Contact Us

Many small businesses continue to deal with the economic effects of the COVID-19 pandemic and still need support.

This week the government launched the COVID-19 Loan Scheme (CLS). This is a state-backed loan scheme, offering SMEs (including farmers, fishers, and food businesses) loans of between €25,000 and up to €1,500,000, with terms of 1 to 6 years and unsecured up to €500,000.

Finance provided is competitively priced and some refinance can be availed of to help with any existing short-term credit a business may have.

Interest rates vary, but are capped at an initial maximum rate of 3.7% for loans less than €250,000 and 2.75% for loans of €250,000 and above. If you go directly to a bank, SMEs would typically pay circa 7% for a business loan.  

The Scheme is operated by the Strategic Banking Corporation of Ireland (SBCI) through participating lenders. Visit their website for more information on the application process: www.sbci.gov.ie

Loans are available up to 31 December 2022 or until the scheme has been fully subscribed.

The new CLS replaces the COVID-19 Credit Guarantee Scheme that ceased at the end of June 2022.

 

 

Date published 5 Jul 2022

This article is intended to inform rather than advise and is based on legislation and practice at the time. Taxpayer’s circumstances do vary and if you feel that the information provided is beneficial it is important that you contact us before implementation. If you take, or do not take action as a result of reading this article, before receiving our written endorsement, we will accept no responsibility for any financial loss incurred.

Choose the right accounting firm for you

Running your own business can be challenging so why not let TaxAssist Accountants manage your tax, accounting, bookkeeping and payroll needs? If you are not receiving the service you deserve from your accountant, then perhaps it’s time to make the switch?

Local business focus icon

Local business focus

We specialise in supporting independent businesses and work with over 6,246 clients. Each TaxAssist Accountant runs their own business, and are passionate about supporting you.

Come and meet us icon

Come and meet us

We enjoy talking to business owners and self-employed professionals who are looking to get the most out of their accountant. You can visit us at any of our 23 locations, meet with us online through video call software, or talk to us by telephone.

Switching is simple icon

Switching is simple

Changing accountants is easier than you might think. There are no tax implications and you can switch at any time in the year and our team will guide you through the process for a smooth transition.

See how TaxAssist Accountants can help you with a free, no obligation consultation

1800 98 76 09

Or contact us