Ulster Bank Participate in Launch of New Credit Guarantee Scheme


Minister of State for Trade, Employment, Business, EU Digital Single Market and Data Protection, Pat Breen TD launches the new SME Credit Guarantee Scheme


The revised SME Credit Guarantee Scheme was launched today, replacing the 2012 Scheme which expired in June. The new scheme increases the guarantee to participating financial providers from 75% to 80% on qualified loans to SMEs.

Its aim is to assist viable SMEs, which under normal lending criteria are unable to borrow from their bank, in accessing credit. The Scheme’s key features include facilities of €10,000 up to €1,000,000; terms of up to 7 years; term loans, demand loans and performance bonds.

Pictured Left to Right: Olaf Fitzsimmons, Head of SME Banking East, Ulster Bank; Catherine Moroney, Head of Business Banking, AIB; Minister of State for Trade, Employment, Business, EU Digital Single Market and Data Protection, Pat Breen TD;  Michael Lauhoff, Director of Business Banking, BOI; Suzanne Sweeney, Head of Lending, Strategic Banking Corporation of Ireland (SBCI)


Olaf Fitzsimmons, Head of SME Banking East at Ulster Bank remarked "Ulster Bank is delighted to offer SME customer funding through the Credit Guarantee Scheme, specifically for those that may be finding it difficult to access finance. Every business has unique requirements and it is important that we offer both sectoral expertise and specialist financing such as this to ensure we are providing meaningful help to the very businesses that are driving our economy.

Pat Breen, Minister of State for Trade, Employment, Business, EU Digital Single Market and Data Protection, who launched the event commented "It is critical to Ireland’s continued economic growth that our almost 250,000 SMEs are encouraged and facilitated to reach their full potential. Access to adequate credit facilities remains a major barrier in this regard. The Government is committed to helping SMEs to overcome obstacles to growth and productivity and so I am delighted to formally launch the new Credit Guarantee Scheme. The previous scheme was effective in helping those SMEs that may have had inadequate collateral; that operated in perceived higher-risk or novel business markets, sectors or technologies; and that required refinancing due to the exit of a lender from the market. The relaunched scheme is designed to be even more effective. It increases the guarantee to financial providers from 75% – 80%, has a lower premium charge for the first year, and has the potential for extension beyond the banks to other financial providers."



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