Less than 10pc of Brexit Loan Scheme allocated to agri-food businesses to date

Photo: PA
Photo: PA
Margaret Donnelly

Margaret Donnelly

Less than 10pc of the funding for agri-food business under the €300m Brexit Loan Scheme has been allocated to companies, new figures show.

Of the €300m Brexit Loan Scheme for Brexit-impacted SMEs and mid-cap businesses, at least 40pc (€120m) of the fund is available to food businesses.

However, new figures show that in total up to 14 June 2019, 585 applications have been approved.

The total number of loans progressed to sanction at bank level is 141, with a total value of €30.6m, of which 29, with a value of €8.2m, relate to food businesses.

The figures were released to Fine Gael TD Bernard Durkan by the Minister for Agriculture Michael Creed.

Minister Creed also said tailored supports and analysis are being provided to food companies through Bord Bia’s Brexit Barometer and the recently launched DBEI/DAFM “Future Growth Loan Scheme” will bring up to €300m of long-term strategic investment loans available to eligible Irish businesses, including farmers and the agri-food sector.

"The fund is leveraged by exchequer funding of €62m, of which 40pc, or some €25m, has been provided by my Department."

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