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Credit Guarantee Scheme backs almost €80m in lending to Irish SMEs – Minister Pat Breen 

3,165 jobs created or maintained in the lifetime of the Credit Guarantee Scheme

Minister of State at the Department of Business, Enterprise and Innovation, Pat Breen TD, today (Friday) welcomed the latest Quarterly Report (Q3 of 2017) from the Strategic Banking Corporation of Ireland (SBCI) on its operation, on behalf of the State, of the Credit Guarantee Scheme (CGS) for SMEs.

The latest Report shows that in Q3 of 2017, CGS Facilities were sanctioned for 31 Irish SMEs, for a total of over €4.4 million in funding that will create or maintain 112 Irish jobs.

Since the Credit Guarantee Scheme became operational in October 2012, 502 facilities totaling €79.4 million have been sanctioned. These sanctions are supporting or maintaining 3,165 jobs.

Commenting on the publication of the latest Quarterly Report today, Minister Breen said " I’m pleased to see that our SMEs in all regions are continuing to benefit from the Credit Guarantee Scheme to support their business and grow and maintain employment numbers. Almost €80m in sanctioned facilities are now supporting 3,165 jobs. I encourage SMEs seeking finance to examine with their bank whether this is the right option for them.”

ENDS

For further information please contact Press Office, D/Business, Enterprise and Innovation ph. 6312200 or press.office@dbei.gov.ie

Notes for editors

SME Credit Guarantee Scheme Q3 2017

The Credit Guarantee Scheme is provided by the Government through the Minister for Business, Enterprise and Innovation to facilitate lending to viable Micro, Small and Medium-sized Enterprises (SMEs) which would otherwise be declined by lenders due to insufficient collateral for the additional facilities and/or growth/expansionary SMEs which due to their sectors, markets or business model are perceived as a higher risk under current credit risk evaluation practices. The Scheme can be used to facilitate refinance if related to circumstances where the SME’s bank is either unwilling to extend or (ii) unable to provide the credit sought or has sold SMEs debt to a 3rd party.

The Scheme enables the borrower to access finance which would not otherwise have been available. The borrower contributes to the cost of the Scheme by paying a premium of up to 2% on the outstanding annual balance of the Scheme Facility to the Minister for Business, Enterprise and Innovation. 

 

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