Billy Kelleher
Ceist:199. Deputy Billy Kelleher asked the Minister for Business, Enterprise and Innovation the banks that are providing moneys under the Brexit loan scheme. [29926/18]
Amharc ar fhreagraThursday, 5 July 2018
Ceisteanna (199)
Freagraí scríofa
The Brexit Loan Scheme provides affordable working capital to eligible businesses with up to 499 employees that are or will be impacted by Brexit 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. Bank of Ireland and Ulster Bank have participated since the scheme’s launch on 28 March, while Allied Irish Bank followed on 25 June. Approval of loans under the Brexit Loan Scheme is subject to the finance providers’ own credit policies and procedures.