Covid-19 Credit Guarantee Scheme

You can borrow loans from €10,000 up to €1,000,000 subject to eligibility criteria.

Under the rules of the scheme as set out by the Department of Enterprise Trade and Employment (DETE), the loan amount you are seeking cannot be more than: 25% of your turnover in 2019, or double your annual wage bill in 2019 or the last year available. However, the maximum amount of the credit that is permitted to be advanced to a borrower under the Scheme cannot exceed €1m.

Your wage bill should include social charges as well as the cost of personnel working on site but formally in the payroll of subcontractors.

For businesses set up after 1 January 2019, the loan cannot be more than the estimated annual wage bill for the first two years in operation. You can take out more than one loan, subject to the overall CGS limits per borrower and your capacity to repay.