Mary supported Government’s Credit Guarantee (Amendment) Bill 2020 that will make money available to small and medium size enterprises negatively affected by the pandemic.
Small and medium enterprises which have been negatively impacted by the pandemic urgently need cash to continue trading, continue employing and continue serving our communities.
This is the largest state backed credit guarantee in the history of the state and makes €1.6billion of credit available to small employers.
This government backed credit facility is in addition to the government introduced wage subsidy scheme, pandemic unemployment scheme and rates waiver which all protect employment and enterprise.
To protect and grow their businesses SMEs need to buy new stock, restructure debt and invest in their business. To do this they need access to credit.
The Credit Guarantee Scheme will provide small and medium enterprises with easy access to low interest long-term government backed credit from the three pillar banks, credit unions, An Post Bank and all regulated lending institutions.
You can read the legislation HERE.