Credit Guarantee Scheme backs €75m in lending to Irish SMEs – Minister Pat Breen 

More than 3,000 jobs created or maintained in the lifetime of the Credit Guarantee Scheme

2rd August, 2017

Minister of State at the Department of Jobs, Enterprise and Innovation, Mr. Pat Breen, T.D., today (Wednesday) welcomed the latest Quarterly Report (Q2 of 2017) from the Strategic Banking Corporation of Ireland (SBCI) on its operation, on behalf of the State, of the Credit Guarantee Scheme (CGS) for SMEs.

The latest Report shows that in Q2 of 2017, CGS Facilities were sanctioned for 34 Irish SMEs, for a total of over €4 million in funding that will create or maintain 223 Irish jobs.

Since the Credit Guarantee Scheme became operational in October 2012, 471 facilities totaling €75 million have been sanctioned.  These sanctions are supporting or maintaining more than 3,000 jobs.

Commenting on the publication of the latest Quarterly Report today, Minister Breen said: “The latest Quarterly Report on the operation of our Credit Guarantee Scheme shows that SMEs are continuing to utilise the Scheme to great effect.  The Credit Guarantee Scheme continues to expand its reach across all regions of the country with the funding being used for a number of purposes.  These include Working Capital, Purchase of Equipment, Product or Service Development, Purchase of Premises or Business Expansion.  

I look forward to the SBCI’s roll out of the 2017 Scheme which will expand the range of financial products available to include non-credit products such as invoice finance and leasing, and overdrafts. I would encourage our SMEs that need financial support for growing and expanding their business to consider this option with one of the main banks.”

ENDS

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