The legislation is expected to go through the Oireachtas next week, allowing for its swift enactment. As with other credit guarantee schemes, the COVID-19 CGS will be operated by the Strategic Banking Corporation of Ireland and will be available through three banks; AIB, Bank of Ireland and Ulster Bank. There will be an Open Call in due course.
The Tánaiste and Minister for Enterprise, Trade and Employment Leo Varadkar T.D. stated “We want to help viable businesses to get through the difficult phase of reopening and deal with the new realities and challenges posed by COVID-19. The Credit Guarantee Scheme will provide low cost loans to businesses and will in turn help more people to get back to work.