The COVID-19 Credit Guarantee Scheme
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The Covid-19 Credit Guarantee Scheme (Covid-19 CGS) is part of a suite of initiatives provided by the Government of Ireland, via approved lenders like InvoiceFair, to facilitate lending to Small and Medium-sized Enterprises, and Small Mid-Caps adversely impacted by Covid-19.

Who can apply?

Viable small and medium-sized enterprises (SMEs), primary producers and small mid-cap enterprises that meet the eligibility criteria and have or expect to have a reduction of a minimum 15% in their turnover or profitability as a result of Covid-19.

SMEs are defined by the Standard EU definition [Commission Regulation 2003/361/EC] as enterprises that:

  • have fewer than 250 employees
  • have a turnover of €50 million or less (or €43 million or less on their balance sheet) are independent and autonomous i.e. not part of a wider group of enterprises
  • have less than 25% of their capital held by public bodies
  • is established and operating in the Republic of Ireland

A small mid-cap is an enterprise that is not an SME but has fewer than 500 employees.

Get In Touch

Fill the form below and we will contact you to discuss the COVID-19 Credit Guarantee Scheme at a time that suits you.
Or email here


Download a copy of our COVID-19 Credit Guarantee Scheme brochure.

How much can I borrow?

You can borrow from €10,000 up to a maximum of €1,000,000. The maximum amount you can apply for is determined by the greater of one of the following criteria:

  • 25% of the borrower’s total turnover in 2019; or
  • Double the borrower’s annual wage bill for 2019 or for the last year available. In the case of a company created on or after 1 January 2019, the maximum advanced must not exceed the estimated annual wage bill for the first two years in operation.

In exceptional cases and with appropriate justification, the amount advanced may be increased to cover the liquidity needs of the borrower from the moment of granting for the coming 18 months for SMEs and for the coming 12 months for Small Mid-Caps.

Get in touch with an InvoiceFair representative to discuss how much your company may be eligible to apply for.

What business sectors are eligible?

A NACE code is the European Union’s system for categorising different business sectors. Most businesses are eligible, but it is worth checking that yours is before you apply. The Department of Enterprise, Trade & Employment has provided a comprehensive list of NACE Codes that are eligible for inclusion in the Scheme which you can access here.

What are the costs?

There are two costs associated with this scheme: the interest rate & fees that InvoiceFair charges and a Credit Guarantee Premium, payable to the Department of Enterprise, Trade & Employment.

Interest Rates & Fees

The discounted interest rate that applies will range between 5-7%. The rate is defined by our credit evaluation process and based on the credit grading awarded and the term. As the Credit Guarantee Scheme is covered by a guarantee from the Department of Enterprise, Trade & Employment, we are discounting our standard fees. A member of our team can give you an initial estimate once you provide some basic information.

Credit Guarantee Premium

As facilities under the COVID-19 Credit Guarantee Scheme benefit from a guarantee, a premium on the facility applies.

This premium is separate to any fees or interest charged by InvoiceFair. The premium is payable to the Department of Enterprise, Trade and Employment and will be collected by InvoiceFair and paid directly to the Department.

The premium rate that will apply will depend on the size of the business and the length of time for which the credit is being advanced, as per the tables below:

Credit Guarantee Premium

SME’s Small Mid-Caps
1 year 0.15% 0.30%
2 years 0.26% 0.63%


Rates quoted are on a per annum basis

Get In Touch

Fill the form below and we will contact you to discuss the COVID-19 Credit Guarantee Scheme at a time that suits you.
Or email here


Download a copy of our COVID-19 Credit Guarantee Scheme brochure.
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“The vetting process done by InvoiceFair on Human+Kind provided the credibility and comfort which helped us receive competitive funding from a large Pool of Institutional Funders.”

Jeremy Smith – CEO
Human+Kind Ltd.

“Its simplicity is brilliant. I have used competitors platforms and can say from experience that there is nothing that I am aware of that comes close to the InvoiceFair platform.”

Peter Holly – Managing Director
Helicon Process Development Solutions Ltd

“InvoiceFair offered our clients a straightforward solution to their cash flow issues enabling them to focus on scaling their business.”

Peter Roberts – Partner
Roberts Nathan Accountancy & Advisory

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