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Credit Guarantee Scheme backs 75m in lending to Irish SMEs

Written by Robert McHugh, on 2nd Aug 2017. Posted in Financial

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The Strategic Banking Corporation of Ireland (SBCI) has released its latest Quarterly Report on the Credit Guarantee Scheme (CGS) for SMEs.
 
The report shows that since the Credit Guarantee Scheme became operational in October 2012, 471 facilities totaling €75 million have been sanctioned. These sanctions are supporting or maintaining more than 3,000 jobs. 
 
In the second quarter of 2017, CGS Facilities were sanctioned for 34 Irish SMEs for a total of over €4 million in funding that will create or maintain 223 Irish jobs.

Speaking today, Minister of State at the Department of Jobs, Enterprise and Innovation, Pat Breen said, "I look forward to the SBCI’s roll out of the 2017 Scheme which will expand the range of financial products available to include non-credit products such as invoice finance and leasing, and overdrafts. I would encourage our SMEs that need financial support for growing and expanding their business to consider this option with one of the main banks."

Source: www.businessworld.ie

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