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

I thank the Deputy for raising this matter.

We have been preparing for Brexit for well over two years. The last three budgets introduced supports to help businesses prepare for Brexit. Informed by detailed research, my Department and its agencies have put in place extensive supports, schemes and advice to ensure that businesses are prepared for Brexit. These measures aim to assist businesses in identifying key risk areas and the practical preparatory actions to be taken over the coming weeks and months.

The €300 million Brexit loan scheme provides relatively short-term working capital - one to three years - to eligible businesses with up to 499 employees to help them innovate, change or adapt to mitigate their Brexit challenges. The scheme is open to eligible businesses from all regions of the country, including those in the Border counties. The scheme was launched in March 2018 and, as at close of business on 3 May, 608 eligible applications were received, of which 550 have been approved, with 124 loans progressed to sanction at bank level to a value of €27.76 million. 

The future growth loan scheme was launched in March 2019. The scheme provides a longer-term facility - eight to ten years - of up to €300 million to support strategic capital investment for a post-Brexit environment by business at competitive rates. This scheme makes available loans of €50,000 to €3 million, with loans of under €500,000 being provided on an unsecured basis. To date, there have been 115 applications for eligibility under the scheme, of which all have been approved and none have been deemed ineligible.

The Enterprise Ireland Be Prepared grant supports its clients in planning to mitigate risks arising from Brexit.

To date, 194 grants have been approved. The Enterprise Ireland market discovery fund encourages businesses to undertake market research and develop viable and sustainable market entry strategies in new geographical markets. To date, 149 businesses have had projects approved under the market discovery fund.

Enterprise Ireland engages with client companies through teams of sectoral focused development advisers. Based on this, the agency can tailor a support package to the companies' growth potential based on their ambition, capability and need. The market discovery fund and Be Prepared grant are grant supports available to companies to deliver on the identified potential. For example, in the case of the market discovery fund, client companies seeking support under this grant will undergo a due diligence process with their Enterprise Ireland development advisers. As a result of this interaction and process, Enterprise Ireland does not keep track of rejected applications.

While I have seen a very positive uptake of the supports available, I am conscious that the delays to Brexit may have led businesses to defer their immediate planning. However, the UK's exit from the EU will mean changes for Irish business. I want businesses to know that my Department and its agencies are here to help.

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