Credit Guarantee Scheme backs over €56m in lending to Irish SMEs – Minister Pat Breen

More than 2,500 jobs supported or maintained in the lifetime of the Credit Guarantee Scheme

The Minister for Employment and Small Business, Mr. Pat Breen, T.D., today (Thursday) welcomed the latest Quarterly Report (Q2 of 2016) from Capita Asset Services Ireland Ltd on its operation, on behalf of the State, of the Credit Guarantee Scheme (CGS) for small business.  

The latest Report shows that CGS Facilities were sanctioned for 43 Irish SMEs in the Q2 of 2016, for a combined total of almost €7.3 million, facilities that will create or maintain more than 300 Irish jobs. This is the highest level of quarterly figures achieved under all of these headings since the Scheme was introduced in October 2012.

347 facilities totaling over €56 million were sanctioned since October 2012. These went on to support or maintain more than 3,500 jobs. The figures also show that jobs have been supported in every region, and that numerous sectors across the economy have benefited from the Scheme.

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 the 2nd Quarter of 2016 has been the most successful since the Schemes were first introduced in late 2012. In my view, this is a further indication of strong growth, economic performance and business confidence, and I am also very pleased to see that every region of the country is benefitting. I also wish to thank Capita for its operation of the Schemes to date, and I look forward to a successful handover of that role to the Strategic Banking Corporation of Ireland (SBCI) from mid-October of this year.  In addition, and in line with the Government’s continuing commitment to providing finance to help Irish SMEs grow, I expect to be introducing new and expanded Schemes in the next few weeks.”

ENDS

For further information, please contact:  

Press Office, Department of Jobs, Enterprise and Innovation ph. 6312200 or press.office@djei.ie

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