Useful information about eligibility

• 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.
• 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
  1. Review the Eligibility Criteria to assess if your business is eligible for a loan under the SBCI Covid-19 Loan Scheme.
  2. Complete the Eligibility Application Form and send it to the SBCI – online form and full details can be found on the SBCI Website.
  3. Eligible SMEs will receive a confirmation letter from SBCI with a reference number (which is valid for 6 months)
  4. 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.