Patricia Ryan (Kildare South, Sinn Fein) | Oireachtas source

I understand that this legislation facilitates the introduction of the Strategic Banking Corporation of Ireland Brexit impact loan scheme into the Irish market. I hope that, like many Government initiatives, this is not too little too late. Brexit continues to impact small businesses and farming families in counties Kildare and Laois and urgent action is needed if they are to survive.

I welcome the amendment proposed by my colleague, Teachta O'Reilly, which would require the Minister to engage with the relevant business and agriculture stakeholders and representative groups regarding the application of favourable interest rates to the moneys loaned in accordance with this Bill. The proposal is a no-brainer and I hope Deputies of all parties and none will support the amendment.

We need to learn lessons from the low uptake of the Covid-19 working capital scheme and the future growth loan scheme. Speaking to business owners in my constituency, the main reasons for their reluctance are relatively high interest rates and red tape. I know there should be sufficient oversight of public moneys but not to the extent that it makes the introduction of this scheme pointless. These businesses urgently need our support.

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