Our Asset Finance Team have lent over €1 million of Government Covid-19 Credit Guarantee Funding to Irish Businesses in February alone. Well done to all the team balancing existing customers, new business and digital testing so fantastically! Great to hear feedback on the ground that business activity is very strong despite Covid and the current construction restrictions.
The CGS is a financial solution, made available by the Department of Enterprise, Trade and Employment and operated by the Strategic Banking Corporation of Ireland (SBCI), that enables Capitalflow backing businesses to fuel the economic recovery, enabling them to adapt, preserve jobs and create future growth with lower cost finance. As the largest Credit Guarantee Scheme in the history of the State, it enables Capitalflow to offer competitive funding to new and existing business customers.
If your businesses has experienced an adverse impact of a minimum of 15% in actual or projected turnover or profit due to Covid-19, with funding amounts of €10,000 – €1,000,000, then get in touch to find out more!
- Total facilities may not exceed €1 million. Eligible funding under the scheme includes Equipment and Machinery Hire Purchase, Leasing and Refinance.
- No additional security will be required for loans up to €250,000 outside the normal criteria of Capitalflow.
- The amount businesses can borrow is based on 25% of their total 2019 business turnover or double their annual wage bill.
Ronan Kelly, Managing Director of Asset Finance, commented: “We are delighted to be in a position to support these businesses with a very substantial allocation of low-cost credit through the Government Credit Guarantee Scheme. We are seeing real demand for funding on the ground, despite the challenges faced by businesses due to Covid as businesses prepare themselves for a return to normal trading conditions in, we hope, the near future, starting with the construction industry”