The Brexit Loan Scheme provides affordable working capital to eligible businesses with up to 499 employees that are or will be Brexit impacted and meet the scheme criteria. Participating finance providers are the Bank of Ireland and Ulster Bank with Allied Irish Bank following in June.
The scheme features a two-stage application process. First, businesses must apply to the Strategic Banking Corporation of Ireland (SBCI) to confirm their eligibility for the scheme. This initial application process requires businesses to use guidelines provided on the SBCI website to determine if they are eligible, and if so, to complete the eligibility form. As part of the process, businesses must submit a business plan, demonstrating the means by which they intend to innovate, change or adapt to meet the challenges posed by Brexit. The SBCI assesses these applications and successful applicants receive an eligibility reference number.
Successful applicants can then apply for a loan under the scheme with one of the participating finance providers using their eligibility reference number. Approval of loans are subject to the finance providers own credit policies and procedures.
The Scheme was launched on 28 March, and it is too early yet for businesses to have completed both application processes. Metrics detailing the uptake of the scheme will be available at the end of Quarter 2, 2018.