The launch of a loan scheme for small and medium sized enterprises (SMEs) and agri businesses has been announced by Minister for Finance Paschal Donohoe as part of Budget 2019.

Donohoe said that the budget would include "the launch of a future growth loan scheme".

“Government will bring new legislation to implement this scheme which will provide up to €300m. This builds on the €300m invested through the Brexit Loan Scheme last year and forms an important part of the Government’s Brexit response.

"I am also providing over €110m for Brexit measures across a number of Departments, including funding for essential customs requirements and a range of other targeted measures,” he said.

It's not yet known how much of this will include money already available under the €300m Brexit loan scheme for SMEs or the €25m that was set aside for a farmer-specific loan scheme that was promised in last year's budget.

Concern

IFA Farm Business Chair Martin Stapleton expressed his concern that the scheme would not include additional money, and would be based solely on money that had already been set aside for previous loan schemes.

"Becuase the scheme is open to SME's it is questionable how much of it farmers will benefit," Stapleton concluded.

Watch reaction from Fianna Fáil agriculture spokesperson Charlie McConalogue:

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