Government opens €300m Brexit Loan Scheme
- Scheme open to eligible businesses with up to 499 employees
- Loans of up to €1.5m at a rate of 4pc or less
- Scheme has the potential to benefit over 5,000 companies impacted by Brexit
The Brexit Loan Scheme has been officially opened, allowing applications apply for part of a €300m fund.
Eligible businesses can now apply for the Scheme through the participating finance providers: the Scheme is open through Bank of Ireland and Ulster Bank, with AIB following in June.
The Scheme will be open to eligible businesses with up to 499 employees from today, and has the potential to benefit over 5,000 companies.
The first step for businesses will be to complete the eligibility criteria for the Scheme on the SBCI website.
Speaking at the launch, Minister Humphreys said the Scheme will provide much-needed finance to eligible business impacted by the UK’s decision to leave the European Union.
"I am confident that it will make a real difference to firms, enabling them to adapt, change and innovate. This, in turn, will help them to become more competitive, a fundamental trait in any resilient business”.
In last October’s budget, €14m was secured by the then Minister for Business, Enterprise and Innovation, together with €9m by the Minister for Agriculture, Food and the Marine, for the Brexit Loan Scheme. The Department of Agriculture, Food and the Marine’s share of funding ensures that at least 40pc of the fund will be available to food businesses.
Minister Michael Creed said the Food Wise 2025 strategy outlines the agri-food sector’s unique and special position within the Irish economy and its potential for future growth.