SMEs receive €4.4 million in credit guarantee funding facilities in first quarter

During the first three months of 2018, the Credit Guarantee Scheme (CGS) provided facilities for more than €4.4 million in funding for the creation and maintenance of 229 jobs in small and medium-sized enterprises (SMEs), according to a new report.

Minister of State at the Department of Business, Enterprise and Innovation Pat Breen today welcomed the latest quarterly report (Q1 2018) from the Strategic Banking Corporation of Ireland (SBCI) on its operation, on behalf of the state, on the Credit Guarantee Scheme (CGS) for SMEs.

The latest report shows that in Q1 of 2018, CGS facilities were sanctioned for 30 Irish SMEs, for a total of over €4.4 million in funding.

According to the report, the “Primary Industries” sector (i.e. agriculture, mining and forestry) has to date received €1.05 million in facilities under the scheme through four loans.

This accounts for 1.36% of the funding, going by monetary value.

The “Real Estate, Land and Development Activities” sector, meanwhile, secured credit guarantee facilities worth €1,210,000 – through seven loans – accounting for 1.57%.

Since the Credit Guarantee Scheme became operational in October 2012, 560 facilities totaling €88.8 million have been sanctioned, according to the Department of Business, Enterprise and Innovation.

These sanctions are supporting or maintaining 3,519 jobs.

Commenting on the publication of the latest quarterly report today, Minister Breen said: “I am pleased to see that the Credit Guarantee Scheme continues to support Irish SMEs in every region, and across 16 sectors of the economy.

Over €88 million in sanctioned facilities are now supporting 3,519 jobs.

“I would encourage SME operators seeking finance to examine whether the Credit Guarantee Scheme is the right option for them to grow their business.”