Thursday, 3 June 2021
Department of Enterprise, Trade and Employment
Covid-19 Pandemic Supports
77. To ask the Minister for Enterprise, Trade and Employment the number of businesses in County Kilkenny that have availed of the Covid-19 credit guarantee scheme; and if he will make a statement on the matter. [30039/21]
The COVID-19 Credit Guarantee Scheme (CCGS) is the largest loan guarantee scheme in the history of the State.The Scheme provides €2 billion in lending, for terms up to five-and-a-half years and offers a range of lending products between €10,000 and €1 million at interest rates below market rates for similar type loans. It is available to SMEs and small mid-caps (business with less than 500 employees), including primary producers (businesses engaged in the farming and seafood sectors). The Scheme is available until 31 December 2021 following a Government decision in March to extend it in line with the extension of the European Commission’s Temporary Framework on State Aid.
In order to provide the public with relevant data on the performance of the scheme, my Department publishes weekly and monthly reports on its website. These reports provide data on loans drawn under a wide variety of themes and are available at enterprise.gov.ie/en/Publications/COVID-19-Credit-Guarantee-Scheme-Performance-Reports.html.
As at 20 May, 97 businesses in County Kilkenny have availed of the CCGS and have drawn loans with a value of €5,236,459.
The Scheme is currently available through three commercial banks, six non-bank lenders and nineteen credit unions. This long-term policy goal of diversification adds competition in the market and ensures a wide range of loan products are available throughout the regions.
I would strongly encourage businesses to avail of the low-cost lending facilities provided under the scheme as they look towards reopening.
The Small Business Assistance Scheme for COVID was introduced to help businesses not eligible for the Government’s COVID Restrictions Support Scheme (CRSS) and the Fáilte Ireland Business Continuity grant or other direct sectoral grant schemes.
The Scheme was launched on 9th March 2021 through the Local Authorities, with a closing date of 21st April for applications for Q1 2021. The Scheme provided a payment of €4,000 relating to the first quarter of 2021.
There were 5,020 applications for the SBASC in Q1 as of the closing date of 21st April. Of those, as of 28th May 1,834 have been rejected, with 493 still being assessed and 2,693 either approved for payment or paid.
Earlier this month Government agreed to expand the SBASC scheme which will now take into account businesses who do not pay rates and also businesses that have a turnover below €50,000. Phase 2 of this scheme will be open for applications in early June, with a closing date of 21st July. As with Phase 1 it will be administered by the Local Authorities.
Further details of the scheme including all eligibility criteria will shortly be available on my Department's website www.enterprise.gov.ie and on Local Authority websites.