Dáil Éireann Debate, Thursday - 20 May 2021
376. Deputy Matt Carthy asked the Minister for Agriculture, Food and the Marine the progress made with regard to a loan scheme under the SBCI targeted towards the agriculture sector with a value of €330 million; and if he will make a statement on the matter. [27243/21]
View answerThe Brexit Impact Loan Scheme (BILS), underpinned by a counter-guarantee through the European Investment Fund’s European Guarantee Fund, has been designed by the Department of Agriculture, Food and the Marine in cooperation with the Department of Enterprise, Trade and Employment and is delivered through the Strategic Banking Corporation of Ireland (SBCI). The Scheme has a capacity of up to €330 million and will be launched in parallel with the closure of the existing SBCI Working Capital Scheme (encompassing the Brexit Loan Scheme and the Covid-19 Working Capital Scheme). DAFM funding ensures that up to 40% of the Scheme will be available to the agri-food sector.
The Scheme will put in place important support for businesses to ensure that they have access to finance during this pandemic and to help deal with the challenges brought about by Brexit. The BILS offers a number of advantages over the existing arrangements on the Brexit Loan Scheme, including that farmers and fishers will now be eligible to access the new Scheme; loan terms of up to six years & variable interest rates will be available, and; loans will be available for working capital and investment purposes.
Development of the Scheme is progressing with supporting legislation currently proceeding as a priority through the Houses of the Oireachtas. On 6th May, the SBCI issued an Open Call for lenders to deliver the BILS and it is hoped that it can be launched shortly.
