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 (€9 million from my Department and €14 million from the Department of Business Enterprise and Innovation) has been leveraged to provide a fund of up to €300 million. The Scheme has been designed to assist eligible Irish businesses in the short-term to deal with the challenges of Brexit, which include the pressures of increased market instability and currency volatility.
The Scheme was launched in March this year and will remain open until 31st March 2020, or until it is fully subscribed. As of 3 December, there have been 312 applications received, with 274 deemed eligible. 55 have loans progressed to sanction at finance provider level with a value of €12.91 million. This equates to an average loan value of €235,000. These figures were issued as an interim update by the SBCI.
The SBCI issue a detailed report on a quarterly basis, which includes a sectoral breakdown. As per the last quarterly report, dated 2 October 2018, there were 26 food-related loan applications approved under the Scheme.