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The launch of the Brexit business loan by Microfinance Ireland, which is open to the agri sector has been welcomed by IFA farm business chair Rose Mary McDonagh.
“The announcement of this product is timely and provides farmers with access to funding to cover their operating expenses during the ongoing uncertainty caused by Brexit,” McDonagh said.
“Beef farmers in particular have suffered severe income losses due to Brexit uncertainty, sterling volatility and the impact of COVID-19.”
Impacted turnover
Loans may be used for short term working capital or required business changes as a result of Brexit. Sole traders, partnerships and limited companies with fewer than 10 employees and annual turnover of up to €2m are eligible.
McDonagh continued: “If your business turnover is in line to be impacted by Brexit by a minimum of 15%, or your business has a short-term cashflow requirement, the Brexit business loan may be an option to help you.
“Loan amounts of €5,000 to €25,000 are available and terms range from six months to three years. If you apply through your Local Enterprise Office or other referral partners, you can avail of 4.5% APR. If you apply directly to Microfinance Ireland, the interest rate is 5.5% APR.”
Meanwhile, the COVID-19 Credit Guarantee Scheme has been extended to June 2021.
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