SBCI Covid 19 Working Capital loans
We are happy to advise that we have already assisted some of our clients with their applications and business plans to apply for the above scheme. On a positive note both AIB and BOI are responding very quickly and are extremely helpful and we have received initial positive responses on all applications to date (ranging from requested loan amounts €50,000 to €250,000). This will provide vital working capital for our clients over the next 6 months and will ensure security for their future, allowing them to bounce back quickly when the economy picks up which it will.
It is quite a straight forward application process. One thing that is a requirement is that the Business must submit a Business Plan as part of the application (a simplified version has been created for Covid 19). It should cover;
1. How the loan will be used
2. Description of Business
3. Products, service, customers and marketing
4. Financial information both historical and projected.
I have outlined below some brief key features of the loan;
- Loan amounts of between €25,000 to €1.5m per eligible enterprise
- Maximum interest rate of 4%.
- Loan terms ranging from 1 year to 3 years.
- Loans unsecured up to €500,000.
- Optional interest-only repayments may be available at the start of the loans.
- The loan amount and term is dependent on the loan purpose.
Loans can be used for
- Future working capital requirements.
- To fund innovation, change or adaptation of the business to mitigate the impact of Covid-19.
Please feel free to contact us if we can be of assistance at 01-9695100 or email me directly at [email protected]