Tipperary Fine Gael TD Tom Hayes has announced that the Credit Guarantee Scheme announced in the Governmentâ€™s Action Plan for Jobs will go live next Wednesday, October 24, and is expected to provide an additional â‚¬150 million in lending for small businesses per year over the next three years.
The announcement was confirmed by the Taoiseach, the TÃ¡naiste and the Minister for Jobs, Enterprise and Innovation, Richard Bruton TD.
â€œThe Credit Guarantee Scheme aims to provide much-needed credit to job-creating businesses who are currently struggling to get finance from the banks. It provides a 75% State guarantee to banks against losses on qualifying loans to firms with growth and job creation potential.
â€œInitially it is expected that the scheme will facilitate up to â‚¬150 million of additional lending per annum to small and medium sized businesses, in addition to the lending targets set for the pillar banks. The Scheme will be demand-led, and take-up and performance will be closely monitored by the Department.
â€œThe most important element of this announcement is that for every â‚¬150 million of additional lending, the Scheme is expected to benefit over 1,800 businesses and create over 1,300 jobs. This scheme is about creating the right environment for job growth. For too long businesses in Tipperary and around the country have been demanding more access to credit. I believe this scheme will deliver that accessâ€ Tom Hayes said.