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February 23rd, 2015 @ 12:36

Improvements to Credit Guarantee Scheme Welcome but Well Overdue

Chambers Ireland has today (23/02/15) welcomed the extension of the Credit Guarantee Scheme to include refinancing loans and a longer guarantee.

Speaking this morning, Mark O’Mahoney, Director of Policy and Communications, Chambers Ireland said “The Credit Guarantee Scheme has not had the desired effect. The inclusion of refinancing loans where an SME’s bank is exiting the market will open this product up to more businesses and will provide a source of support to otherwise viable companies who have struggled to secure the finance necessary to continue to trade.”

“Chambers Ireland has long called for an increase in the term of the guarantee and the extension to seven years is particularly welcome. This improved time frame will allow for greater flexibility and better reflects the realities of today’s economy. The Government has realised that the scheme in its current form is not working and have sought to address this issue. This should be commended but they must continue to monitor its progress closely and ensure the targeted improvement is achieved,” he concluded.

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