23 Oct 2020 | 09.31 am
SBCI’s Product Wizard Helps Navigate Funding Supports
Range of Covid-19 related supports available to SMEs
23 Oct 2020 | 09.31 am
The range of risk-sharing schemes available through the Strategic Banking Corporation of Ireland are backed by an 80% Government Guarantee
The figures recently published by the Strategic Banking Corporation of Ireland (SBCI) in its mid-year update highlight the significant amount of funding provided by the SBCI since it commenced operations in March 2015. Almost €1.7 billion has been made available to 32,000 SMEs in the last five and a half years.
The emergence of risk-sharing as a key support for SMEs has continued in 2020, with a further €500 million in capacity added to the Future Growth Loan Scheme, the SBCI long-term investment scheme, and the launch of the Government’s €2 billion Covid-19 Credit Guarantee Scheme.
The SBCI update (full version available on www.sbci.gov.ie) charts its progress to date and reports on the performance of its current risk-sharing schemes. In particular, its figures show strong progress in both the Covid-19 Working Capital Loan Scheme and Future Growth Loan Scheme, as 1,065 SMEs benefitted from €180 million in SBCI low-cost funding in the three months to August 2020.
First Line of Aid
These two schemes were identified as the SBCI’s first line of aid, made available to those businesses who found themselves suddenly facing the unprecedented challenges and disruption brought about by the COVID-19 pandemic.
This pandemic has severely affected all sectors of the economy, and many businesses are still experiencing difficulties in accessing credit. The rapid introduction and deployment of risk-sharing schemes by the SBCI is aimed at helping Irish businesses to get back on their feet again.
The range of risk-sharing schemes now available through the SBCI supports access to finance for many SMEs. The schemes have been designed to meet the short, medium and long-term requirements of SMEs, and all schemes are backed by an 80% Government Guarantee. This guarantee facilitates access to loans with more attractive rates and security requirements.
Easy-to-Use Online Tool
To assist potential borrowers in finding the most appropriate scheme for their business, the SBCI has also developed Product Wizard, an interactive, easy-to-use online tool which helps companies identify the product options available for their business.
The Product Wizard – available on the SBCI website – aims to navigate users through the various funding supports available, based on some key information they have provided.
For more information, see www.sbci.gov.ie
Pictured: Nick Ashmore, CEO of the Strategic Banking Corporation of Ireland