The Government has given the go-ahead for the publication of proposed legislation that will, if enacted, establish the new credit guarantee scheme to help businesses impacted by the Covid-19 crisis.
The scheme, first announced two-and-a-half months ago, will see up to €2bn in low cost loans made available to struggling firms, with 80% of the amount underwritten by the State.
The aim of these loans will be to provide much needed liquidity to companies with fewer than 500 employees who have seen their actual or projected turnover or profit fall at least 15% due to the coronavirus crisis.
The scheme will be operated through the Strategic Banking Corporation of Ireland, with loans of between €10,000 and €1m being made available from AIB, Bank