Dáil Éireann Debate, Thursday - 19 October 2017
59. Deputy Niall Collins asked the Tánaiste and Minister for Business, Enterprise and Innovation when the €300 million Brexit loan scheme fund announced in budget 2018 will open for applications; the length of time the fund will remain open for applications; and if she will make a statement on the matter. [44454/17]
View answer60. Deputy Niall Collins asked the Tánaiste and Minister for Business, Enterprise and Innovation the criteria necessary for persons to apply for loans under the €300 million Brexit loan scheme fund announced in budget 2018; the minimum and maximum amounts permitted to be loaned; the collateral requirements which will be required; and if she will make a statement on the matter. [44455/17]
View answerI propose to take Questions Nos. 59 and 60 together.
The 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 minimum loan size will be €25,000. The maximum loan size is still under review, but it will be in excess of €1 million.
The criteria for the Brexit Loan Scheme, including the collateral requirements, 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.
