Proposals for credit guarantee scheme for businesses

The scheme, first announced two-and-a-half months ago, will see up to €2bn in low cost loans made available to struggling firms, with 80% of the amount underwritten by the State.

The scheme will be operated through the Strategic Banking Corporation of Ireland, with loans of between €10,000 and €1m being made available from AIB, Bank of Ireland and Ulster Bank through a range of products including overdrafts, term loans and working capital. Once in place the programme will be largest credit guarantee scheme in the history of the state, with the State facing a maximum potential liability of €1.6bn and lenders carrying the remainder of the risk.

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