Monday 14 October 2019

Budget help of up to €1m for businesses on day one of a crash-out Brexit

Agreement: Business Minister Heather Humphreys. Photo: Gareth Chaney, Collins
Agreement: Business Minister Heather Humphreys. Photo: Gareth Chaney, Collins
Kevin Doyle

Kevin Doyle

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.

Irish Independent

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