How will the Scheme help AIB customers?
AIB will restructure existing AIB current account and loan commitments into one Recovery Loan subject to certain lending criteria and guidelines. This ‘restructured debt’ up to a maximum of €250,000 will be offered by way of: (a) Recovery Loan repayable over an agreed term with an ‘interest only’ option for up to the first two years AND (if required) (b) Additional Working Capital facilities subject to certain lending criteria and guidelines. What do AIB Customers need to do to avail of this Scheme? As part of an application for the AIB SME Recovery Scheme, customers must submit a completed Viability Plan* and provide at a minimum the following information to AIB: – Current list of Debtors and Creditors by age profile – Confirmation on current status of tax affairs for the business – Signed and dated Asset/Liability profile* of the business and its promoters – Two-year Cashflow Forecast*, which demonstrates the ability to service repayments over the recovery period. In addition and whe
