Dáil Éireann Debate, Thursday - 22 March 2018
107. Deputy Brendan Smith asked the Minister for Business, Enterprise and Innovation the schemes and funding that are available to assist small and medium-sized enterprises which face particular difficulties due to Brexit; and if she will make a statement on the matter. [13512/18]
View answerThe Brexit Loan Scheme announced during Budget 2018 will be launched shortly. The scheme will be delivered by the Strategic Banking Corporation of Ireland (SBCI) through finance providers to get much needed working capital into Irish businesses.
The €300 million fund for the scheme is underpinned by a counter-guarantee from the European Commission and EIB Group through its InnovFin Loan Guarantee Scheme. Under the terms of the InnovFin scheme, the Brexit Loan Scheme provides support for businesses to innovate or adapt their businesses to weather the period of uncertainty around Brexit.
The scheme will be open to eligible businesses of up to 499 employees that can demonstrate that they are significantly exposed to the impact (or potential impact) of Brexit. They must be a viable business, doing business in Ireland, have a business development strategy and meet the scheme criteria. The scheme will be open both to State Agency clients and those businesses that do not have any relationship with State Agencies.
Further, my department is exploring the development of a new Business Finance Advisory Hub. This hub will assist SMEs in making informed funding and investment decisions. The advisory hub will serve to ensure that SMEs are well informed of their funding and financing options, and will strengthen their financial planning skills.
My officials are also working with the Department of Agriculture, Food and the Marine, the Department of Finance, the SBCI and EI in examining policy proposals for a new longer-term Business Investment Loan Scheme to support businesses to invest strategically for a post-Brexit environment.
