Midlands 103

Search

Listen Live

On Air Now

9:00am - Noon

Midlands Today

Red Hot Chili Peppers

Under The Bridge

Midlands Minister Says Credit Guarantee Scheme Will Offer Much-Needed Help To Small Companies

Tuesday, 14 July 2020 13:14

It will provide low cost loans, partially underwritten by the government.

A midlands minister says the government's new credit guarantee scheme will offer much-needed liquidity to small businesses.

A €2 billion package will be available to struggling companies - if the proposed legislation is passed next week - which provides low cost loans of between €10,000 and €1 million, with 80% underwritten by the state.

Businesses with less than 500 staff and which suffered at least a 15% drop in profits due to covid-19 are eligible.

Longford-Westmeath TD and Minister of State for Trade Promotion, Robert Troy, doesn't believe it will end up costing the state €2 billion as it's a loan, not a grant:

However, small businesses are questioning whether the new scheme will help them with the Covid-19 crisis.

Chief executive of the Irish Small and Medium Enterprises Association, Neil McDonnell, says companies don't want to take on more debt:

More from Midlands News

Westmeath Man Named New CEO Of Irish Rural Link

Briain Smyth takes over from Seamus Boland.
Niall Horan Announces Extra Show Due To Demand

Tickets are on sale tomorrow at 10am.
Midlands MEP Demands EU Ban on Conversion Therapy

Fine Gael rep Maria Walsh is also criticising Ireland for not yet banning the practice.
Midlands Store Revealed As Location Of Second Lotto Winning Ticket

Supervalu in Monksland is where the winning Daily Millions ticket was sold on Monday.
Ryanair Boss Keeps Firm On Growth During Jet Fuel Crisis

The Mullingar boss of Ryanair says jet fuel supplies should hold out until May.
Burke Family Members Spend Night In Dóchas Centre After Arrest

The pair were found guilty of contempt of court last month.
Martina And Ammi Burke Arrested At Castlerea Prison

The High Court issued arrest warrants for Martina and Ammi Burke earlier this month.
Westmeath Energy Boss Warns Against Panic Stockpiling Of Fuel

Measures are being taken across the world in order to help with the currently energy crisis.
Midlands Animal Charity Slams ‘Disgusting’ Drop In Equine Welfare Cases

No prosecutions were handed out last year for aninal cruelty.
Insurance Costs Continue Upward Trend Despite Reform Measures

The price of car insurance has risen by 20% in four year.
HSE and Pharmacy Union Agreement Reached On Blister Packs

The State are intending to pay the cost for vulnerable patients from June 1st.
Laois Community To Challenge Approval Of Two IPAS Centres

A meeting was held last night discussing the appeal.
€1 Million Lotto Jackpot Won In Westmeath Once Again

Two people in the county have won the lotto prize over the past week.
€20K Reward Offered For Stolen Lego Container In Laois

The container, taken between February 2 and March 7, 2025.
Reintroduction Of State Exam Fees Criticised By Longford-Westmeath TD

Sinn Fein rep Sorca Clarke is slamming fees for the Junior Cycle and Leaving Cert exams.
Offaly Bog Heritage Group Voice Concerns Over Windfarm

Lemanaghan Bog Heritage and Conservation Group are speaking out against an approved 15 turbine wind farm.
Westmeath Chamber Of Commerce Hosting AI Forum

Attendees will gain 'quick wins' to AI tools.
Garda Watchdog Probes Death Of Man In Mullingar

The case has been referred to the independent policing ombudsman.
Gardaí Urge Witnesses To Come Forward In Laois Murder Investigation

Three were people arrested so far.
Laois Driving Instructor Taking On Sahara Ultramarathon

Tony McAllister from Mountmellick is set to compete in the Marathon de Sables in Morocco.

Download Our App

Never miss a moment from Midlands 103