Maurice Quinlivan (Limerick City, Sinn Fein)
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542. To ask the Minister for Jobs, Enterprise and Innovation the number of businesses that have availed of the Brexit loan scheme to date; the estimated spend in 2018 and 2019, for the Brexit loan scheme; and if she will make a statement on the matter. [36312/18]

Heather Humphreys (Cavan-Monaghan, Fine Gael)
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The Brexit Loan Scheme provides affordable working capital to eligible businesses with up to 499 employees that are or will be Brexit impacted and which meet the scheme criteria.  The €23 million exchequer funding announced in the 2018 Budget (€14 million from my Department and €9 million from the Department of Agriculture, Food and the Marine) has been leveraged to provide a fund of up to €300 million over the lifetime of the scheme.  Exchequer spending for the Brexit Loan Scheme is included in the initial contribution from the 2018 Budget.

 The scheme features a two-stage application process. First, businesses must apply to the Strategic Banking Corporation of Ireland (SBCI) to confirm their eligibility for the scheme. Businesses can use guidelines provided on the SBCI website to determine if they are eligible, and if so, to complete the eligibility form.  As part of the process, businesses must submit a business plan, demonstrating the means by which they intend to innovate, change or adapt to meet their Brexit challenges. The SBCI assesses the applications and successful applicants receive an eligibility reference number.

 Successful applicants can then apply for a loan under the scheme with one of the participating finance providers using their eligibility reference number.  Participating finance providers are the Bank of Ireland, Ulster Bank and Allied Irish Bank.  Approval of loans is subject to the finance providers' own credit policies and procedures. 

From the launch of the scheme on 28 March 2018 to the end of June 2018, the SBCI received 151 applications. Of these, 132 have been deemed eligible and can proceed to one of the participating finance providers for a loan under the scheme.  10 SMEs have progressed to sanction at finance provider level to a total value of €2.49 million.

 The Department will receive a report each quarter from the SBCI on the uptake of the scheme.

It should be noted that the Brexit Loan Scheme is only one of a wide range of supports offered by my Department and its Agencies to help businesses prepare for Brexit.