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02 Jul 2022

Scheme to provide low-cost loans to Brexit-affected Irish businesses announced

Scheme to provide low-cost loans to Brexit-affected Irish businesses announced

Scheme to provide low-cost loans to Brexit-affected Irish businesses announced

The Tánaiste and Minister for Enterprise, Trade and Employment, Leo Varadkar, has today announced a scheme which will provide low-cost loans to Brexit-affected businesses. 

The Brexit Impact Loan Scheme (BILS) will provide up to €330million in low-cost lending to eligible impacted Irish businesses. 

The scheme is available through Bank of Ireland and AIB, but has been expanded to include credit unions to ensure wider accessibility. 

The five credit unions participating are all under the Metamo umbrella, including Cara CU in County Kerry, Access CU in County Cork, St Canice's CU in Kilkenny, St Francis CU in County Clare, and Savvi CU in Dublin. 

Speaking about the new scheme, the Tánaiste said, "I know many business owners have personal relationships with their local credit union and trust them when it comes to advice and services so I’m particularly pleased that Metamo Credit Unions have decided to come on board the updated Brexit Impact Loan Scheme. The more lenders that take part, the more options businesses have.” 

Loans, which will range from between €25,000 to €1.5million for up to six years, can be used for liquidity or investment, among other options including the refinancing of existing Brexit Loan Scheme loans. 

Businesses eligible for the scheme include SME and small mid-cap businesses, including primary producers in farming and fishing, who have adverse experience of a minimum 15% in actual or projected turnover or profit due to Brexit's impact. 

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