Dáil Éireann Debate, Thursday - 25 January 2018
173. Deputy Charlie McConalogue asked the Minister for Agriculture, Food and the Marine when the €300 million Brexit loan scheme fund announced in budget 2018 will open for applications; the length of time the fund will remain open for applications; and if he will make a statement on the matter. [3876/18]
Amharc ar fhreagraEarlier this week I welcomed the signing of the counter guarantee agreement with the European Investment Fund that will facilitate the launch of the “Brexit Loan Scheme”. The Scheme will provide affordable, flexible financing to Irish businesses currently impacted by Brexit, or those who will be in the future, and will make up to €300 million of working capital finance available. Given their unique exposure to the UK market, funding from my Department (DAFM) ensures that at least 40% of the fund will be available to food businesses; DAFM is providing €9 million out of the total €23 million in public funding. The working capital finance will be easier to access, more competitively priced and at more favourable terms than current offerings. This will give Brexit-impacted businesses time and space to adapt and to grow into the future.
The Scheme will remain open for up to two years or until it has been fully drawn down and will be delivered by the Strategic Banking Corporation of Ireland (SBCI). They expect to announce their commercial lending partners shortly following an "Open Call" at the end of last year. Following the completion of administrative arrangements between SBCI and the commercial lending partners, I will be in a position to launch the new Scheme with my colleague the Minister for Business, Enterprise and Innovation.
