Brendan Smith welcomes new scheme to support businesses impacted by Brexit

Fianna Fáil TD for Cavan and Monaghan, Brendan Smith has welcomed support for businesses impacted by Brexit in the form of the new Brexit Impact Loan Scheme.

Deputy Brendan Smith commented, “I very much welcome the creation of the The Brexit Impact Loan Scheme, which makes up to €330m in lending available to eligible SMEs and small mid-caps seeking access to appropriate financing as they respond to the dual impacts of the pandemic and the UK’s withdrawal from the EU.

“There are many businesses facing up to the current challenges of Brexit and this scheme should provide financing and support to ensure they can not only survive, but thrive in due course.”

The Cavan and Monaghan TD added: According to the Minister, the new scheme does not require businesses to meet innovation criteria, which was a key issue raised for the former scheme. The new scheme is also open to businesses in the farming and fishing sectors and the maximum loan term has been extended from three to six years. The loan purpose has been broadened to include lending for investment purposes as well as for working capital and liquidity. This scheme also provides for some elements of refinancing.

“Loans under the scheme will range from €25,000 to €1.5m and loans of up to €500,000 will continue to be available unsecured and offered at competitive interest rates, with the exact rate dependent on the participating lender.”