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 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.
Minister for Business, Enterprise and Innovation, Heather Humphreys TD, Minister for Agriculture, Food and the Marine, Michael Creed TD, and Minister for Finance and Public Expenditure and Reform, Paschal Donohoe TD, opened the Brexit Loan Scheme for applications back in March to allow for the roll out of €300 million in funding to eligible Irish businesses.
“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”, Minister Humphreys added.
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.”
Find Out More
Get more information, download info packs and apply for the loan through your Local Enterprise Office Website now.
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