Brexit Loan Scheme At Interest Rate Of 4%

21 Nov 2017 | 10.13 am

Brexit Loan Scheme At Interest Rate Of 4%

SBCI will provide €300m low cost funding for banks to lend

21 Nov 2017 | 10.13 am

As provided for in Budget 2018, the Strategic Banking Corporation of Ireland is seeking to partner with banks and other financial intermediaries in a €300m Brexit Loan Scheme.

The loan scheme will provide affordable working capital to Irish businesses that are now affected by Brexit or will be in the future, and will lend to eligible businesses with up to 499 employees at a rate of 4% or less. 

SBCI chief executive Nick Ashmore (pictured) commented: “This €300m loan scheme is a very significant support for Irish SMEs to help them address the major challenges that Brexit presents.

“Today’s call for expressions of interest shows the SBCI is moving quickly to implement this scheme in the first quarter of 2018. We want to ensure SMEs that need targeted low-cost, flexible finance for working capital purposes to deal with Brexit, can get this finance as a matter of urgency.

“This scheme is good news for SMEs and good news for lenders that want to support new and existing SME customers. We’re expecting a very strong take-up from lenders to allow us to reach as many SMEs as we can”.

SBCI indicated that interested on-lender must sign up for the scheme by  December 1.

Business minister Frances Fitzgerald said the maximum loan available under the scheme will be €1.5m and the minimum will be €25,000. Agriculture minister Michael Creed added that at least 40% of the fund will be available to food businesses. 

For details, see  www.dbei.gov.ie.

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