Ukraine Credit Guarantee Scheme

In response to the ongoing conflict in Ukraine which commenced in February 2022, the Ukraine Credit Guarantee Scheme (the "UCGS") was introduced by the Department of Enterprise, Trade and Employment (the "Department") in January 2023 and is operated by the Strategic Banking Corporation of Ireland (the "SCBI"). The €1.2 billion UCGS offers a guarantee rate of 80% on loans of up to €1 million to viable small and medium-enterprises ("SMEs") and small mid-caps impacted by economic challenges arising from the conflict in Ukraine. The UCGS takes its roots from the COVID-19 Credit Guarantee Scheme (the "CCGS") introduced by the Department in 2020 to facilitate lending to eligible businesses negatively impacted by COVID-19.