The Future Growth Loan Scheme is being developed by my Department and the Department of Agriculture, Food and the Marine (DAFM) in partnership with the Department of Finance, the Strategic Banking Corporation of Ireland (SBCI) and the European Investment Fund (EIF).
Through a counter-guarantee from the EIF, the Future Growth Loan Scheme will leverage €62 million of Exchequer funding, of which 60% will be provided by my Department and the remaining 40% will be provided by the Department of Agriculture, Food & the Marine over a five-year period to make a fund of up to €300 million available to eligible Irish businesses for terms of 8-10 years.
The scheme will feature a two-stage application process. Businesses will first apply to the Strategic Banking Corporation of Ireland (SBCI) to confirm their eligibility for the scheme. Successful applicants will then be able to apply for a loan under the scheme with one of the participating finance providers.
The scheme will be available to eligible Irish businesses, including those in the primary agriculture and seafood sectors, to support strategic, long-term investment in a post-Brexit environment. The eligibility criteria have yet to be finalised, but the scheme will be open to SMEs with an establishment or branch in Ireland. Sole traders will be eligible for funding under the scheme. Finance provided under the scheme will be competitively priced and have favourable terms, including the interest rate, with loans up to €500,000 unsecured.
The scheme is expected to launch in early 2019.
