Dáil Éireann Debate, Tuesday - 29 January 2019
274. Deputy Billy Kelleher asked the Minister for Business, Enterprise and Innovation when the €300 million Brexit loan scheme fund announced in budget 2019 for SME businesses will be open for applications; the length of time the fund will remain open for applications; the criteria for applying; and if she will make a statement on the matter. [3804/19]
Amharc ar fhreagraMy Department and its agencies are providing extensive supports, schemes and advice to ensure that businesses are prepared for Brexit. These measures aim to assist businesses in identifying key risk areas and the practical preparatory actions to be taken over the coming weeks.
The Future Growth Loan Scheme was announced in Budget 2019. The scheme will provide a longer-term facility, eight to ten years, of up to €300 million to support strategic capital investment for a post-Brexit environment by business at competitive rates. This is jointly funded by the Department of Business, Enterprise and Innovation and the Department of Agriculture, Food and the Marine.
Loans of €50,000 to €3 million will be available, with loans of under €500,000 being provided on an unsecured basis. The scheme will be open to Irish SMEs, including those in the primary agriculture and seafood sectors, to support strategic, long-term investment in a post-Brexit environment. Eligible businesses must have an establishment or branch in Ireland.
The scheme will feature a two-stage application process. Applications for eligibility under the scheme will be made through the SBCI website. Successful applicants will be issued a reference number required to apply for a loan under the scheme with one of the participating finance providers.
The SBCI has issued an, “Open Call”, for financial institutions to apply by 11 February 2019 for designation as a lending partner under the Scheme. The scheme is expected to run for three years from its launch date. The SBCI has told me that it hopes to be in a position to launch the Scheme before the end of the first quarter, and I encourage businesses to begin their preparations to support an application for the scheme now.
