Heather Humphreys (Cavan-Monaghan, Fine Gael) | Oireachtas source

Some €14 million of the funding for the Brexit loan scheme will come from my Department and €9 million from the Department of Agriculture, Food and the Marine, giving a total of €23 million which it is hoped will lever a total fund of €300 million. We will be working with the Strategic Banking Corporation of Ireland, SBCI, and the European Investment Bank, EIB, and the scheme will be rolled out through the three pillar banks. SBCI recently issued an open call inviting finance providers to participate. The closing date for the receipt of expressions of interest is next Friday, 8 December. The scheme will be launched in the new year and it is expected that the first loans will be provided by the end of quarter 1. We must wait and see what will transpire in terms of the level of take-up of the scheme which will be offered on a first come, first served basis. Loans offered under the most recent Department of Agriculture, Food and the Marine loan scheme for farmers were quickly snapped up. An interest rate of 4% will apply and the value of loans will range from €25,000 to €1 million. The scheme is likely to be rolled out through the three pillar banks.