Cheap Brexit loans of up to €1m for businesses
Loans of up to €1 million each will be available to businesses affected by Brexit, from next year’s €300m scheme announced in the budget, writes Stephen Cadogan.
Business, Enterprise, Innovation Minister Frances Fitzgerald said:“It will provide loans ranging from €25,000 to €1m, and perhaps slightly beyond.”
She envisaged that the scheme will get under way in the New Year, but it will be the end of September before firms can apply and register their interest.
The Strategic Banking Corporation of Ireland will deliver the scheme, through commercial lenders, of finance at a reduced 4% rate towards short-term working capital needs.
The loan package is aimed at all trading small to medium enterprises, and larger firms employing up to 500. At least 40% will be available to food businesses, but farmers and fishermen are not eligible.
Loans will be for periods of up to three years.
