, terms and conditions apply. Specific business purposes and sectors only. Subject to availability.
** A Guarantee Premium applies. The borrower contributes to the cost of the Scheme by paying a premium on the credit advanced, which in turn is passed on to the Minister for Business, Enterprise and Innovation by the finance provider. This premium is separate from and is in addition to the cost of the credit advanced. The premium rate that will apply will depend on the size of the business and the length of time for which the credit is being advanced.