Banks, Credit Unions and financial providers are being invited to take part and help facilitate a new Brexit Loan Scheme which will provide loans to businesses, including farmers, if they were affected by Brexit.

It’s expected that loans will be available from €25,000 up to €1.5m and the overall loan fund is worth €330m.

Although interest rates will be decided by each lender, it’s expected that loans will be provided at a discounted rate in terms from one to six years, with up to €500,000 available unsecured.

Previous schemes heavily drawn down

Previous loan schemes have been heavily drawn down by farmers and funding has been exhausted in many, including the Future Growth Loan Scheme.

Minister for Finance Paschal Donohoe said is was his hope that the scheme would be available to a wide range of businesses that had been affected by Brexit.

Loans can be used for:

  • Liquidity/working capital.
  • Investment.
  • 100% refinancing of existing Brexit Loan Scheme loans.
  • Refinancing of 30% of new loans to cover refinancing of existing short-term credit, eg arising due to COVID-19 impacts.

    • “Access to finance is a critical need. This scheme will deliver important support to farmers, fishers, food businesses and to businesses generally as we seek to ensure their ongoing viability will not be hindered by a lack of suitable finance,” Minister for Agriculture Charlie McConalogue said as he welcomed the scheme.