Dáil Éireann Debate, Thursday - 14 June 2018
141. Deputy Maurice Quinlivan asked the Minister for Business, Enterprise and Innovation the number of businesses that have availed of the Brexit loan scheme to date; and if she will make a statement on the matter. [25987/18]
Amharc ar fhreagraThe 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. The €23 million exchequer funding (€14 million from my Department and €9 million from the Department of Agriculture, Food and the Marine) has been leveraged to provide a fund of up to €300 million.
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 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 assess the 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. Participating finance providers are the Bank of Ireland and Ulster Bank with Allied Irish Bank following later this month. Approval of loans are subject to the finance providers own credit policies and procedures.
The scheme was launched on 28 March this year. Metrics detailing the uptake of the scheme will be available at the start of Quarter 3, 2018.
