Insights From the FMco Team

Strategic Banking Corporation of Ireland ‘SBCI Covid-19 Working Capital Loan Scheme’

The Working Capital Loan Scheme is targeted at small and medium sized enterprises in order to assist them with future working capital requirements and to fund adaptation of your business to mitigate the impact of Covid-19.

The key features of the Working Capital Loan Scheme are as follows:

• Loan Amounts of €25,000 to €1.5M

• Loans unsecured up to €500,000

• Maximum interest rate of 4%

SBCI Working Capital Loan Scheme – Steps: The process for applying for this scheme involves two applications which are as follows:

• Application one – To the SBCI

  1. Ensure eligibility which is outlined on the SBCI website which can be accessed at https://sbci.gov.ie/schemes/co...
  2. Apply online through the SBCI website at the above link
  3. Await confirmation of eligibility from the SBCI which normally takes less than five working days

• Application two – To either AIB, Bank of Ireland, or Ulster Bank

  1. Contact your chosen bank to discuss the loan application with their lending team
  2. Inform the bank that you have been granted eligibility from SBCI in relation to the Working Capital Loan Scheme
  3. Provide the bank with a copy of your eligibility letter received from the SBCI
  4. Provide any requested details to the bank. The level of requested documents will often depend on whether or not you are an existing customer of that bank.

Such details may include:

  • Loan application form
  • Cov-19 business plan
  • Six Months Business bank statements
  • Cash flow forecast.

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