Offaly TD welcomes 'Brexit Loan Scheme' for small businesses
Offaly TD Carol Nolan has welcomed the introduction of a Brexit Loan Scheme which opened on March 29 and makes finance available to Small and Medium Enterprises to mitigate the impacts of Brexit on their businesses.
The €300 million fund is being made available to eligible SMEs by way of a low-interest loan which is offered at more favourable terms than commercial business lending. Applicants may seek amounts from €25,000 up to €1.5 million at a maximum interest rate of 4% over 3yrs. The finance, which may be used for future working capital, change or adaptations of the business to minimise the impact of Brexit, is being made available through AIB, Bank of Ireland and Ulster Bank.
Businesses that are active in the Republic of Ireland, and can demonstrate that 15% of their business turnover is exposed to potential negative impacts as a result of Brexit, whether through imports from, or exports to the UK are eligible for consideration.
Deputy Nolan described the initiative as “a welcome intervention which will provide a safety net to SMEs as the market uncertainty unfolds over the coming years. The Midlands region is already underdeveloped in terms of economic development so it is vital that existing SME’s are extended every possible support to consolidate their operations and protect existing jobs in the region.”
Further details on the scheme, will remain open until March 2020, is available in the Brexit Loan Scheme Information Pack, which can be viewed here.
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