Robert Troy
Ceist:146. Deputy Robert Troy asked the Minister for Business, Enterprise and Innovation the allocation in budget 2020 by her Department to the Brexit working capital and future growth loan schemes. [42378/19]
Amharc ar fhreagraWednesday, 16 October 2019
Ceisteanna (146)
Freagraí scríofa
Budget 2020 set out the Current and Capital ceilings for my Department (€339 million and €632 million respectively). However, the allocations for each of the Department’s subheads, including the Future Growth Loan Scheme, will not be finalised until the annual Revised Estimates process is completed. The Revised Estimates Volume is usually published in early December and will set out the final agreed 2020 allocations for each subhead.
The Brexit Loan Scheme was announced as part of Budget 2018. The Brexit Loan Scheme, using a combination of Irish Exchequer and EU guarantees, leveraged up to €300 million of lending at a maximum interest rate 4% at a cost to the Exchequer of €23 million - €14 million provided by my Department (all of which was provided by way of supplementary estimate in 2017) and €9 million provided by Department of Agriculture, Food and the Marine.
As at 10 October, there have been 837 eligibility applications received, of which 758 have been approved and 154 loans progressed to sanction at bank level to a value of €44.654 million.
The Future Growth Loan Scheme was announced in Budget 2019. The scheme provides a longer-term facility, 8 to 10 years, of up to €300m to support strategic capital investment for a post-Brexit environment by business at competitive rates. This Scheme is jointly funded by the Department of Business, Enterprise and Innovation (€37.2 million) and the Department of Agriculture, Food and the Marine (€24.8 million) at a total cost to the Exchequer of €62 million.
As at 10 October there have been 1,496 eligibility applications received, of which 1,420 have been approved and 336 loans progressed to sanction at bank level to a value of €58.434 million.
Announced as part of Budget 2020, my Department will have immediate access to an emergency support package of €110 million that will be activated and made available in the case of a No Deal Brexit to vulnerable but viable firms with verifiable Brexit exposure. This support package was announced in addition to a total budget allocation to the Department of €973 million.