The Brexit Loan Scheme provides finance to help businesses adapt to the challenges posed by Brexit. The Department of Agriculture, Food and the Marine contributed €9million to the fund, ensuring at least 40% of the €300m fund will be available to food businesses. This is the only sector that has ring-fenced funding.
How to qualify
To be eligible, a business must be:
an SME or small mid-cap enterprise (i.e. fewer than 500 employees)
Brexit impacted – meaning that 15% of business turnover is exposed to potential negative impacts as a result of Brexit through:
- imports from the UK, exports to the UK, or a combination of both
- indirect exposure to the UK by transacting with an enterprise directly exposed to the UK
Loans provided have the following features:
€25,000 to €1,500,000 per eligible enterprise
maximum interest rate of 4% (financial institutions can compete below this level)
term ranging from 1 year to 3 years
unsecured loans up to €500,000
optional interest-only repayments provided at the start of the loans
approval of all loans is contingent on meeting the credit assessment criteria of the finance provider
Loans can be used for:
future working capital requirements
investment in innovation, change or adaptation of the business to mitigate the impact of Brexit
The scheme has been available from 31 March 2018 and will remain open until 31 March 2021.
For further information or to apply, please see the SBCI website.