A €300 million Brexit Loan Scheme for small business will open on 31st March 2018
An Tánaiste and Minister for Business, Enterprise and Innovation Frances Fitzgerald TD, in partnership with the Minister for Agriculture, Food and the Marine Michael Creed TD, has secured Budget funding for a new Brexit Loan Scheme which will provide affordable financing to Irish businesses that are either currently impacted by Brexit or will be in the future. The new Scheme will be delivered by the Strategic Banking Corporation of Ireland (SBCI) through commercial lenders to get much needed working capital into Irish businesses.
The new Brexit Loan Scheme aims to make up to €300 million available to businesses with up to 499 employees at a proposed interest rate of 4%. The scheme is open both to State Agency clients and those businesses that do not have any relationship with State Agencies. The finance will be easier to access, more competitively priced, and at more favourable terms than current offerings.
Department of Agriculture, Food and the Marine share of funding ensures that at least 40% of the fund will be available to food businesses.
Both Departments are also exploring the development of a longer- term “Business Investment Scheme”, which would focus on business development to support enterprises in investing strategically for the post-Brexit environment.
Due to State aid rules, the Scheme will not be available to farmers and fishermen. An alternative scheme for primary producers in the agriculture sector and fishermen is currently under consideration by DAFM.
The Scheme will be available from 31st March 2018 and will remain open until 31st March 2020.
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UHY FDW is continually monitoring developments throughout the Brexit process and will offer advice as the process becomes clearer.
If you would like to discuss Brexit – how it might impact you and your business – or, if you require a ‘Brexit-ready health-check’ from one of our business advisors please contact us.
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