Billy Kelleher
Ceist:289. Deputy Billy Kelleher asked the Minister for Business, Enterprise and Innovation the latest figures regarding the Brexit SME loan scheme launched in March 2018 for items (details supplied). [53665/18]
Amharc ar fhreagraWednesday, 19 December 2018
Ceisteanna (289)
Freagraí scríofa
The Brexit Loan Scheme provides affordable working capital to eligible businesses with up to 499 employees that are or will be Brexit impacted and which meet the scheme criteria. The €23 million exchequer funding announced in the 2018 Budget (€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 over the lifetime of the scheme.
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. Businesses can 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 their Brexit challenges. The SBCI assesses 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 using their eligibility reference number. Participating finance providers are the Bank of Ireland, Ulster Bank and Allied Irish Bank. Approval of loans is subject to the finance providers' own credit policies and procedures.
The figures in the table below are those as to 10th December 2018. The Department will receive a report each quarter from the SBCI on the uptake of the scheme. A number of requested figures have not been included in this table as they pertain to the relationship between banks and their client SMEs and so are beyond the remit of these reports. Some questions requested the same information and have, therefore, been answered once.
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Requested Details (as at 10 December 2018) |
|
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Number of businesses which have applied to the SBCI to confirm eligibility for the scheme |
326 |
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Number of businesses which have had their applications assessed by SBCI |
287 |
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Number of businesses which have not had their applications assessed by SBCI |
33 |
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Number of businesses which have had a successful application and received an eligibility reference number |
287 |
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Number of businesses which had a successful application and received no eligibility reference number |
N/A |
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The number of businesses who did not have a successful application and received no eligibility reference number |
6 |
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List of current finance providers |
Bank of Ireland, Ulster Bank and AIB |
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Number of SMEs which have progressed to sanction at finance provider level |
58 |
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Total value of loans progressed to sanction at finance provider level |
€13.44m |
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Current interest rate for those in receipt of approved loans |
Maximum interest rate under the scheme is 4% |