02 Jul 2022

Applications for the Brexit Impact Loan Scheme are open today

AIB opens applications for the Brexit Impact Loan Scheme today

AIB is open for applications for the Brexit Impact Loan Scheme, the bank has announced today. 

The Brexit Impact Loan Scheme 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 the Brexit Impact Loan Scheme by the Strategic Banking Corporation of Ireland.

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 make loans of up to €500k available without requiring security.

The scheme is supported by funds from the Department of Enterprise, Trade and Employment and the Department of Agriculture, Food and the Marine.

Tánaiste Leo Varadkar said it was 'great news' and wants 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." added Mr. Varadkar. 

Minister for Agriculture, Food and the Marine, Charlie McConalogue said the Brexit Impact Loan Scheme is 'a clear example of this Government’s commitment to supporting businesses across the country' and is a 'really strong option for many businesses who are seeking access to finance and offers a real choice to those businesses'.

CEO of AIB, Colin Hunt said: "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."

More information can be found here.

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