The Strategic Banking Corporation of Ireland (SBCI) will assess businesses for Brexit Loan Scheme eligibility from Wednesday. The scheme will remain open until March 2020, or until it has been fully subscribed.

AIB said it has secured an additional €122m in new SME funding as part of the scheme and will be taking applications from June 2018.

Continuing our Brexit response today with the opening of a €300 million brexit loan scheme to eligible businesses of up to 499 employees. Loans to €1.5 million at a rate of 4% or less. Scheme has the potential to benefit over 5,000 companies impacted by #brexit pic.twitter.com/TemFDQoMo2

— Michael Creed TD (@creedcnw) March 28, 2018

However, Fianna Fáil spokesperson for Brexit Stephen Donnelly said that the loan scheme needs to be competitive to be successful.

“Businesses that apply for a loan under this scheme can expect to pay a 4% interest rate. This compares to an interest rate of 2% in France and Germany," he said.

"The Government is putting relatively little money into the scheme as it is leveraged by the European Investment Bank. There should be scope to reduce the 4% interest rate."

40% of Brexit loan scheme monies available to food businesses

Brexit Loan Scheme open to businesses

The new €300m Brexit Loan Scheme was opened today as part of the Government's efforts to help businesses through the uncertainty.