The launch of the Brexit Impact Loan Scheme [BILS] is planned for mid-September. This will see the Strategic Banking Corporation of Ireland opening for eligibility applications and the first of the participating lenders making the scheme available, with further lenders to follow in the coming weeks.
This scheme is a successor to the Brexit Loan Scheme. It will make loans available to eligible Brexit-impacted businesses for longer terms, of up to six years, and provide for more competitive interest rates. The scheme will also allow some forms of refinancing, and, lending under the scheme can be used for investment purposes as well as for working capital.
This scheme has been developed in cooperation with the Department of Agriculture, Food and the Marine, and will be available to eligible primary producers (businesses engaged in farming and fishing).
The scheme is operated by the Strategic Banking Corporation of Ireland through participating lenders and is underpinned by a guarantee through the European Guarantee Fund (EGF), which is being implemented by the European Investment Fund [EIF] on behalf of the European Commission.
I am conscious of the impact that Brexit has had on Irish businesses, on top of the changes brought about by the pandemic. The Brexit Impact Loan Scheme will make up to €330m available to eligible businesses as they navigate the dual impacts of the pandemic and the UK’s withdrawal from the EU.