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Business frustration grows as Covid grants stick to EU state aid rules
Under EU rules, individual companies cannot receive more than €4m (£3.6m) in emergency grants
22 January 2021 • 4:30pm
Business leaders have called on the Government to diverge from certain EU state-aid rules that are blocking hundreds of millions of pounds in Covid grants getting to struggling companies.
Helen Dickinson, chief executive of the British Retail Consortium, said ministers should look again at the decision, which, if changed, could provide a lifeline to many businesses that have been forced to close because of Covid restrictions .
She added: It’s bizarre that EU state-aid rules are standing in the way. of financial support that will protect jobs.
| UPDATED: 08:46, Fri, Jan 22, 2021
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British businesses have been denied access to millions of pounds of support funding due to limitations imposed by the EU’s State Aid Temporary Framework. Earlier this month, Chancellor Rishi Sunak announced a package worth £4.6billion for UK firms to cope with the coronavirus crisis.
Tánaiste welcomes Credit Union participation in COVID-19 Credit Guarantee Scheme
more options for Irish SMEs and primary producers
The Tánaiste and Minister for Enterprise, Trade and Employment, Leo Varadkar TD today (Thursday 14 January) announced the participation of Metamo Credit Unions and three non-bank lenders: Linked Finance, CapitalFlow and Finance Ireland, in the governmentâs â¬2 billion COVID-19 Credit Guarantee Scheme.
The Credit Guarantee Scheme is the biggest ever state-backed loan guarantee in Ireland. The Scheme offers an 80% Government guarantee to participating lenders to provide Irish businesses, including those in the farming and fishing sectors, with access to low interest loans as they respond to the impacts of COVID-19.
Tánaiste Welcomes Credit Union Participation in COVID-19 Credit Guarantee Scheme
The Tánaiste and Minister for Enterprise, Trade and Employment, Leo Varadkar T.D. today (Thursday, 14th of January) announced the participation of Metamo Credit Unions and three non-bank lenders: Linked Finance, CapitalFlow and Finance Ireland, in the Government’s €2 billion COVID-19 Credit Guarantee Scheme.
The Credit Guarantee Scheme is the biggest ever state-backed loan guarantee in Ireland. The Scheme offers an 80% Government guarantee to participating lenders to provide Irish businesses, including those in the farming and fishing sectors, with access to low interest loans as they respond to the impacts of COVID-19.