By Stephen Cadogan
Minister for Jobs, Action and Innovation, Heather Humphreys, has said the Brexit accommodation arrangement launched aftermost March is working, and bodies are applying for the funding.
She said that in the ages to mid-October, the bulk of loans accustomed at coffer akin had added from €6.5 actor to €8.5m.
Minister for Business, Action and Innovation, Heather Humphreys.
Of the 262 applications accustomed at the time, 224 had been accustomed by the Strategic Banking Corporation of Ireland as actuality acceptable and 38 had been accustomed at coffer level.
“There is, therefore, a acceptable beck of applications advancing in, and they are actuality dealt with,” said the Minister.
The arrangement is accessible until March 31, 2020, or until the arrangement has been absolutely subscribed.
At atomic 40% of the armamentarium will be accessible to aliment businesses.
What is the Brexit Accommodation Scheme?
It is a accommodation agreement arrangement for acceptable businesses that charge almost concise acclaim to abode alive basic challenges brought about by Brexit. It helps businesses innovate, change or adapt, to abate the appulse of Brexit. The arrangement makes up to €300m accessible to acceptable Irish businesses. The accounts is easier to access, added competitively priced, and at added favourable agreement than added agnate offerings. The best absorption amount is 4%.
This amount represents a cogent extenuative compared with the prevailing ante offered for agnate loans on the market. Loans will ambit from €25,000 to €1.5m per acceptable business, with apart loans up to €500,000, and agreement from one to three years.
Optional interest-only repayments are actuality provided at the alpha of the loans.
The Brexit Accommodation Arrangement is offered by the Government, through the Department of Business, Action and Addition and the Department of Agriculture, Aliment and the Marine, accurate by the EIB Group’s InnovFin SME Agreement Facility. The arrangement is operated by the Strategic Banking Corporation of Ireland (SBCI) through accommodating accounts providers. Loans can be acclimated for approaching alive basic requirements, to armamentarium innovation, change or adjustment of the business to abate the appulse of Brexit.
What affectionate of businesses are acceptable for the scheme?
It charge be a applicable business with up to 499 employees. It charge be Brexit impacted, able to authenticate that 15% of business about-face is apparent to abeyant abrogating impacts as a aftereffect of Brexit, whether through imports from the UK, exports to the UK, or a aggregate of both, or aberrant acknowledgment to the UK by transacting with an action anon apparent to UK. Sole traders can additionally apply.
The purpose of the arrangement is to abutment businesses who are responding to their Brexit challenges through innovating, alteration or adapting to a Brexit/post-Brexit environment. These responses may accommodate deepening their artefact offerings, developing new markets to alter their barter footprint, alteration their organisational structure, or developing new capabilities.
What affectionate of businesses are not acceptable for the scheme?
It does not administer to businesses in banking adversity (excluding concise banknote breeze pressures).
The arrangement does not administer to those businesses which are broke or actuality anguish up, or those accepting their diplomacy administered by the courts.
It does not administer to businesses bedevilled of an answerability apropos any able conduct by judgment, fraud, corruption, captivation in a bent organisation, money bed-making or captivation in any added actionable action adverse to the EU’s banking interests. Due to State Aid rules, loans are not accessible to farmers and fishermen beneath this scheme. Some business sectors are not acceptable due to EIF restrictions.
Are businesses appropriate to be audience of State Agencies?
No, the arrangement is accessible to all businesses that accommodated the accommodation criteria.
Are any of the loans aimed at accurate sectors?
The Department of Agriculture, Aliment and the Marine contributed 40% of the State funding. As a result, at atomic 40% of the armamentarium will be accessible to aliment businesses.
However, any businesses operating in primary agronomics are not eligible.
Which accounts providers are accommodating in the scheme?
The accommodating accounts providers are AIB, Coffer of Ireland and Ulster Bank.
Approval of all loans would be accidental on affair the acclaim appraisal belief of the accounts provider
How do I administer for the Scheme?
Use the guidelines provided to appraise if your business is acceptable to accommodated the accommodation criteria.
If yes, complete the accommodation anatomy and acknowledgment to the SBCI by post/email. The SBCI will appraise the appliance and actuate if you are eligible/not eligible. Acceptable applicants will be provided with an accommodation advertence number, and can acquaintance their adopted accommodating accounts provider (AIB, Coffer of Ireland and Ulster Bank).
Where can I get abounding info?
This is on the websites of Department of Agriculture, Aliment and the Marine, or the Department of Business, Action and Innovation.
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