Tuesday, 12 March 2019

Ceisteanna (251)

Billy Kelleher

Ceist:

251. Deputy Billy Kelleher asked the Minister for Business, Enterprise and Innovation the number of firms that have applied for working capital under the Brexit SME loan scheme; the number of firms that have been sanctioned financing to date by firm size (details supplied); and the total value of same in tabular form. [12422/19]

Amharc ar fhreagra

Freagraí scríofa (Ceist ar Business)

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 number of firms that have applied for working capital under the Brexit Loan Scheme to date by firm size (as at close of business 07/03/19):

Firm size

No. of firms

Less than 10

240

11 to 49

192

50 to 249

63

More than 250

1

No. of employees not provided

2

Grand total

498

The number of firms that have been sanctioned financing to date by firm size and the total value of same (as at close of business 07/03/19):

Firm size

No. of firms

Total value

Less than 10

44

€4,309,000

11 to 49

30

€8,890,000

50 to 249

8

€4,155,000

More than 250

0

€0

Grand total

82

€17,354,000