• Bank of Ireland stands ready to support customers through Credit Guarantee Scheme

    New online portal developed to make application process as simple as possible 

    ·         Bank launches €400,000 marketing campaign to communicate scheme to businesses

    ·         Applications accepted from Thursday 10 September

     

    7 September 2020: Bank of Ireland has strongly welcomed the launch of the new Covid-19 Credit Guarantee Scheme, designed to support Irish businesses navigate the ongoing pandemic. The Bank has created a new online portal bankofireland.com/cgs to make the application process as simple as possible, and will start accepting applications from Thursday 10 September. Bank of Ireland is also launching a €400,000 marketing campaign across TV, radio, print and digital platforms to help drive awareness of the scheme nationwide.

    Since the onset of the global health emergency in March Bank of Ireland has put a range of supports in place for customers, with over 14,000 business loan payment breaks processed in recent months. The Covid-19 Credit Guarantee Scheme provides further support for viable businesses, facilitating additional financial support to lessen the economic impact of the pandemic. 

     

    The Government has allocated €2 billion under the scheme, with the size of an individual loan linked to business turnover or wage costs, depending on the applicant. The scheme aims primarily to support SMEs nationwide, with the State guaranteeing 80% of the loan.

     

    Welcoming the Covid-19 Credit Guarantee Scheme, Michael Lauhoff, Bank of Ireland Director of Business Banking said: “The past few months have presented a range of challenges for businesses across Ireland, and we have been working closely with our customers in providing them with the supports necessary to survive for now, and thrive into the future.

     

    “As businesses continue to reopen, and as they adapt to a very changed commercial reality, we strongly welcome the introduction of the Covid-19 Credit Guarantee Scheme. From Thursday of this week Bank of Ireland will be open for applications from businesses looking to avail of the support on offer. We are also putting our weight behind this by launching a €400,000 nationwide marketing campaign to play our part in ensuring businesses are fully aware of the scheme’s launch.

     

    “The rates available under this new scheme are attractive and we view this as another important way we can help to reboot economic activity and the national recovery. We stand ready to support our customers through this scheme.”

     

    Nick Ashmore, Strategic Banking Corporation of Ireland CEO added “The €2 billion Covid-19 Credit Guarantee Scheme, together with the additional €500m for the Future Growth Loan Scheme and €125m for the Working Capital Scheme, will assist SMEs in accessing funding to address the challenges posed by Covid-19. The SBCI is delighted to continue to work with Bank of Ireland in the delivery of this scheme.”

     

    For more information on the Covid-19 Credit Guarantee Scheme and details on how to apply please visit:

     

    ·         https://businessbanking.bankofireland.com/covid-19-credit-guarantee-scheme/

    ·         https://dbei.gov.ie/en/What-We-Do/Supports-for-SMEs/Access-to-Finance/SME-Credit-Guarantee-Scheme/#COVID19CGS

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