New credit guarantee scheme for SMEs

Sligo Fine Gael councillor Dara Mulvey has welcomed the announcement by Minster for Employment and Small Business Pat Breen of the launch of the new Credit Guarantee Scheme 2017.

Since 2012, Credit Guarantees Schemes have been a key part of the Government’s arsenal of supports for SMEs in Ireland.

Some €65 million in bank loans were sanctioned for over 400 SMEs – for Working Capital, Purchase of Equipment, Product or Service Development, Purchase of Premises etc- and created or supported an estimated 2,500+ Irish jobs.

A subsequent Review pointed to a number of ways to further improve take up by SMEs of finance from this source, and the Government successfully piloted amending legislation through the Oireachtas in 2016.

Councillor Mulvey says it’s great news for small businesses in Sligo.