Bank of Ireland has strongly welcomed the launch of the new COVID-19 Credit Guarantee Scheme, designed to support Westmeath businesses navigate the ongoing pandemic.
The Bank has created a new online portal bankofireland.com/cgs to make the application process as simple as possible and has started taking relevant applications. Bank of Ireland is also launching a €400,000 marketing campaign across TV, radio, print and digital platforms to help drive awareness of the scheme nationwide.
Since the onset of the global health emergency in March, Bank of Ireland has put a range of supports in place for customers, with over 14,000 business loan payment breaks processed in recent months. The COVID-19 Credit Guarantee Scheme provides further support for viable businesses, facilitating additional financial support to lessen the economic impact of the pandemic.
The Government has allocated €2 billion under the scheme, with the size of an individual loan linked to business turnover or wage costs, depending on the applicant. The scheme aims primarily to support SMEs nationwide, with the State guaranteeing 80% of the loan.
“The past few months have presented a range of challenges for businesses in Westmeath, and we have been working closely with our customers in providing them with the supports necessary to survive for now, and thrive into the future.
“As Westmeath businesses continue to reopen, and as they adapt to a very changed commercial reality, we strongly welcome the introduction of the Covid-19 Credit Guarantee Scheme. From Thursday of this week Bank of Ireland will be open for applications from businesses looking to avail of the support on offer. We are also putting our weight behind this by launching a €400,000 nationwide marketing campaign to play our part in ensuring businesses are fully aware of the scheme’s launch.
“The rates available under this new scheme are attractive and we view this as another important way we can help to reboot economic activity and the national recovery. We stand ready to support our customers through this scheme,” Michael Lauhoff, Bank of Ireland Director of Business Banking, asserted.
For more information on the COVID-19 Credit Guarantee Scheme and details on how to apply please visit: https://businessbanking.bankofireland.com/covid-19-credit-guarantee-scheme/ https://dbei.gov.ie/en/What-We-Do/Supports-for-SMEs/Access-to-Finance/SME-Credit-Guarantee-Scheme/#COVID19CGS
