An Tánaiste and Minister for Business, Enterprise and Innovation Frances Fitzgerald T.D., and the Minister for Agriculture, Food & the Marine Michael Creed T.D. have today announced that the Strategic Banking Corporation of Ireland (SBCI) is seeking expressions of interest from banks and other financial intermediaries to partner in a €300m Brexit Loan Scheme.
An Tánaiste and Minister Creed secured combined funding of €23m in last month’s Budget for the Scheme which will provide affordable working capital to Irish businesses that are either currently impacted by Brexit or will be in the future.
The Scheme aims to make €300 million available to eligible businesses with up to 499 employees at a rate of 4% or less. This rate represents a significant saving compared with the prevailing rates that are otherwise being offered for similar loans on the market.
The Brexit Loan Scheme will be delivered by the Strategic Banking Corporation of Ireland (SBCI) through commercial lenders to get working capital into Irish businesses. The SBCI will avail of EU guarantees through the European Investment Bank Group in order to leverage the €23m Exchequer funding to finance the Scheme.
Speaking this week, An Tánaiste said, "This scheme has been designed to help and support businesses affected by Brexit. The maximum loan available under the scheme will be €1.5m and the minimum will be €25,000, providing much needed headroom to Irish businesses from the first quarter of 2018."