The Government have created a €450M fund to support businesses affected by Covid 19. Loans are available for working capital and these loans are unsecured up to €500k.
The loan terms range from 1 year to 3 years with a maximum interest rate of 4%.
The loans are available through AIB, Bank of Ireland and Ulster Bank. The Loan Application to the individual banks must include a Letter of Eligibility from the SBCI. The Loan Application must also include a detailed Financial and Business Plan for a 3 to 5 year period including projected profit and loss, projected balance sheet, detailed monthly cash flow statement for the past twelve months, weekly cash flow projections for the coming twelve weeks together with a monthly cash flow projection for the company twelve months.
OHB Consulting has vast experience in the preparation of detailed Business Plans to Financial Institutions supporting Loan Applications and are in an ideal position to carry out the above requirements for clients in order to successfully apply for funding.
The fund is likely to be utilised within a short period of time with the vast majority of businesses requiring working capital to recommence business when the Covid Restrictions are lifted.
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