What is The Credit Review Office?
This scheme is available to eligible businesses in Ireland, including those in the primary agriculture (farmers) and seafood sectors, to support strategic long-term investment. Finance provided under the scheme is competitively priced and offered at favourable terms. The scheme first launched with a total funding of €300 million in 2019. The additional €500 million under the expanded scheme will be made available through participating financial providers.
This scheme is available to eligible SME and Small Mid-Cap businesses, including those in the primary agriculture (farming) and seafood (fishing) sectors in Ireland, to support strategic long-term investment.
The Credit Review Office Loans can be used for:
- investment in tangible or intangible assets to increase productivity and/or efficiency, set up a new establishment or extend an existing one
- diversification into new products or a change in a production process
- investment in tangible or intangible assets for process and organisational innovation
- investment in tangible and intangible assets on agricultural holdings linked to primary agricultural production (excludes purchase of land other than site costs or livestock)
- investment in connection with the processing and marketing of agricultural products
The initial maximum interest rate is capped at 4.5% for loans up to €249,999 and 3.5% for loans more than or equal to €250,000 for the first six months. The rates thereafter are variable and will be dependent on the cost of funds at that point in time, however the credit margin component of the price has been capped. These rates represent a significant saving compared with the prevailing rates that are otherwise being offered for similar loans on the market.