Lisa Chambers (Mayo, Fianna Fail)
Link to this: Individually | In context | Oireachtas source

99. To ask the Minister for Jobs, Enterprise and Innovation the contingencies and supports in place to protect Irish businesses from a hard Brexit scenario; and if she will make a statement on the matter. [30642/18]

Heather Humphreys (Cavan-Monaghan, Fine Gael)
Link to this: Individually | In context | Oireachtas source

Brexit presents the most significant economic challenge of the past 50 years for businesses in all parts of the country. My Department and its agencies are working hard to ensure that all potentially impacted firms are taking the necessary steps to mitigate the risks and take advantage of potential opportunities resulting from Brexit.

My Department is engaged in helping SMEs prepare to withstand all Brexit scenarios, including a hard Brexit scenario.  Encouraging companies to take action to identify their individual areas of exposure and to take positive steps to address them will build strong resilient businesses that can prosper in the face of difficult economic circumstances.

A major initiative that my Department is advancing is the €300 million Brexit Loan Scheme, under which accessible finance is made available to businesses at favourable terms. There has been a steady stream of applications under this scheme.

Work on the development of a Business Finance Advisory Hub continues, to strengthen financial management and strategic planning of Irish SMEs.  It will assist businesses to make more informed financial decisions, building on existing supports available from bodies such as Enterprise Ireland (EI) and Local Enterprise Offices (LEOs). 

I am confident that the agencies under my remit have the supports available to enable companies to both consolidate market share within the UK, and become more resilient by broadening their exports to other international markets.

EI has an extensive range of supports to encourage clients to become more competitive, innovative and to diversify export markets, including:

- Brexit Scorecard: This interactive online platform can be used by all Irish companies to self-assess their exposure to Brexit under six business pillars. The Scorecard generates an immediate report which contains suggested actions and resources, and information on events for companies to attend, to prepare for Brexit.

- Be Prepared Grant: This grant offers SME clients a grant of up to €5,000 to assist them in preparing an action plan for economic shocks such as Brexit. The grant can be used to help cover consultancy, travel and travel expenses associated with researching the direction of their action plan.

- Brexit Advisory Clinics: Enterprise Ireland held five Brexit Advisory Clinics over the past few months in Portlaoise, Mayo, Cavan, Cork and last month in Dublin’s Aviva Stadium. The purpose of these Clinics is to support companies affected by Brexit to take immediate action to address their exposure. More Clinics are due to take place throughout the year.

- Brexit 'Act On' Programme: This funding is to support the engagement of a consultant to draw up a report with tailored recommendations to help clients address weaknesses and become more resilient.

- Strategic Consultancy Grant: This grant helps client companies to hire a strategic consultant for a set period to assist the company to develop and implement significant strategic initiatives.

In addition, EI is implementing extensive trade mission and event schedules focussed on further developing in-market expertise and networks, new sectorial opportunities and stimulating demand for Irish products and services through international marketing campaigns. In 2017, EI launched a new Eurozone Strategy to increase exports to Eurozone countries by 50% by 2020.

The suite of LEO Brexit supports available to micro and small businesses through the 31 LEOs nationwide include:

- A ‘Technical Assistance for Micro-enterprises’ grant designed to support qualifying businesses to diversify into new markets, enabling companies to explore and develop new market opportunities;

- Rollout of ‘Lean for Micro’ nationwide which will make small businesses more efficient and competitive;

- Tailored mentoring to address Brexit related business challenges;

- Targeted training on specific Brexit challenges, including financial aspects and capability building in innovation, competitiveness and opportunity diagnosis; and

- Continued information, advice and guidance across all 31 LEOs and regionally.

The additional Brexit supports on offer through the LEOs are focused on capability building, market diversification, driving increased competitiveness, and promoting innovation so that LEO client companies can better cope with the challenges arising on foot of Brexit and to explore any opportunities presented.

InterTrade Ireland (ITI), has also been very active in assisting businesses address the challenges that Brexit may present for future cross-border commerce. A series of information and awareness raising events have been underway in towns across both North and South over recent months. ITI is also rolling out a ‘Start to Plan’ readiness voucher scheme, which enables companies to purchase specialist advice in areas such as customs, tax, tariff and non-tariff barriers, legal and labour mobility issues.

I also launched the second call of the Regional Enterprise Development Fund, which is aimed at supporting the development and implementation of collaborative and innovative projects that can sustain and add to employment at a national, regional and county level.

I am satisfied that across a range of supports and initiatives, work of my Department is focused on supporting businesses throughout the country to withstand current challenges and succeed into the future. I feel, therefore, that all our efforts will put Ireland in a strong position in the event of a hard Brexit scenario.