AIB is now open to loan applications under the Brexit Impact Loan Scheme
€330m lending scheme to support Brexit impacted SMEs, including farmers and fishers
Low-cost loans from €25,000 to €1.5 million for up to six years
Tánaiste and Minister for Enterprise, Trade and Employment, Leo Varadkar TD and Colin Hunt, CEO of AIB, have today announced AIB is open for applications for the Brexit Impact Loan Scheme (BILS).
The Brexit Impact Loan Scheme (BILS) is a successor to the Brexit Loan Scheme and will provide up to €330m in low-cost lending to eligible Brexit-impacted businesses.
From today, AIB is open to accepting loan applications from businesses that have been approved for eligibility for the Brexit Impact Loan Scheme by the Strategic Banking Corporation of Ireland (SBCI). Further detail on eligibility approval can be found on the SBCI website at www.sbci.gov.ie
Participating lenders in the Brexit Impact Loan Scheme must provide for loans with terms of up to six years, for investment and working capital purposes, and to make loans of up to €500k (at a minimum) available without requiring security. This low-cost lending will help businesses as they respond to the changes Brexit has brought to their trading environment.
The scheme is supported by funds from the Department of Enterprise, Trade and Employment and the Department of Agriculture, Food and the Marine. It is operated by the SBCI and delivered through participating lenders. It is supported by a counter-guarantee from the European Investment Bank Group.
Tánaiste and Minister for Enterprise, Trade and Employment, Leo Varadkar TD said:
“This is great news. We want to see more lenders take part in this updated Brexit Impact Loan Scheme, to give businesses more options when seeking a loan. AIB is the second participating lender to come on board and we’re hopeful of more joining over the coming weeks. I know how hard both Brexit and the pandemic have been on Irish businesses. This scheme is part of the Government’s overall package to help those struggling and offers low-cost loans to help with either day-to-day operational costs or to invest.”
Minister for Agriculture, Food and the Marine, Charlie McConalogue TD said:
“The Brexit Impact Loan Scheme is clear example of this Government’s commitment to supporting businesses across the country. The scheme offers agri and other businesses, which have been affected by Brexit, access to competitively priced loans. The scheme is a really strong option for many businesses who are seeking access to finance and offers a real choice to those businesses. Ensuing our agri and rural businesses are insulated from the worst effects of Brexit continues to be a key priority of mine and this Government and that is why we are committed to innovative supports such as the Brexit Impact Loan Scheme.”
Minister for Finance Paschal Donohoe TD said:
“I welcome today’s announcement of AIB participating in the Brexit Impact Loan Scheme and providing SMEs with a choice of lender when it comes to accessing the Scheme. It is a choice I hope to see expand so that the Scheme becomes available to Brexit impacted businesses through as wide a range of channels as possible. The Government remains committed to supporting our SME sector including primary producers who are facing the twin challenges of COVID-19 and Brexit.”
Colin Hunt, CEO of AIB said:
‘It’s vital that we ensure funding is available for small businesses to counter the impacts of Brexit. I’m delighted to announce AIB has made €140 million in funding available through the new SBCI Brexit Impact Loan Scheme – helping those who need it most.
“As a country we are uniquely exposed to the effects of Brexit, many of which are continuing to unfold, and we are committed to supporting businesses as they adapt to a new post-Brexit trading environment. We also welcome the widening of the scheme to include farming and fishing, some of the most impacted sectors who continue to face difficulties adjusting to the aftermath of Brexit and for whom supports of this nature will be of significant benefit.”
June Butler, CEO of SBCI said:
“The new, enhanced Brexit Impact Loan Scheme (BILS) will support SMEs throughout Ireland as they deal with the challenges of Brexit. The SBCI is delighted AIB is participating in the Scheme, welcoming applications from today. The BILS will add significantly to the SBCI’s range of SME-friendly finance options and AIBs involvement in providing this scheme will help more SMEs get access to low-cost, flexible finance.