A €300 million Brexit Loan Scheme is now open for eligible Irish businesses to apply for in preparation for the approaching UK departure of the EU.

The scheme, providing loans of up to €1.5 million at a rate of 4% or less, has the potential to benefit over 5,000 companies impacted by Brexit with up to 499 employees.

Delivered by the Strategic Banking Corporation of Ireland, the first step for businesses will be to complete the eligibility criteria for the scheme on the SBCI website.

Eligible businesses can apply for financial aid through Bank of Ireland and Ulster Bank, with AIB following in June.

The Department of Agriculture, Food and the Marine’s share of funding ensures that at least 40% of the fund will be available to food businesses.

Earlier this year Ministers Humphreys, Creed and Donohoe signed a counter guarantee agreement backed by the European Commission through the European Investment Fund (EIF), which is part of the European Investment Bank Group (EIB), so that the €23 million secured in Budget 2018 can be leveraged to provide €300 million to Irish businesses affected by Brexit.

“Coming from a business background, I am acutely aware of the challenges that Brexit poses to firms. This €300 million Brexit Loan Scheme is one of a number of supports that the Government has put in place to help companies prepare,” said Minister Humphreys.

She continued:

“The scheme will provide much-needed finance to eligible business impacted by the UK’s decision to leave the European Union. I am confident that it will make a real difference to firms, enabling them to adapt, change and innovate. This, in turn, will help them to become more competitive, a fundamental trait in any resilient business.”