€300m Brexit loan scheme launched for Irish businesses

The Irish government has announced the launch of a €300m (approximately £262.8m) Brexit loan scheme for Irish businesses affected by the UK exiting the European Union.

Businesses with up to 499 employees can apply for the scheme via Bank of Ireland, Ulster Bank and, from June, AIB .

The scheme will offer loans of up to €1.5m (approximately £1.3m) at a rate of 4% or less and could potentially benefit over 5,000 companies impacted by Brexit.

The loan scheme has been launched in partnership with the European Investment Bank Group and European Commission.

Heather Humphreys, minister for business, enterprise and innovation, said: “Coming from a business background, I am acutely aware of the challenges that Brexit poses to firms.

“This €300m Brexit loan scheme is one of a number of supports that the government has put in place to help companies prepare.”

“The scheme will provide much-needed finance to eligible [businesses] impacted by the UK’s decision to leave the European Union.

“I am confident that it will make a real difference to firms, enabling them to adapt, change and innovate.

“This, in turn, will help them to become more competitive, a fundamental trait in any resilient business.”

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