SBA – St. Patrick Style

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March 18, 2013

By Bob Coleman
Editor, Coleman Report

Last October, Ireland created an SBA style, 75% government guaranteed loan program.

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.

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