Dáil Éireann Debate, Wednesday - 19 December 2018
290. Deputy Billy Kelleher asked the Minister for Business, Enterprise and Innovation the number of SMEs that have received loan funding from an approved bank or financial institution after receiving final sanction approval under the Brexit SME loan scheme launched in March 2018. [53666/18]
View answerThe Brexit Loan Scheme was launched on the 28 March this year. I am pleased to say there has been a steady stream of applications so far.
The SBCI have received 326 applications under the Brexit Loan Scheme up to 10 December 2018. 287 of those applications have been deemed eligible for a loan under the scheme, and of those, 58 have progressed to sanction at finance provider level to a total value of €13.44 million.
It is important to remember that this scheme is not a loan for businesses to carry on as usual. We are asking businesses to carefully consider what they need to do to successfully address their Brexit challenge through innovating, changing or adapting their business model in some capacity. These responses may include strengthening their product offerings, developing new markets to diversify their trade footprint, changing their organisational structure or developing new capabilities.
As part of the process, businesses are requested to complete a business plan displaying how they are going to innovate, change or adapt. There are guidelines available on what is needed in the business plan on the SBCI website.
Additionally, SMEs can use the InterTrade Ireland Brexit voucher of €2,250 to assist them with the completion of the Brexit Loan Scheme application.
