Get information on accessing finance, revenue and more.
ISME members can also view our Code of Conduct for business lending to Small & Medium Enterprises including Do’s and Don’ts. Members can view the full details here
Strategic Banking Corporation of Ireland (SBCI)
The SBCI’s goal is to ensure access to flexible funding for Irish SMEs by facilitating the provision of:
- Flexible products with longer maturity and capital repayment flexibility, subject to credit approval;
- Lower cost funding to financial institutions which is passed on to SMEs;
- Market access for new entrants to the SME lending market, creating real competition.
How will the funds get from the SBCI to my business?
- The funding will be made available to SMEs through both bank and non-bank specialist on-lenders.
- The release of long-term funds by promotional (or state-backed) financial institutions, through frontline (or traditional) finance providers, is a successful and effective model for funding SMEs throughout Europe.
- The SBCI is currently working with non-bank financial institutions (such as leasing and invoice discounting providers) to develop alternative products for the Irish SME sector in order to deliver choice and competition.
Find out more go to SBCI.
Microfinance Ireland provides loans to small businesses with no more than 10 employees, including sole traders and start-ups. The loans of between €2,000 and €25,000 are for commercially viable proposals. Since September 2015, under the Microenterprise Loan Fund Scheme 2015, there is no longer a requirement to have been refused credit by the banks. Forms and details of how to apply are available here.
JobsPlus is an employer incentive which encourages and rewards employers who employ jobseekers on the Live Register. JobsPlus has replaced the Revenue Job Assist and Employer Job (PRSI) Exemption Schemes.
Under the Trading Online Voucher Scheme vouchers of up to €2,500 may be available to businesses who demonstrate that they have a credible plan for trading online. Further details are available from your Local Enterprise Office.
Credit Review Office
If you have a small or medium business and your application for credit is refused by one of the participating banks you may apply to the Credit Review Office to have your case reviewed. To be eligible for a review your application must have been in writing. The fee for the review ranges from €100 up to a maximum of €250.
The Credit Guarantee Scheme aims to encourage additional lending to small and medium businesses who are commercially viable but have difficulty in accessing credit. Under the Scheme eligible applicants will be assisted in obtaining a loan and in establishing a favourable credit history. You can find out more in the information booklet about the Scheme. There are also Customer Frequently Asked Questions and eligibility criteria. Since 3 March 2017, changes to the Credit Guarantee Scheme extend the definition of loan agreements to include certain non-credit products such as overdrafts. The scope of the scheme also extends to cover other financial product providers for example lessors.
Find out more about the Credit Review Office here.
Chartered Accountants Voluntary Advice
If you are having difficulties with your creditors the Chartered Accountants Voluntary Advice service – CAVA can give free advice and assistance on your business affairs. Contact your local Citizens Information Service or Money Advice and Budgeting Service (MABS) to see if they offer the service.
Get more Financial Support information here.
A Revenue audit is an examination of the information and figures shown by a taxpayer in their tax returns against those shown in their business records. Find out more in the guide below:Guide-to-Revenue-Audits