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Eurofound's EU PolicyWatch collates information on the responses of government and social partners to the COVID-19 crisis, the war in Ukraine, rising inflation, as well as gathering examples of company practices aimed at mitigating the social and economic impacts.

Factsheet for measure IE-2023-5/3083 Updated – measures in Ireland

New loan scheme to help businesses impacted by war in Ukraine

Country Ireland , applies nationwide
Time period Temporary, 30 January 2023 – 31 December 2024
Context War in Ukraine
Type Other initiatives or policies
Category Supporting businesses to stay afloat
– Access to finance
Author Roisin Farelly (IRN Publishing) and Eurofound
Measure added 18 February 2023 (updated 11 July 2023)

Background information

Against the background of the ongoing war in Ukraine and the severe rise in energy costs, the government announced a new scheme to assist SMEs impacted. The scheme is considered a central pillar of the government’s response to aid businesses impacted by rapidly rising costs as a result of the invasion of Ukraine.

To give a legislative basis to such a scheme, the Credit Guarantee (Amendment) Bill 2022 was signed into law by the President on 2 December 2022.

Content of measure

The Ukraine Enterprise Crisis Scheme will provide €1.2 billion in reduced interest rate loans to SMEs, farmers and fishers.

The scheme for SMEs, primary producers and small mid-caps (defined as businesses with up to 499 employees). SMEs are expected to be the main beneficiaries.

Loans last for a period of up to six years and cost up to €1 million in total with reduced interest rates. The scheme will run until 31 December 2024.

In order to qualify, the applicant has to declare that costs have increased by a minimum of 10% compared to their 2020 figures and that the loan is being sought specifically as a result of difficulties resulting from the Ukraine crisis.

The government will guarantee 80% of the loan with the lender retaining 20% of the risk of the loan.

The new scheme has been prepared in order to comply with the terms of the European Commission’s Temporary Crisis Framework for State Aid.


The following updates to this measure have been made after it came into effect.

14 June 2023

In June, Allied Irish Bank Group (AIB) confirmed it is joining the Ukraine Credit Guarantee Scheme as a lender.

Use of measure

No information.

Target groups

Workers Businesses Citizens
Does not apply to workers SMEs
Other businesses
Does not apply to citizens

Actors and funding

Actors Funding
National government
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


No involvement.

Views and reactions

No information available.


  • 27 October 2022: Tánaiste announces new €200 million Ukraine Enterprise Crisis Scheme (
  • 30 January 2023: Ministers Coveney, McGrath and McConalogue announce first lender to the market for €1.2 billion Ukraine Credit Guarantee Scheme (
  • 14 June 2023: Ministers Coveney, McGrath and McConalogue welcome AIB as lender for €1.2 billion Ukraine Credit Guarantee Scheme (


Eurofound (2023), New loan scheme to help businesses impacted by war in Ukraine, measure IE-2023-5/3083 (measures in Ireland), EU PolicyWatch, Dublin,


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Disclaimer: This information has not been subject to the full Eurofound evaluation, editorial and publication process.