Despite the ongoing uncertainty we must continue to be ready for Brexit. One way to do this is to ensure that your business has access to funding to address cash flow and working capital issues that may arise due to the challenges posed by Brexit.
Listed below are several government schemes available to eligible Irish businesses to support future working capital requirements, innovation, change or adaptation of the business to mitigate the impact of Brexit.
Several financial providers have also put in place funds and provisions to support small firms at this time. Members are reminded that the Credit Review Office provides an independent review process for SMEs, sole traders and farm enterprises that have had requests for credit refused or had existing credit facilities reduced or withdrawn.
- The new Brexit Loan Scheme, which was announced in the 2018 budget, will provide affordable financing to businesses that are either currently impacted by Brexit or will be in the future. The Scheme, which will be delivered by the Strategic Banking Corporation of Ireland (SBCI) through commercial lenders will make €300 million available to eligible businesses with up to 499 employees at an interest rate of 4% or less.
- Start to Plan Voucher Scheme (through Inter TradeIreland) offers SMEs advice and guidance to help navigate their way through Brexit. The vouchers offer 100% financial supports of up to £2,000/€2, 250 (inclusive of VAT), towards professional advice in relation to Brexit matters. This support can help businesses get advice on specific issues, such as the movement of labour, goods, services, customs, logistics and financial issues such as VAT and currency management.
- The Trading Online Voucher Scheme is designed to assist small businesses. It offers financial assistance of up to €2,500 along with training and advice to help your business trade online. Participating in this scheme can make the process of trading online much easier for you.
- The Technical Assistance for Micro-Exporters (TAME) grant supports LEO clients to explore and develop new export market opportunities. This scheme is a matched funding opportunity with up to €2,500 available to eligible businesses. Under the scheme costs incurred when investigating, researching and accessing export markets can be part funded.
- Microfinance Ireland offers loan funding up to €25,000 to both new and existing small businesses in the Republic of Ireland.
- Local Enterprise Offices offer several other financial supports see for more information.
Industrial Products including cosmetic products and medical devices
The European Commission has published guidance in relation to industrial goods including cosmetics and medical devices on the legal position and requirements after Brexit.
The Health Products Regulatory Authority (HPRA) is the competent authority responsible for the regulation of the manufacture, sale and supply of cosmetic products. HPRA are available to assist with queries in relation to Brexit preparedness and can be reached at firstname.lastname@example.org or for Brexit related questions on email@example.com.
Advise from the UK Government for companies exporting to the UK in the case of a no deal Brexit
If you require additional information, please contact SFA Senior Executive, Elizabeth Bowen on firstname.lastname@example.org