Irish businesses to be hit by Brexit will have access to a €300m loan scheme
Some €300 million in funding is to be made available to Irish businesses by the Irish government under its Brexit loan scheme.
The scheme is supported by the European Investment Bank Group (EIB), the European Commission and the Strategic Banking Corporation of Ireland (SBCI).
The signing of a counter guarantee last week means €23 million allocated by different Irish government departments will be leveraged to provide €300 million to Irish businesses affected by Brexit.
The scheme will be open to eligible businesses with up to 499 employees from March 2018. The Irish government says it will provide “affordable, flexible working capital financing to Irish SMEs that are either currently impacted by Brexit or who will be in the coming period”.
At least 40 per cent of the €300 million scheme will be available to food businesses – Irish agri-food exports, were worth €13.5 billion in 2017. Ireland’s finance Minister Paschal Donohoe said the guarantee agreement would provide “essential support” to the loan scheme.
“In order to remain competitive in a changing world, businesses will need to innovate and look to new markets to cope with the challenges of Brexit.
“This scheme will allow businesses to put in place the necessary changes to help them grow into the future. I look forward to continued collaboration with the EIB Group into the future.”
EIB vice-president Andrew McDowell said the EIB “recognises the unique challenges facing Irish companies” from Brexit: “This new scheme will support new investment by companies most vulnerable to future export and trade uncertainties and demonstrates the EIB’s enhanced support for private sector investment across the country.”
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