Frances Fitzgerald (Dublin Mid West, Fine Gael) | Oireachtas source

It is a loan guarantee scheme for SMEs that need extra liquidity to cope with working capital challenges brought about by Brexit. Obviously, we want to support businesses that would be viable if they had access to that capital. It will give affordable working capital financing to Irish businesses that can demonstrate they are currently impacted by Brexit or will be in the future. It will be delivered through the Strategic Banking Corporation of Ireland and through commercial lenders to get much needed working capital into Irish businesses. The aim is to make up to €300 million available but the total cost to the Exchequer will be, as the Deputy said, about €23 million. My Department will contribute €14 million and the Department of Agriculture, Food and the Marine will contribute €9 million, and SBCI will use this budget to leverage the overall fund up to €300 million. It is open to all eligible businesses with up to 499 employees. The minimum loan size will be about €25,000 and while the maximum loan size is still under review, it will be in excess of €1 million. SBCI will have a website towards the end of this month where businesses can register an interest and SBCI will then develop the various criteria and engage with the businesses. It will be the new year when it gets up and running. It is an important scheme in the context of Brexit.

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