Dáil Éireann Debate, Wednesday - 18 October 2017
85. Deputy Róisín Shortall asked the Tánaiste and Minister for Business, Enterprise and Innovation the criteria required to apply for the €300 million Brexit loan scheme for SMEs announced in budget 2018; when details of the scheme will become available from the Strategic Banking Corporation of Ireland; and if she will make a statement on the matter. [44170/17]
View answerThe Brexit Loan Scheme will provide affordable working capital financing to Irish businesses that are either currently impacted by Brexit, or will be in the future. The new Scheme will be delivered by the Strategic Banking Corporation of Ireland (SBCI) through commercial lenders to get much needed working capital into Irish businesses.
The criteria for the Brexit Loan Scheme are still being finalised. Broadly, the Scheme will be open to businesses of up to 499 employees that can demonstrate that they are exposed to the impact (or potential impact) of the Brexit vote. They must also use the loan to meet working capital or cash flow requirements.
Further details of the scheme will be provided over the coming weeks. SBCI will issue an open call inviting lending institutions to participate before the end of October. The scheme is expected to be in place early in the new year. It is anticipated that the scheme will remain open until 2020.
