Oireachtas Joint and Select Committees
Tuesday, 9 June 2020
Special Committee on Covid-19 Response
Reopening the Economy: Supports for Business
Mr. Declan Hughes:
Approximately 2,900 have applied for their eligibility codes. I do not have the exact figure, but approximately 2,600 have been approved by SBCI. Obviously, that is a key first step, and that is where businesses want to ensure they have that cover available to them. The next step is going to the banks. What we are finding is that not all those who have got the tokens, which are valid for up to six months and can be renewed, are going straight to their banks. What we do know is that 372 loans have been approved at bank level on the working capital scheme to a value of approximately €45 million or €46 million. What we are finding is that as businesses reopen, they have signals around phase 1 and phase 2 and then go to their financial institutions and say they then want to use the facility-----
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