Businesses will be able to seek help of up to €1m on day one of a crash out Brexit under plans to be announced in today's Budget.
Finance Minister Paschal Donohoe will detail a €1bn package of measures for responding to a feared no-deal Brexit. And he will outline how €650m of this will have to be borrowed should the UK leave the European Union without a deal. Some of the €1bn has already been spent on measures like upgrading Dublin Port. The Irish Independent understands that Business Minister Heather Humphreys has secured agreement for a number of initiatives that would be activated on the first day of a no-deal Brexit.
The schemes will be aimed at viable but vulnerable businesses which are most at risk from a disorderly Brexit.
One measure that will be announced today is a €45m Transition Fund. This is aimed at supporting companies in the manufacturing and internationally traded services sector to adapt their business model and adjust to the new trading reality of a no-deal Brexit. It will be targeted at small and medium sized enterprises with 10 or more employees and supports of between €200,000 and €1m will be available. The support will be in the form of a grant, loan or equity investment depending on the most appropriate way of maintaining the viability of the businesses involved.
Larry Teeling started his own glass glazing business, Crystal Glazing during the recession when a friend of his asked him to do some work in a county club. At the time, Larry was struggling to make ends meet after being let go from his job.