In April the Government launched the Future Growth Loan Scheme to provide affordable financing to SMEs and the primary agriculture and seafood sectors to support strategic long-term investment in a post Brexit environment. The Scheme, which will be delivered by the Strategic Banking Corporation of Ireland (SBCI) through commercial lenders and makes €300 million available to eligible businesses with up to 499 employees.
- Loan amount from €100,000 (€50,000 for primary agriculture) up to a maximum of €3,000,000
- Loan term from a minimum of 8 years to a maximum of 10 years
- Loans less than €500,000 will be unsecured
- Interest rate of 4.5% for loans up to €249,999 and 3.5% and less for loans greater than or equal to €250,000.
Loans can be used for:
- Investment in tangible or intangible assets to increase productivity and/or efficiency, set up a new establishment or the extension of an existing one.
- Investment in diversification into new additional products or a change in a production process.
- Investment in tangible or intangible assets for process and organisational innovation.
- Investment in tangible and intangible assets on agricultural holdings linked to primary agricultural production. (excludes purchase of land (other than site costs) or livestock)
- Investment in connection with the processing and marketing of agricultural products.
How to apply for a loan:
- Businesses can now apply for loan eligibility through the SBCI
- If the SBCI determines that the Applicant is eligible it will confirm that to the Applicant in writing
- The Applicant must provide this eligibility confirmation letter to the relevant Financial Institution when applying for a loan.
For more information on this or another Brexit issue contact Elizabeth on 01 605 1626 or firstname.lastname@example.org.