Loan Scheme explained

The Brexit Loan Scheme, which was announced in the 2018 budget, will provide affordable financing to businesses that are either currently impacted by Brexit or will be in the future. The Scheme, which will be delivered by the Strategic Banking Corporation of Ireland (SBCI) through commercial lenders will make €300 million available to eligible businesses with up to 499 employees at an interest rate of 4% or less.

Loan features:

Loan amount from €25,000 up to a maximum of €1,500,000 Loan term of up to 3 years Loans less than €500,000 will be unsecured Interest rate of 4% or less.

Loans can be used for:

Future working capital requirements to fund innovation, change or adaption the business to mitigate the impact of Brexit.

Eligible businesses can now apply through the participating finance providers: the Scheme is open through Bank of Ireland and Ulster Bank, with AIB following in June.

The first step for businesses will be to complete the eligibility criteria for the Scheme on the SBCI website.

Minister Humphreys said “Coming from a business background, I am acutely aware of the challenges that Brexit poses to firms. This €300 million Brexit Loan Scheme is one of a number of supports that the Government has put in place to help companies prepare.”