SBCI Covid-19 Credit Guarantee: Deadline Extension - Capital Credit Union
Capital Credit Union

SBCI Covid-19 Credit Guarantee: Deadline Extension

SBCI Covid-19 Credit Guarantee: Deadline Extension

Capital Credit Union is delighted to confirm that the SBCI Covid-19 Credit Guarantee Scheme deadline has been extended to the 30th of June 2022. Please note, we will not be able to accept any new applications for the scheme after 24th June 2022.

SBCI & BizFin – Business Finance, Made Simple

Capital Credit Union is a proud partner of the SBCI Covid-19 Credit Guarantee Scheme through BizFin – Business Finance, Made Simple.

A member can borrow up to €300,000 for a business loan with Capital Credit Union with very competitive interest rates and flexible repayment options. For those interested in learning more about a business loan with Capital Credit Union, as either a regular business loan or an SBCI loan, you can find more information here.

The Tánaiste, Leo Varadkar, said

“The COVID-19 Credit Guarantee Scheme is the largest state guarantee in the history of the state. It has been a very useful option for over 9,000 small and medium-sized businesses and primary producers since its launch in September 2020 and we estimate that over 63,000 jobs have been maintained which would otherwise have been at risk without the Scheme.

“The extension of this Scheme will give business a level of certainty that if they need liquidity, they will be able to access low-cost loans, unsecured up to €250,000. This will help businesses react to ongoing developments and take advantage of any opportunities over the coming months.

“In the aftermath of the last recession, access to credit for viable but vulnerable businesses was a huge problem. Businesses failed that might have survived, jobs were lost and even businesses that were doing well could not get the loans they needed to expand or invest. The picture is very different today. This ensures easier access to credit, lower interest rates, and longer repayment periods for businesses than would otherwise be the case.

“This Scheme is just one of the ways we are backing businesses and helping them through this challenging period. The EWSS, CRSS, commercial rates waiver, and other grants remain in place.”

CEO of Capital Credit Union, Gerry McConville, welcomed the deadline extension saying:

We are aware of the uncertainty that Covid-19 has caused for businesses in our community and are delighted that the Covid-19 CGS has been extended to allow businesses more time to assess the merit of participating in the scheme. This is a great opportunity for businesses to get access low-cost finance to ensure their future success with a trusted local partner.

With over 50,000 members and 50 years serving the local community, Capital Credit Union is ideally placed to support local businesses as part of this scheme. Our process is clear, fast, and efficient to meet the needs of local businesses and ensure they are looked after properly.

For any member, or potential member, interested in a business loan, don’t hesitate to get in touch with Capital Credit Union today.

About SBCI The Covid-19 Credit Guarantee Scheme

The scheme made available by the Department of Business, Enterprise, Trade & Employment is to support the economic recovery and interested parties can find further information on the COVID-19 Credit Guarantee Scheme here.  Businesses will be required to make two declarations, i] that their turnover or projected turnover has been reduced by 15% as a result of COVID-19 and ii] that it has a reasonable prospect of returning to viability post-Covid-19.  The scheme can provide liquidity finance. It is situated between the shorter-term COVID-19 Working Capital scheme and the long-term Future Growth Loan Scheme being offered by the Government.

For more information on the SBCI Covid-19 Credit Guarantee Scheme, please click here.