Dáil Éireann Debate, Tuesday - 30 January 2018
489. Deputy Niall Collins asked the Minister for Agriculture, Food and the Marine his views on a recommendation (details supplied) as contained in the National Competitiveness Council report, Ireland’s Competitiveness Challenge 2017; his plans to implement this policy recommendation, which he has statutory remit for; and the timeframe for implementation. [4058/18]
View answerLast week I welcomed the signing of the counter guarantee agreement with the European Investment Fund that will facilitate the launch of the “Brexit Loan Scheme”. The Scheme will provide affordable, flexible financing to Irish businesses currently impacted by Brexit, or those who will be in the future, and will make up to €300 million of working capital finance available. Given their unique exposure to the UK market, funding from my Department ensures that at least 40% of the fund will be available to food businesses; my Department is providing €9 million out of the total €23 million in public funding. The working capital finance will be easier to access, more competitively priced and at more favourable terms than current offerings. This will give Brexit-impacted businesses time and space to adapt and to grow into the future.
The Scheme was developed by my Department in cooperation with the Department of Business, Enterprise and Innovation and the Strategic Banking Corporation of Ireland (SBCI), who will deliver the Scheme. SBCI expect to announce their commercial lending partners shortly following an "Open Call" published on 21 November 2017. That publication included the “Indicative Rules of the Brexit Loan Scheme” and “Scheme Eligibility Criteria”.
Following the completion of administrative arrangements between SBCI and the commercial lending partners, I will be in a position to launch the new Scheme with my colleague the Minister for Business, Enterprise and Innovation.
