BREXIT

Louth TD says Brexit loan scheme a "huge benefit" to border business

Loan amounts range from €25,000 up to €1.5m for terms of up to 3 years

Tia Clarke

Reporter:

Tia Clarke

Email:

tia.clarke@dundalkdemocrat.ie

Border

Eligible businesses can now apply for the Scheme through the participating finance providers

A new Brexit Loan Scheme, which will allow businesses to apply for loans of between €25,000 and €1.5m, will be of huge benefit to businesses in Louth and the wider border region, says Louth Fine Gael TD, Fergus O'Dowd.

“The Brexit Loan Scheme has been launched by the Government to provide much-needed finance to eligible business impacted by the UK’s decision to leave the European Union," Deputy Fergus O’Dowd said. 

The Louth TD explained: “Loan amounts range from €25,000 up to €1.5m, for terms of up to 3 years and a maximum interest rate of 4%.

"Eligible businesses can now apply for the Scheme through the participating finance providers: the Scheme is open through Bank of Ireland and Ulster Bank, with AIB following in June. The first step for businesses will be to complete the eligibility criteria for the Scheme on the Strategic Banking Corporation of Ireland website.

“This loan scheme will be of particular benefit to Louth due to the prominence the county has been given under Ireland 2040.

“In co-operation with relevant Departments in Northern Ireland, the Ireland 2040 plan will further support and develop the economic potential of the Dublin-Belfast Corridor and in particular the core Drogheda-Dundalk-Newry network and to promote and enhance its international visibility.

“This new scheme will provide support to enable eligible businesses impacted by Brexit to have the working capital needed to innovate and diversify, to find new markets, and to grow into the future.

“Fine Gael is committed to helping local businesses prepare for Brexit,” the Louth TD concluded.