Factsheet for measure
IE-2022-28/2899
– measures in Ireland
New COVID-19 loan scheme for farming, fishing and food sectors launched
Background information
In July 2022 the Government launched a new loan scheme for SME businesses in certain sectors. Under the COVID-19 Loan Scheme, businesses will get access to low-cost finance. The Government said the new loan scheme is to help companies that are still getting back on their feet after the impact of the COVID-19 pandemic.
The COVID-19 Loan Scheme is supported by a guarantee through the European Guarantee Fund (EGF), which is being implemented by the European Investment Fund (EIF) on behalf of the European Commission.
Content of measure
The COVID-19 Loan Scheme is available to eligible SMEs, including those in the farming, fishing and food sectors, to help with the impacts of the COVID-19 pandemic.
The loans will be between €25,000 to €1.5 million and be available for terms of 1 to 6 years.
Loans can be used for:
-
liquidity/working capital
-
investment
-
refinancing
To be eligible for the loan scheme, the business must have experienced an adverse impact of a minimum 15% in turnover or profit due to the impact of COVID-19.
Interest rates on loans provided under the Scheme will be lower than is otherwise typically available on similar lending in the market and will vary according to the lender.
The scheme will remain open to new applications until the end of 2022.
Use of measure
No information yet.
Target groups
Actors and funding
|
Actors
|
Funding
|
National government
|
European Funds
National funds
|
Social partners
Social partners' role in
designing the measure
and form of involvement:
|
Trade unions
|
Employers' organisations
|
|
Role
|
No involvement
|
No involvement
|
|
Form
|
Not applicable
|
Not applicable
|
Social partners' role in the
implementation, monitoring and assessment phase:
-
No involvement
-
Main level of involvement: N/A
Involvement
No involvement.
Views and reactions
N/A
Sectors and occupations
-
This case is sector-specific (only private sector)
-
|
Economic area
|
Sector (NACE level 2)
|
|
A - Agriculture, Forestry And Fishing
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A1 Crop and animal production, hunting and related service activities
|
|
A2 Forestry and logging
|
|
A3 Fishing and aquaculture
|
|
I - Accommodation And Food Service Activities
|
I56 Food and beverage service activities
|
This case is not occupation-specific.
Sources
-
04 July 2022: COVID-19 Loan Scheme
(enterprise.gov.ie)
-
04 July 2022: Government launches further low cost COVID-19 Loan Scheme to help businesses
(www.gov.ie)
