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

I thank all the Senators who contributed to the debate and who have shown great flexibility by taking all Stages today, because this Bill is urgent.The Senators raised issues around the supports we have for businesses. The Government and its agencies are in constant contact with businesses about Brexit preparations. We have instituted a wide range of initiatives that can be tailored to meet the needs of individual businesses, such as the Brexit score card and the market discovery fund. We are also offering financial support to help businesses prepare for Brexit. There is a €5,000 be prepared grant from Enterprise Ireland and the Start to Plan vouchers from InterTradeIreland which are worth over €2,000.

Some 85% of Enterprise Ireland-supported companies have Brexit plans in place so businesses are getting ready and these schemes are being drawn down. The supports are easily accessible. I have not received any complaints regarding barriers around access to any of the supports that are being offered through InterTradeIreland, Enterprise Ireland or local enterprise offices. Companies across different sectors are taking up the supports.

Last March, the €300 million Brexit loan scheme was launched which provides for short-term working capital to businesses to address Brexit-related challenges. To date 304 applications have been received and €12.4 million in loans have been approved. We should remember that businesses do not just rush out to borrow money, they must look at what their business needs are. Borrowing money must be part of an overall plan for business and it would be wrong to say they are not being taken up because businesses are putting their plans together. The first thing they must do is apply to Strategic Banking Corporation of Ireland, SBCI, to ascertain whether they are eligible. If they are, they then go to the pillar banks, namely, AIB, Bank of Ireland or Ulster Bank. AIB did not enter the scheme until mid-June, I think, so it is only a few months that the scheme has been up and running with all the banks. The money is available and businesses are interested in it. I would be more worried if the €300 million loan scheme was all gone by this stage because that would indicate that there was a real problem out there. It is good that businesses are considering it.

We are now identifying a gap in the market for long-term loans. The banks are not lending for terms beyond seven years and this €300 million fund, for which I am introducing the legislation, will mean that businesses can apply for long-term loans of between eight and ten years, which is something they have asked for. That is a need in the market to which we are responding.

We are also doing our upmost to ensure that businesses are aware of the various supports available to them. There has been a nationwide campaign to help businesses get Brexit ready. Almost 4,000 participants have attended local enterprise office Brexit seminars. Some 2,350 small and medium sized enterprises have engaged directly with InterTradeIreland, whose budget I increased for 2019 to allow it to support businesses on both sides of the Border, even though there is no matched funding from Northern Ireland, due to the absence of operational institutions. However, I said that they needed the help and we were prepared to give it extra funding and it was very much welcomed. Enterprise Ireland runs ten Brexit advisory clinics across the country. There is a cross-Government awareness campaign, Getting Ireland Brexit Ready, and events have taken place in Cork, Galway, Monaghan, Dublin, and Limerick and a further event is planned for Donegal. These have been very well attended. IDA Ireland and Enterprise Ireland have taken on 90 additional Brexit-related staff to date. We want businesses to diversify into new markets. Enterprise Ireland is out there, boots on the ground, identifying new markets for Irish businesses. Just over a week ago, I returned from a trade mission to China, where there are huge opportunities. We signed deals worth €60 million to several Irish companies which can now export into China.

The Senator referred to the extra €5 million to Enterprise Ireland and IDA Ireland. That is helping them to expand their global footprint and help businesses to diversify into new markets.

The Government is providing an array of different supports to businesses, however, ultimately businesses must decide themselves if they want to avail of those supports. I am sure that Senators will have heard the very intensive radio campaign telling businesses about the supports and the Brexit advisory clinics. Ultimately, they must engage themselves. I want to use this opportunity to once again tell businesses that if they only do one thing, they should appoint one person who is responsible for Brexit and allow them to research and identify all the different supports available. They are all on the Department’s website and those of Enterprise Ireland and InterTradeIreland and they can be found at the local enterprise office. The supports are there and businesses ought to draw them down. They should know that the Government wants to help them.

The Senators asked about the terms and conditions of the loan. I understand the long-term loan scheme offers up to €500,000 unsecured, which is very attractive, but they must make the business case to the pillar bank for the loan. That will offer considerable help to businesses. The maximum loan is €3 million. I thank Senators for their contributions and I look forward to working with them in progressing the Bill through the House.