March 18, 2013
By Bob Coleman
Editor, Coleman Report
Check out these fascinating stats:
Six loans for €582,000 have been approved creating 33 and retaining 5 jobs.
The amount of the program is €150 million per year for three yers.
Program losses are capped at €15 million per year. The lenders absorb all losses above the annual cap.
The credit guarantee is good for only three years, regardless of the loan term.
Ireland’s “credit-elsewhere test” definition is the business must be commercially viable with a solid business plan and a defined market for their products and services. However, there is insufficient collateral. Or, the company has growing sales, but is perceived a higher risk under “current credit risk evaluation practices.”
Check out the first quarterly report here.