Mark Wall (Labour) | Oireachtas source

I thank the Leas-Chathaoirleach. I welcome the Minister of State to the House.

I want to be associated with the Leas-Chathaoirleach's words regarding the momentous occasion we have all seen today in our towns and villages with so many retail outlets opening. I had the great pleasure of driving through my hometown of Athy this morning and seeing the pride businesses were taking again because they could actually open their doors. As the three previous speakers said, the huge statement we can make today is sending all our good wishes to those businesses, particularly the family-run businesses that take great pride in opening their doors. It was great to see some queues forming this morning outside some of those local businesses in towns in many parts of the country, which is unusual . Again, we obviously need to support them in every way we can.

The Labour Party will be supporting this Bill. As other speakers said, it is a largely technical Bill giving the relevant Ministers the powers to enter into agreements with the SBCI to implement loan guarantee schemes. The reason for the Bill's introduction is, of course, to enable the Government to deliver the Brexit impact loan scheme.

The cost to the Exchequer of the Brexit scheme would be a maximum of €29 million, with more than €300 million in low-cost finance and much more being made available to viable micro SMEs and mid-cap enterprises. It aims to assist them to adapt their businesses to the challenges caused by Brexit.I have a question related to the built-in review in the fourth year. I ask the Minister of State to ensure that a preliminary assessment of the performance of the scheme is conducted within the first year. The UK will implement new import procedures in October and that is when Brexit will have the greatest impact on Irish business. It is important, therefore, that any unforeseen issues with the administration and drawdown of this scheme can be addressed as quickly as possible, preferably within a year, for the benefit of all of those who may apply.

Speaking of those forthcoming UK import procedures which are due to come into force in October, we had a very important and interesting discussion with representatives from Revenue, the Department of Agriculture, Food and the Marine and the HSE at the Seanad Special Committee on the Withdrawal of the United Kingdom from the European Union last week. I am sure the Minister of State would agree that it is vital that we prepare companies for the undoubted challenges they will face in exporting goods to the UK from October next. In fairness to all of the agencies that spoke to us last week, their preparations are at an advanced stage. They are working hard with many companies to prepare them for what is coming. It is very important that companies are prepared and that Government agencies continue to support them in their preparations. I am sure the changes that will be rolled out in the UK will necessitate some companies applying for loans to facilitate their business.

It is important that this scheme is advertised to all who may wish to avail of it and that those who may need assistance in applying are provided with same. Many small and medium sized businesses are family run and have been hit very hard by both Covid and Brexit. We must support them and try to ensure that the greatest possible number of jobs are maintained in these viable businesses. It is also important that we recognise the importance of agribusiness to this country and that we support the many start-ups that are struggling at this time.

I am sure there will be many opportunities for business as we exit this pandemic but schemes like this are so important right now, particularly for those who are starting up and need help. I wish those businesses applying under this scheme every success and assure them of our support in the coming months when they may need it most. We look forward to seeing this scheme becoming a success and providing a lifeline for many businesses that need support at this time.