Banking supports

Micro Finance Ireland

If your business is impacted or may be impacted by COVID-19 resulting in a reduction of 15% or more in actual or projected turnover or profit, AND you are having difficulty in accessing  finance from commercial lending providers, the MFI COVID-19 Business Loan may be able to help your business.

In addition, Local Enterprise Offices in every county provide a range of business supports for micro- enterprises including business continuity and preparedness advisory supports connected to the  COVID-19 outbreak. Contact your Local Enterprise Office for more information.

Eligibility

  • Any business (Sole Trader, Partnership or Limited Company) with less than 10 employees and annual turnover of up to €2m
  • Not in a position to avail of finance from Banks and other commercial lending providers
  • 15% of actual or projected turnover or profit is negatively impacted by COVID-19

Product Features

  • Loans from €5,000 – €50,000
  • Supports businesses who have been impacted negatively by coronavirus in Ireland
  • Loan terms typically up to 3 years
  • Up to 6 months Interest only payments
  • No fees/no hidden costs/charges
  • Fixed repayments/no penalty for early repayment

Application process

Application documentation can be found at this web addresshttps://microfinanceireland.ie/loan-packages/covid19/

  • Complete application form
  • Prepare monthly cash flow forecast for 12 months
  • Complete Micro Finance Ireland Business Plan
  • Submit six months bank statements and in the case of a Limited company six months bank statements for Directors and Shareholders holding 25% or more of the issued share capital of the company.
  • For Limited company applicants only – A central Credit Register report for each Director and for any Shareholders holding 25% or more of the issued share capital of the company.

Strategic Banking Corporation of Ireland

The Department of Business, Enterprise and Innovation announced a number of supports for businesses facing challenges being presented by the current Covid-19 situation. The Credit Guarantee Scheme is in place and available now to SMEs subject to the relevant terms and conditions. Separately the SBCI is currently working to finalise the terms and conditions of the SBCI COVID19 Working Capital Scheme and the eligibility application process for this. The SBCI website will be updated as soon as these are finalised. In the interim if you wish to be kept informed on developments please email the SBCI at info@sbci.gov.ie

SME Credit Guarantee Scheme (CGS) 

The Scheme aims to assist viable SMEs, which under normal lending criteria are unable to borrow from their bank, in accessing credit. The scheme operates by providing an 80% guarantee to participating finance providers (currently AIB, Bank of Ireland and Ulster Bank) on qualifying loans to SMEs.

The Scheme is operated on behalf of the Department of Business, Enterprise and Innovation (D/BEI) by the Strategic Banking Corporation of Ireland (SBCI) and is available from the participating banks (AIB, Bank of Ireland and Ulster Bank). If you are an SME,  you can approach any one of the participating banks and apply for a loan facility under CGS.

Key Features of the Scheme:

  • Facilities of €10,000 up to €1m
  • Terms of up to 7 years
  • Term Loans, Demand Loans and Performance Bonds

 

Who is eligible for the Scheme? 

SMEs may be eligible if they:

  • Are involved in a commercial activity
  • Are a sole trader, partnership, franchise, co-operative or limited company
  • In the lender’s opinion have a viable business proposal
  • Are able to repay the facility

 

How to apply do for the scheme

The scheme is available through participating lenders AIB, Bank of Ireland and Ulster Bank at the web addresses below:

AIB : https://business.aib.ie/products/finance-and-loans/credit-guarantee-scheme

BOI : https://businessbanking.bankofireland.com/credit/credit-guarantee-scheme/

Ulster Bank : https://digital.ulsterbank.ie/business/loans-and-finance/alternative-financing.html

 

Allied Irish Bank (AIB)

AIB’s Covid 19 supports are available at this web address – https://aib.ie/covid19

The financial supports include the following

Cashflow products available to customers and web address for applications

Business Credit Linehttps://business.aib.ie/products/finance-and-loans/business-credit-line?_ga=2.155766331.160936585.1584353997-1581556376.1584353997

Farmer Credit Linehttps://business.aib.ie/products/finance-and-loans/business-credit-line?_ga=2.155766331.160936585.1584353997-1581556376.1584353997

Promptpay – https://business.aib.ie/products/finance-and-loans/promptpay-and-insurance-premium-finance?_ga=2.146517556.160936585.1584353997-1581556376.1584353997

Business loans of between €2,000 and €60,000 can be applied for on line at this web address : https://business.aib.ie/products/finance-and-loans/business-loans?_ga=2.185208617.160936585.1584353997-1581556376.1584353997

Customer in Difficulty (Forbearance Requests)

AIB have a number of possible solutions available depending on your circumstances

  • Capital Moratorium
  • Capital and Interest Moratorium
  • Covenant Waivers

AIB Advisors are available in branch or on the phone 1890 478 833

 

Bank of Ireland

The supports offered by Bank of Ireland are as follows:

  • Emergency working capital, prioritising loan decisions for impacted customers, payment flexibility on loan facilities, and the provision of trade finance and foreign currency products to support sourcing products from new suppliers internationally.
  • Customers who are concerned about the impact of COVID-19 on their business are encouraged to make contact with their Business Relationship Manager or ring 0818 200 348.
  • Bank of Ireland sectoral experts – in agriculture, manufacturing, hospitality, health, food and beverage, and retail convenience – are also available to support customers.

A full listing of supports from BOI are at this web address: https://businessbanking.bankofireland.com/covid-19/supports-for-businesses/

 

Ulster Bank

Ulster Bank have introduced a financial assessment that is designed to evaluate your financial situation and to offer support where you need it most.

Specially trained staff will carry out a financial review. They will review your current financial situation and take you through the repayment options available. These options include:

  • Extending loan terms
  • Temporarily moving to interest only payments
  • Reduced payments on a temporary basis
  • Postponement of monthly repayments for a defined period of time

A full listing of supports from Ulster Bank are at this web address: https://digital.ulsterbank.ie/personal/help-and-support/struggling-financially.html