Kilkenny TD John Paul Phelan
Fine Gael TD, John Paul Phelan, has welcomed low-cost loans of between €25,000 and €1.5 million to help businesses struggling in the wake of the COVID-19 pandemic.
The loans are part of a scheme announced by Tánaiste and Minister for Enterprise, Trade and Employment, Leo Varadkar TD, the Minister for Agriculture, Food and the Marine, Charlie Mc Conalogue TD, and the Minister for Finance Paschal Donohoe.
“This further loan scheme to help SMEs access low-cost finance, recognising that many of them are still getting back on their feet after what has been an incredibly challenging few years.
“The COVID-19 Loan Scheme (‘CLS’) is a state-backed loan scheme, offering SMEs, including farmers, fishers, food businesses and small mid-caps, loans of between €25,000 and up to €1,500,000, with terms of one to six years and unsecured up to €500,000.
“Finance provided is competitively priced and some refinance can be availed of to help with any existing short-term credit a business may have,” Deputy Phelan said.
Tanaiste Varadkar said: “There are currently more people employed in Ireland than ever before in the history of the state. That would have been unimaginable a few months ago even. However, many businesses are still getting back on their feet after what has been an incredibly challenging period. I know Putin’s war on Ukraine has caused more uncertainty.
“These State-backed loan schemes are working well. The existing Covid Credit Guarantee Scheme helped more than 10,000 SMEs access low-cost credit. This successor scheme will give SMEs, including farmers, fishers and food businesses, the option to access really competitively priced loans, should they need to avail of that option, in addition to the other help that is available. It’s about giving SMEs as many options as possible.”
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