Tuesday, 26 March 2019

Questions (600)

Gerry Adams

Question:

600. Deputy Gerry Adams asked the Minister for Business, Enterprise and Innovation the number of businesses in County Louth and east County Meath that have applied for working capital under the Brexit loan scheme which opened in March 2018; the number of such businesses that have been awarded financing to date; the value of this funding; and if she will make a statement on the matter. [13050/19]

View answer

Written answers (Question to Business)

My Department and its agencies are working to provide extensive supports, schemes and advice to ensure that businesses are prepared for Brexit. These measures aim to assist businesses in identifying key risk areas and to facilitate the practical actions to be taken in response to the UK's exit from the EU.

The Brexit Loan Scheme provides affordable working capital to eligible businesses with up to 499 employees that are or will be impacted by Brexit and meet the scheme criteria. The €23 million exchequer funding (€14 million from my Department and €9 million from the Department of Agriculture, Food and the Marine) has been leveraged to provide a fund of up to €300 million. 

It has been designed to assist eligible Irish businesses in the short-term to deal with the challenges of Brexit, which include the pressures of increased market instability and currency volatility. The scheme is open to both State Agency clients and businesses that do not have any relationship with State Agencies. Sole traders may also apply.

The scheme was launched in March 2018 and, at close of business on 15 March, there have been 523 eligibility applications received of which 472 eligibility applications have been approved and 89 loans progressed to sanction at bank level to a value of €19.34 million.

The figures in the following table are those as to 12 March 2019 and as details are collected for each County details of County Meath are provided as a whole.

 -

 County Louth

 County Meath

Number of businesses who have applied for Working Capital under the Brexit Loan Scheme

20 businesses have applied for eligibility under the Brexit Loan Scheme with 19 of these being deemed eligible and 1 in progress.

24 businesses have applied for eligibility under the Brexit Loan Scheme with 20 of these being deemed eligible, 2 ineligible and 2 in progress.

No. of businesses that have been awarded financing to date

 2

 5

Value of funding

 €620,000

 €1,005,000