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

I thank the Deputy for her question. As I have said on a many occasions, Brexit of any kind means change and we must prepare for this unprecedented challenge. A no-deal Brexit is the worst possible outcome and that is why we welcome the agreement of the European Council to an extension of the Article 50 process until 31 October 2019, which prevented a no-deal outcome on 12 April and provides the UK with more time to ensure an orderly withdrawal. However, notwithstanding that the Article 50 process has been extended, it is critical that we continue to prepare for all potential Brexit scenarios.

My Department and its agencies have, over the past two years, put in place extensive supports, schemes and advisory services 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 of between one and 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. Businesses can confirm their eligibility with the Strategic Banking Corporation of Ireland, SBCI, and if deemed eligible can apply to one of the participating finance providers for a loan under the scheme. The scheme was launched in March 2018 and as at close of business on 3 May, there were 608 eligibility applications received, of which 550 had been approved, with 124 loans progressed to sanction at bank level to a value of €27.76 million. The SBCI website also has details of the Government's new future growth loan scheme and the credit guarantee scheme, which may also be suitable depending on individual business needs.

I have seen a very positive uptake of the supports available but I encourage all businesses to continue to put necessary plans in place. There are a number of essential actions that businesses can now take if they have not already done so, such as registering with the Revenue Commissioners for their customs or economic operators' registration and identification number, reviewing their supply chains and contacting their UK suppliers and checking the certification of UK imports. While the UK’s exit from the EU will mean changes for Irish businesses, I want businesses to know that my Department and its agencies are here to help. The existing supports, schemes and advice are in place to ensure that businesses are prepared for any Brexit scenario. The full range of supports is available on the website.

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