Three schemes that pro­vide sig­nif­i­cant work­ing cap­i­tal

Ul­ster Bank con­tin­ues to sup­port busi­nesses fi­nan­cially im­pacted by Covid-19 and Brexit, and also those busi­nesses look­ing to in­no­vate and grow

Business Plus - - PROFILE | ULSTER BANK -

We are of­fer­ing ac­cess to three gov­ern­ment spon­sored lend­ing schemes to sup­port Ir­ish busi­nesses. Be­low is an over­view of the three schemes on of­fer:

COVID-19 CREDIT GUAR­AN­TEE SCHEME (CGS)*

● De­signed to pro­vide SMEs, farm­ers, fish­er­men and small mid-caps with ac­cess to low-cost liq­uid­ity to keep their busi­nesses op­er­at­ing.

● Loans from €10,000 up to €1m, with terms of up to five and a half years. Loans of un­der €250,000 are avail­able un­se­cured. The scheme op­er­ates un­til 31/12/2020 or un­til fully sub­scribed.

● A Guar­an­tee Pre­mium ap­plies.**

FUTURE GROWTH LOAN SCHEME (FGLS)*

● Pro­vides sig­nif­i­cant in­jec­tions of liq­uid­ity to fund cap­i­tal ex­pen­di­ture projects for our busi­ness cus­tomers, to fa­cil­i­tate in­no­va­tion and ex­pan­sion as they re­spond to the chal­lenges brought about by the Covid-19 pan­demic.

● Loans from €25,000 to €3m, loans un­se­cured up to €500,000, with terms rang­ing from seven to ten years. The scheme op­er­ates un­til 31/12/2022 or un­til fully sub­scribed.

COVID-19 WORK­ING CAP­I­TAL LOAN SCHEME*

● Sup­ports Ir­ish SMEs im­pacted by Covid-19, to fund work­ing cap­i­tal re­quire­ments or to fund in­no­va­tion, change or adap­ta­tion of the busi­ness to mit­i­gate the im­pact of Covid-19.

● Loans from €25,000 to €1.5m. Loans un­se­cured up to €500,000 with terms rang­ing from one to three years. The Scheme op­er­ates un­til 31/3/2021 or un­til fully sub­scribed.

Ac­cord­ing to Ed­die Cullen, Man­ag­ing Di­rec­tor, Com­mer­cial Bank­ing, at Ul­ster Bank: “These funds will pro­vide our cus­tomers with sig­nif­i­cant work­ing cap­i­tal as they re­spond to the chal­lenges brought about by Covid-19 and by Brexit. They will also al­low our cus­tomers build for the future by fa­cil­i­tat­ing in­no­va­tion and ex­pan­sion.

“Ul­ster Bank’s par­tic­i­pa­tion in these schemes re­flects our con­tin­ued sup­port for our Ir­ish busi­ness cus­tomers. They are the lat­est in a range of prod­ucts and ser­vices that we have on of­fer, and ap­pli­ca­tions for all three schemes are cur­rently be­ing ac­cepted.”

If you wish to talk to us about your busi­ness and how these sup­port funds might help your busi­ness, our team of SME spe­cial­ists are ready and avail­able across the coun­try to an­swer any ques­tions that po­ten­tial ap­pli­cants may have.

For more in­for­ma­tion about the schemes, please visit dig­i­tal.ul­ster­bank.ie/busi­ness/loans-and-fi­nance/ sbci-covid-sup­port.html

Ed­die Cullen (right), Man­ag­ing Di­rec­tor, Com­mer­cial Bank­ing, Ul­ster Bank, with Tá­naiste Leo Varad­kar

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