Just 81 loans have progressed to sanction at bank level at a value of €17.32m under the Brexit Loan Scheme, Minister for Business Heather Humphreys has revealed.

Responding to a parliamentary question from TD Billy Kelleher, Minister Humphreys said that some 433 applications had been received to date. The scheme is worth €300m.

Of the total number of applications received, 386 have been approved by the Strategic Banking Corporation of Ireland, with 81 loans gone to sanction at bank level.

It is vital that businesses prepare themselves for Brexit impacts and take actions to mitigate

The loan scheme is to prepare businesses for Brexit and Minister Humphreys said that while many businesses have taken preparedness actions, a number have yet to do so.

“It is vital that businesses prepare themselves for Brexit impacts and take actions to mitigate.

“Firms that do business with the UK, whether buying goods or exporting products, should examine their supply chains to determine their vulnerabilities and take appropriate action,” she said.

Loan scheme for farmers

While farmers are excluded from the Brexit Loan Scheme, they will be able to apply to the €300m Future Loan Growth Scheme.

The scheme is due to open at the end of March and farmers will have access to just 16% of the scheme.

“A maximum of €50m will be provided to the primary agriculture sector,” a spokesperson for the SBCI recently told the Irish Farmers Journal.

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