The Working Capital Scheme offers loans under the scheme range from €25,000 to €1.5m to finance the day to day running of a business.
To qualify for eligibility to the scheme, businesses need to meet one criterion related to the impact of COVID-19 on their business and one innovation criterion as per EIF standard conditions. The details of the criteria can be found here.
Viable micro, small and medium sized enterprises (SMEs) and Small Mid-Cap enterprises that meet the eligibility criteria can apply for the scheme.
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, that is, not part of a wider group of enterprises
have less than 25% of their capital held by public bodies
is established and operating in the Republic of Ireland
A Small Mid-Cap is an enterprise that is not an SME but has fewer than 500 employees.
Business with up to 499 employees can apply for eligibility to the scheme.
are involved in the primary agriculture and/or aquaculture sector
are in financial difficulty (excluding cashflow pressures caused by COVID19 virus impact)
are bankrupt or being wound up or having its affairs administered by courts
have entered in to an arrangement with creditors, in the context of being bankrupt or wound-up or having its affairs administered by the courts in the last five years
have been convicted of an offense 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
you are ineligible for the scheme.
There is a two-step process in place to apply for a loan:
confirm your eligibility by completing the Eligibility Application form which is available at sbci.gov.ie. You will receive an eligibility letter if your application is successful. This eligibility letter is not a guarantee of loan approval
once you receive confirmation that you are eligible, engage with the bank(s) to begin their standard loan application process. It is only at this stage that a decision will be made on credit approval
As part of the application process, applicants must submit a business plan demonstrating the means by which they intend to innovate, change or adapt in response to this new challenge.
You can get guidance on the application process, innovation and COVID-19 criteria, and business plans through the SCBI’s COVID-19 WCS helpline at 1800 804482.