Charlie McConalogue (Donegal, Fianna Fail)
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29. To ask the Minister for Agriculture, Food and the Marine the operational details of the various Brexit loan schemes announced in budget 2018 for farmers, fishermen and food businesses in 2018; and when it will open for applications. [18297/18]

Michael Creed (Cork North West, Fine Gael)
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One of my priorities is to improve access to finance for the agri-food sector. Food Wise 2025 identifies competiveness as a key theme and includes a recommendation that stakeholders work to “improve access to finance for agriculture, forestry and seafood producers and agri-food companies”.

I launched a new “Brexit Loan Scheme” on 28 March in cooperation with the Minister for Business, Enterprise and Innovation and the Minister for Finance, which will provide up to €300 million of affordable, flexible working capital finance to Irish businesses that are either currently impacted by Brexit or who will be in the future. The Scheme will be available to SMEs and mid-cap businesses. Given their unique exposure to the UK market, my Department’s funding ensures that at least 40% of the fund will be available to food businesses. The finance will be easier to access, more competitively priced (at a proposed interest rate of 4%), and at more favourable terms than current offerings. This will give Brexit-impacted businesses time and space to adapt and to grow into the future. The Scheme will remain open until 31st March 2020.

I also announced in Budget 2018 that my Department is considering the development of potential Brexit response loan schemes for farmers, fishermen and for longer-term capital financing for food businesses. These schemes are developed and delivered in cooperation with the Strategic Banking Corporation of Ireland (SBCI) and take time to develop and operationalise. Consideration and discussions are ongoing in this regard and I will announce further details on this as they become available.

While continuing to explore additional funding mechanisms, I also liaise with the main banks on issues relating to the agri-food sector, all of whom have specialised products available and have expressed a commitment to servicing the future financing needs of the sector.