The deadline for applications to the €2bn COVID-19 Credit Guarantee Scheme has been extended to June 2021.
The scheme was originally set to close on 31 December and will now remain open to application for an additional six months in light of ongoing COVID-19-related challenges for small and medium enterprises (SMEs).
In early November it was estimated that just €43m of the fund had been applied for, with farmers gauged to represent 10-15% of this.
Gather momentum
The guarantee can be used for a wide range of lending products between €10,000 and €1m that have a maximum term of six years.
“The fund got off to a slow start but it’s beginning to gather momentum in recent weeks,” head of agriculture at Ulster Bank Ailish Byrne told the Irish Farmers Journal.
“Most of the fund is still available so we encourage farmers and all small and medium enterprises to make an application before the new deadline.”
Brexit losses
Businesses are required to declare that their turnover or projected turnover has been reduced by 15% as a result of COVID-19.
The IFA has called for the terms of the scheme to be extended to cover losses incurred as a result of Brexit.
“COVID-19 is still around, with a third lockdown on the horizon for the new year. With Brexit also looming, people are nervous and afraid of the impact this will have on their business,” IFA national farm business committee chair Rose Mary McDonagh said.
“The hope is that this fund will be extended to cover these losses and offer some security. Banks are saying the uptake has been very low so an extension of the terms could have great potential.”
Read more
Uncertain future of Ulster Bank unsettling for farmers
Farmers eligible for new Brexit business loan
Banks report poor uptake for credit guarantee scheme
The deadline for applications to the €2bn COVID-19 Credit Guarantee Scheme has been extended to June 2021.
The scheme was originally set to close on 31 December and will now remain open to application for an additional six months in light of ongoing COVID-19-related challenges for small and medium enterprises (SMEs).
In early November it was estimated that just €43m of the fund had been applied for, with farmers gauged to represent 10-15% of this.
Gather momentum
The guarantee can be used for a wide range of lending products between €10,000 and €1m that have a maximum term of six years.
“The fund got off to a slow start but it’s beginning to gather momentum in recent weeks,” head of agriculture at Ulster Bank Ailish Byrne told the Irish Farmers Journal.
“Most of the fund is still available so we encourage farmers and all small and medium enterprises to make an application before the new deadline.”
Brexit losses
Businesses are required to declare that their turnover or projected turnover has been reduced by 15% as a result of COVID-19.
The IFA has called for the terms of the scheme to be extended to cover losses incurred as a result of Brexit.
“COVID-19 is still around, with a third lockdown on the horizon for the new year. With Brexit also looming, people are nervous and afraid of the impact this will have on their business,” IFA national farm business committee chair Rose Mary McDonagh said.
“The hope is that this fund will be extended to cover these losses and offer some security. Banks are saying the uptake has been very low so an extension of the terms could have great potential.”
Read more
Uncertain future of Ulster Bank unsettling for farmers
Farmers eligible for new Brexit business loan
Banks report poor uptake for credit guarantee scheme
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