The SBCI Covid-19 Loan Schemes are now closed for new applications.
Key features
- A fixed margin of 3.5% on loans up to and including €250,000.
- A maximum fixed margin of 2.75% on loans of €250,001 and above.
For example: €250,001 over 6 years at 2.75% will have 72 monthly repayments of €3,770.03. The total cost of credit for the loan is €21,441.16
- Loan terms from 1 year to a maximum of 6 years.
- Loans are available for amounts from €25,000 up to a maximum of €1,500,000 (for SME) and €1,400,000 (for Small Mid-Cap).
- No security will be required for loans up to €600,000. Security may be required for higher amounts.
- Optional interest-only repayments or interest and / or capital moratoria (up to 90 days*) are possible under the Scheme (subject to credit approval).
- An interest-only option is only available at first drawdown. If you want to take of an interest only option at the start of your loan, your total cost of credit will be higher as a result.
- We don’t offer repayment structures that have a final bullet *90 days is the maximum term allowable for any interest only and/or capital moratoria period over the course of the loan
- Loans can be used for:
- Working capital needs,
- Business investment.
SBCI Covid-19 Loan at a glance
- Maximum interest rate of 3.5% per annum
- Amount available from €25,000 up to €1,500,000 for SMEs, or €1,400,000 for Small Mid-Cap companies.
- Terms from 1 to 6 years.
- No security required for loans up to €600,000.
Useful information about eligibility
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Who can apply?
Viable micro, small and medium sized enterprises (SMEs) and Small MidCap enterprises (including primary producers) that meet the SBCI eligibility criteria.SMEs are defined by the Standard EU definition [Commission Regulation 2003/361/EC] as enterprises that:
- have fewer than 250 employees;
- have a turnover of €50 million or less (or €43 million or less on their balance sheet);
- are independent and autonomous i.e. not part of a wider group of enterprises;
- have less than 25% of their capital held by public bodies;
A Small Mid-Cap is an enterprise that is not an SME but has fewer than 500 employees.Eligible SMEs and Small Midcaps must be based in Ireland and/or have their principal activities in Ireland and must not be publicly listed. -
Who cannot apply?
An SME/Small Mid-Cap enterprise that:
- does not satisfy the SBCI Covid-19 Loan Scheme eligibility criteria;
- is bankrupt or being wound up or having its affairs administered by courts;
- is subject to, or fulfil the criteria under domestic law for being placed in, collective insolvency proceedings;
- has entered into an arrangement in the last five years in the context of being bankrupt or wound up or having its affairs administered by courts;
- has been convicted of an offence concerning professional misconduct by judgement, fraud, corruption, involvement in a criminal organisation, money laundering or any other illegal activity where such illegal activity is detrimental to the European Union’s financial interests;
- operates in an excluded sector
- does not comply with the State Aid rules (below);
The full eligibility criteria for who cannot apply can be found here.There will be a number of exclusions to lending under the Covid-19 Loan Scheme:- Finance of pure real estate development activity;
- Financing of Land/Property Purchase, including agricultural land;
- Financing of activities constituting pure financial transactions (e.g. Purchase of shares). A full list of excluded activities can be found on the SBCI website.
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Eligibility criteria
SMEs/Small Mid-Cap enterprises must satisfy the following Covid-19 criteria:
The business is impacted by Covid-19 resulting in business turnover or profitability being negatively impacted by a minimum of 15%.
For the full list of Eligibility criteria, please check the SBCI Website -
How to apply
- Review the Eligibility Criteria to assess if your business is eligible for a loan under the SBCI Covid-19 Loan Scheme.
- Complete the Eligibility Application Form and send it to the SBCI – online form and full details can be found on the SBCI Website.
- Eligible SMEs will receive a confirmation letter from SBCI with a reference number (which is valid for 6 months)
- Contact your Relationship Manager or call our Direct Business Advisors on 0818 478 833 with your reference number to begin your loan application.
Note: Confirmation of scheme eligibility does not guarantee credit approval. Customers will be required to submit a standard business loan application to the Bank. -
State aid
The SBCI, provides support for the scheme which allows a reduced interest rate to be applied. In some cases, this reduction in rate may be classified as State Aid.Loan amounts and term are dependent upon State Aid thresholds – SMEs are subject to De Minimis State Aid thresholds, provided such Aid does not exceed €200,000 in any 3-year fiscal period. Borrowing under this scheme will give rise to State Aid benefit, and therefore there may be a restriction on the loan amount/loan term that you can avail of. It is important to note that the State Aid is not the amount of the loan.Full details can be found on the SBCI Website.
We're here to help
Eligible SMEs will receive a confirmation letter from the SBCI with a Customer Eligibility Code (which is valid for 6 months).
Contact your Relationship Manager or call our Direct Business Advisors on 0818 478 833, Mon-Fri 9am-5pm with your Customer Eligibility Code to begin your loan application.


Important / Regulatory Information
WARNING: The entire amount you have borrowed will still be outstanding at the end of the interest-only period. |
AIB will not apply charges if you repay an SBCI COVID-19 Loan facility early.
The COVID-19 Loan Scheme is offered by the Strategic Banking Corporation of Ireland (SBCI) in partnership with the Department of Enterprise, Trade and Employment (DETE), the Department of Agriculture, Food and the Marine (DAFM), the European Investment Fund (EIF) and the European Investment Bank (EIB).
It is important to be aware that AIB is obliged to share personal information about successful applicants with the SBCI and this information will also be shared with EU Bodies and State Bodies. This will be done with regard to obligations under data protection legislation. You can read our Data Protection – Use of Information Notice by visiting our website or contact us directly for more information on how we use your information.
For information on how the SBCI handles personal data, including information about your data protection rights (in respect of the SBCI) and the contact details of the SBCI’s data protection officer, please refer to the SBCI’s data protection statement.
You also need to be aware that you will need to keep and be able to produce all documents relating to the SBCI Brexit Impact Loan Scheme for a period of 10 years from the end of your loan.
If you provide false information in relation to your eligibility for the Scheme or the amount of State Aid received, AIB are obliged to share this information with the SBCI who may take further action. This may also result in the termination of your loan facility and a demand for early repayment in full.
Lending Criteria, terms and conditions apply. Credit facilities are subject to repayment capacity and financial status and are not available to persons under 18 years of age. Security may be required.