Measures introduced to support SMEs during coronavirus pandemic

By Robyn Kilroy

Irish banks have outlined new measures to support SME customers with money difficulties due to coronavirus.

Irish banks are to ensure that businesses under pressure are offered a range of credit, cash flow and supply chain supports.

A loan repayment deferral of up to 3 months will also be on offer to businesses.

Banks will also be offering a variety of tailored supports to businesses. These include extensions of credit lines, risk guarantees and trade finance.

These measures are a part of a wide range of proposals to support customers in financial difficulties due to coronavirus.

The Central Bank of Ireland, Banking and Payments Federation Ireland (BPFI), and the Revenue Commissioners met to propose these actions.

Minister for Finance Paschal Donohoe welcomes these new measures, highlighting the financial impact coronavirus will have on people.

Mr Donohoe said “we are all acutely aware of the impact of this public health crisis on our fellow citizens, both in terms of serious illness but also in terms of income loss.”

He also said those who continue to receive a full income must continue to pay their bills.

“It is incumbent on those citizens who continue to receive their full income to do their part by paying their bills, taxes, and loans on time, so as the maximum amounts of supports are available to our fellow citizens who are most in need.”