Dáil Éireann Debate, Tuesday - 28 November 2017
483. Deputy Charlie McConalogue asked the Minister for Agriculture, Food and the Marine if Northern Ireland-based food companies seeking to develop new facilities here in order to mitigate against the threats posed by Brexit will be able to avail of SBCI reduced interest loans; the maximum funding which will be available to such companies; and if he will make a statement on the matter. [50033/17]
Amharc ar fhreagraI believe that supporting lower-cost flexible finance is a key Government response to assist businesses in dealing with Brexit. I was therefore delighted to announce in the Budget that we are providing funding for a new Brexit Loan Scheme, which make up to €300 million of affordable, flexible financing available to Irish businesses that are either currently impacted by Brexit or who will be in the future. Given their unique exposure to the UK market, my Department’s funding contribution ensures that at least 40% of this Scheme will be available to food businesses.
The new Scheme will be delivered by the Strategic Banking Corporation of Ireland (SBCI) through commercial lenders. SBCI issued an open call on 21 November inviting lending institutions to participate. The Scheme is expected to be in place in March 2018 and it is anticipated that it will remain open until March 2020.
SBCI advises that SMEs and small mid-cap businesses (up to 499 employees) based in the State will be eligible. They also advise that businesses not based in the State, but with their principal activities here, will be eligible.
