Dáil Éireann Debate, Wednesday - 24 January 2018
101. Deputy Stephen S. Donnelly asked the Minister for Business, Enterprise and Innovation if the Government has sought EU funding support for Irish enterprises exposed to Brexit; if so, the nature of the support; and if she will make a statement on the matter. [3509/18]
Amharc ar fhreagraThe Brexit Loan Scheme announced during Budget 2018 will provide affordable working capital financing to eligible Irish businesses that are either currently impacted by Brexit, or which will be in the future. The Scheme will be delivered by the Strategic Banking Corporation of Ireland (SBCI) through commercial lenders to get much needed working capital into Irish businesses.
Support from the European Commission and EIB Group through its InnovFin counter Guarantee has enabled the €23 million exchequer funding (€14 million from my Department and €9 million from the Department of Agriculture, Food and the Marine) to be leveraged to provide a €300 million fund. The Brexit Loan Scheme will provide support for businesses to innovate or adapt their businesses to face the challenges of Brexit.
The Scheme will be open to businesses of up to 499 employees, which can also demonstrate that they are significantly exposed to the impact (or potential impact) of Brexit. They must be a viable business, doing business in Ireland, and they must have a business development strategy. The scheme will be open both to State Agency clients and those businesses that do not have any relationship with State Agencies.
My officials are working closely with the EIB group on the development of future schemes to support Irish businesses impacted by Brexit which would be structured to benefit from EIB supports.
