Low-cost finance of up to €25,000 will be provided for small businesses whose turnover is likely to be severely impacted by Brexit.
Tánaiste and Minister for Enterprise, Trade and Employment Leo Varadkar, TD, announced today (23 November) that a new scheme will be launched to help small businesses prepare for Brexit.
The Microfinance Ireland Brexit Business Loan will provide between €5,000 and €25,000 to businesses whose turnover is expected to fall by 15pc or more after the UK leaves the single market, or if there is an expected short-term cashflow need.
The loans will be available for between six months and three years, and are available to any business with less than 10 employees and an annual turnover of up to €2m.
“I know it’s been a really hard year, especially for our small, local businesses, and imminent Brexit feels like another bodyblow on the way. This new loan is just one of the ways we are helping business to prepare,” Varadkar said.
“If you are a business owner and are wondering where to start, I’d recommend filling out our Brexit Readiness Checker first and having a look at what needs to be done in your business. Then please reach out and use the help that’s there.”
Microfinance Ireland’s CEO, Garrett Stokes, added: “Businesses need to urgently start planning for the consequences of Brexit. While the impact will be greatest on exporters, importers need to determine their supply chain and source of imports and plan for any delays or changes required.
“Many businesses will be negatively impacted by Brexit or suffer a short-term cashflow impact. The Microfinance Ireland Brexit Loan is ideally suited for businesses with these needs.”
Earlier this year, Microfinance Ireland also announced a new scheme for small businesses affected by Covid-19, with loans of up to €25,000 available.
Earlier this month, the Government announced funding for retailers in Ireland impacted by the pandemic. As part of the second call of the Covid-19 Online Retail Scheme, 145 businesses gained access to €5.3m in funding.