SME Credit Guarantee Scheme premium

16/07/2019

Minister Pat Breen TD announces reduction of 50% in cost of SME Credit Guarantee Scheme premium

Part of the Government’s Brexit supports, the reduction to 0.5% in premium cost will support SMEs in addressing challenges to growth and productivity.

Minister of State for Trade, Employment, Business, EU Digital Single Market and Data Protection, Pat Breen TD today announced the reduction of the premium paid by users of the SME Credit Guarantee Scheme from 1% to 0.5%. The reduction is part of the suite of Government measures to support SMEs as they prepare for Brexit.   

The Credit Guarantee Scheme is an important Government support which assists viable SMEs, which under normal lending criteria are unable to borrow from their bank, in accessing credit from commercial lenders that are part of the scheme. The Scheme’s key features include facilities of €10,000 up to €1,000,000 for terms of up to 7 years. The scheme covers term loans, demand loans and performance bonds. Read Full Article here