Alternative Sources of Finance
If you've been declined finance there are other options available
Local Enterprise Office
Offer a range of support for small and medium sized enterprises (SME) including Suppporting SME's online tool, advice, information and funding support
For those businesses looking for alternative means of:
- Growth finance
- Seed Funding
- Business Angel Investment or
- Venture Capital Funding
Enterprise Ireland is the government organisation responsible for the development and growth of Irish enterprises in world markets.
Supporting entrepreneurs through equity based investment initiatives
European Investment Bank (EIB)
Support through lending, and advice to help maximise value for money
Funded by the Irish Government to provide loans to newly established and growing micro-enterprises across all industry sectors that do not meet the conventional risk criteria applied by banks.
Provides unsecured loans from €2,000 up to €25,000 with terms ranging from 3 to 5 years
From March 2018, all Small & Medium Enterprises (SMEs) who have been unable to secure funding through the traditional banking and security criteria channels, have an opportunity to avail of the Government Guarantee Scheme.
The Credit Guarantee Scheme (CGS) is designed to facilitate commercial lending to Irish based SMEs who can demonstrate commercial viability but cannot secure credit facilities, under two pillars -
- Insufficient collateral for the additional facilities and/or
- A perception of higher risk under banks' credit risk evaluation practices due to SMEs' expansion into sectors/markets or use of business models perceived as new or un-tested.
The CGS has been developed by the Department of Business, Enterprise and Innovation (DBEI). The Strategic Banking Corporation (SBCI) has been appointed as Operators of the scheme.
- SME businesses based in the Republic of Ireland or are Irish owned
- SME businesses that have less then 250 employees
- SME businesses that have a turnover of less than or equal to €50million, or an annual balance sheet less than or equal to €43million
Key Product Features
- Guarantees offered under the scheme are the term of facility or seven years, whichever is the shorter.
- Guarantees provided for facilities from €10,000 to €1million. The aggregate of all facilities granted to a particular qualifying/participating enterprise may not exceed €1million.
- Premium payments are made by the Customer by direct debit to the SBCI (Operator). A signed direct debit mandate is required at the time of drawdown for the guarantee to become effective.
- Part of the CGS participating finance agreement will count as State Aid.
- The provision of the Scheme Guarantee does not remove any liability for the credit from the Customer.
- Ulster Bank's credit appetite criteria applies.
Full eligibility criteria are available on the Department of Business, Enterprise and Innovation website. We are available at any time to help discuss your options. Details on how to apply for finance under the Credit Guarantee Scheme and how the scheme operates are available on the link above.