The new COVID-19 Credit Guarantee Scheme (CGS) will make low cost loans available to businesses in Clare impacted by the pandemic.

Welcoming the scheme, local Fine Gael TD Joe Carey said: “This Scheme will be the largest credit guarantee scheme for businesses in the history of the State.

“It will ensure that SMEs, primary producers and small Mid-Caps in Clare can access liquidity to keep their businesses operating, as our economy continues to re-open and more and more people get back to work. It will be available for a wide range of products including overdrafts, term loans and working capital. 

“The legislation is expected to go through the Oireachtas next week, allowing for its swift enactment. 

“The changes being made to this Scheme will bring our offering into line with similar schemes across Europe,” Deputy Carey added.

The Tánaiste and Minister for Enterprise, Trade and Employment Leo Varadkar, added: “We want to give confidence to SMEs in particular, by providing the liquidity needed to get through the economic upheaval caused by the pandemic.”