The Tánaiste said "The COVID-19 Credit Guarantee Scheme is the largest state guarantee in the history of the state. It has been a very useful option for over 9,000 small and medium sized businesses and primary producers since its launch in September 2020 and we estimate that over 63,000 jobs have been maintained which would otherwise have been at risk without the Scheme."
"The extension of this Scheme will give business a level of certainty that if they need liquidity, they will be able to access low-cost loans, unsecured up to €250,000. This will help business react to ongoing developments and take advantage of any opportunities over the coming months."
"In the aftermath of the last recession, access to credit for viable but vulnerable businesses was a huge problem. Businesses failed that might have survived, jobs were lost and even businesses that were doing well could not get the loans they needed to expand or invest. The picture is very different today. This ensures easier access to credit, lower interest rates and longer repayment periods for business than would otherwise be the case."This Scheme is just one of the ways we are backing businesses and helping them through this challenging period. The EWSS, CRSS, commercial rates waiver and other grants remain in place."
This extension has been made possible by an extension of the European Commission’s State Aid Temporary Framework, which allows exceptional aid for businesses impacted by COVID-19