SBCI seeks lending partners for new €300 million Brexit Loan scheme
- Banks and other financial institutions invited to distribute new low-cost loan scheme announced in last month’s Budget – applications to be submitted by 8th December 2017.
- Scheme will provide affordable financing to businesses that are either currently impacted by Brexit or will be in the future.
- Scheme will make €300 million available to eligible businesses with up to 499 employees at a rate of 4% or less.
- SBCI announces details of loan features.
21 November 2017: The Strategic Banking Corporation of Ireland (SBCI) has today invited banks and other lenders to take part in a major new loan scheme that will make €300 million available to businesses that are either currently impacted by Brexit or will be in the future at low-cost interest rates of 4% or less.
The SBCI has issued an “Open Call” for financial institutions to apply by 8th December 2017 for designation as a lending partner under the Brexit Loan Scheme, which was announced in last month’s Budget and is being developed in conjunction with the Departments of Business, Enterprise and Innovation and Agriculture, Food and the Marine.
The Scheme aims to assist those businesses affected by Brexit.
- Loan amount from €25,000 up to a maximum of €1,500,000
- Loan term of up to 3 years
- Loans less than €500,000 are unsecured
- Interest rate of 4% or less
Loans can be used for:
- Future working capital requirements.
- To fund innovation, change or adaption the business to mitigate the impact of Brexit.
The details for institutions who wish to submit applications on the SBCI website here.