Home > Ireland > Ministers meet EIB and SBCI for formal agreement of €300m Brexit Loan Scheme

Ministers meet EIB and SBCI for formal agreement of €300m Brexit Loan Scheme

Written by Robert McHugh, on 22nd Jan 2018. Posted in Ireland

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The Minister for Business, Enterprise and Innovation, Heather Humphreys and Minister for Agriculture, Food and the Marine, Michael Creed along with Minister for Finance and Public Expenditure & Reform, Paschal Donohoe have met with representatives of the European Investment Bank Group (EIB) and the Strategic Banking Corporation of Ireland (SBCI) for the formal agreement of  a counter guarantee through the European Investment Fund to allow for the roll out of €300m in funding to Irish businesses under the Government’s Brexit Loan Scheme.

In last October’s budget, €14 million was secured by the then Minister for Business, Enterprise and Innovation, together with €9 million by the Minister for Agriculture, Food and the Marine, for the €23m for the Brexit Loan Scheme. The Department of Agriculture, Food and the Marine’s share of funding ensures that at least 40% of the fund will be available to food businesses. The scheme is supported by the European Investment Bank Group, the European Commission and the Strategic Banking Corporation of Ireland.

The signing of the counter guarantee agreement means that the total amount of €23m can be leveraged to provide €300m to Irish businesses affected by Brexit. The Scheme will be open to eligible businesses with up to 499 employees from March 2018, and has the potential to benefit over 5,000 companies.

Speaking today, Minister Humphreys said, "It’s time for Irish businesses to start planning and preparing for Brexit. The Brexit Loan Scheme will provide financing support at lower interest rates and with lower collateral requirements. I encourage businesses to use this financing to help improve their operational competitiveness, to innovate or to diversify their trade footprint as they prepare to face Brexit over the next year and beyond."

Source: www.businessworld.ie

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