Covid-19 Credit Guarantee Scheme

Borrower Application Form

We recommend that you read the Information Section below before completing this form as it contains important details relating to the Scheme and the application process.


The Covid-19 Credit Guarantee Scheme (the “Scheme”) is provided by the Government through the Minister of Enterprise, Trade and Employment to facilitate lending to Micro, Small and Medium-sized Enterprises (together, “SMEs”) and Small Mid-Caps adversely impacted by Covid-19. All sectors of SMEs and Small Mid-Caps can avail of the Scheme, including Primary Producers – Agriculture.

The Scheme enables a borrower to access credit which would not otherwise have been available to it. The borrower contributes to the cost of the Scheme by paying a premium on the credit advanced, which in turn is passed on to the Minister of Enterprise, Trade and Employment by the finance provider. This premium is separate from and is in addition to the cost of the credit advanced.

The premium charged to a borrower under the Scheme is required to be paid under the European Commission’s Temporary Framework for State aid Measures to Support the Economy in the Current Covid-19 outbreak, (the “Temporary Framework”). The premium rate that will apply will depend on the size of the business and the length of time for which the credit is being advanced, as per the tables below:


Duration of credit1 year2 years3 years4 years5 years6 years
Rate %

Small Mid-Caps

Duration of credit1 year2 years3 years4 years5 years6 years
Rate %0.300.630.731.191.401.55

The Minister of Enterprise, Trade and Employment is providing a guarantee to the finance provider to facilitate the provision of credit under the Scheme, but the borrower remains responsible for the full repayment of the credit advanced. In the event of a default on the terms of the finance agreement (for example failing to make repayments of principal, interest or the premium), the finance provider is entitled to seek to recover the full amount of the credit that remains outstanding.

This application form gathers information to establish if you are eligible to apply for a Scheme backed finance agreement. It contains mandatory binding declarations regarding eligibility for the Scheme. If a false or misleading declaration is made, or if false or misleading information is provided with this application, it may lead to a demand for repayment of the credit advanced under the Scheme by the finance provider.

All declarations made and business plans and documentation provided may be audited by the European Commission and other bodies as part of periodic audits of European support schemes. Further details shall be set out in the terms of any finance agreement granted to a borrower under the Scheme.

Maximum Credit Amount

The amount of credit that can be obtained by a borrower under the Scheme, (whether under one or more finance agreements), is subject to the Scheme rules and the Temporary Framework. The maximum amount of credit that is permitted to be advanced to a borrower under the Scheme cannot exceed the higher of:

  1. double the borrower’s annual wage bill (including social charges as well as the cost of personnel working on the borrower’s site but formally in the payroll of subcontractors) for 2019, or for the last year available. In the case of a borrower created on or after 1 January 2019, the maximum loan must not exceed the estimated annual wage bill for the first two years in operation; or
  2. 25% of the borrower’s total turnover in 2019; or
  3. in limited cases and with appropriate justification, the amount of the loan may exceed the ceilings in (I) and (II) above to cover the liquidity needs of the borrower from the moment of granting for the coming 18 months for SMEs and for the coming 12 months for Small Mid-Caps. The liquidity needs should be established through self-certification by the borrower; or
  4. €1 million

Completion of this application form is not a guarantee of credit approval. Approval of credit under the Scheme is at the discretion of the finance provider.