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The SBCI Brexit Loan Scheme is Now Open to Applicants

In recognising the potential risks that Brexit will bring to the SME sector the Irish Government has recently rolled out the SBCI Brexit Loan Scheme - a €300m fund available to eligible Irish businesses. Eligible Irish businesses includes all viable SME’s and small MidCap enterprises (with some exceptions) that meet certain eligibility criteria. 

Details of the Loan Scheme includes the following:

  • Loan amounts of between €25,000 to €1.5m per eligible enterprise 
  • Maximum interest rate of 4%. 
  • Loan terms ranging from 1 year to 3 years. 
  • Unsecured loans up to €500,000. 
  • Optional interest-only repayments may be available at the start of the loans. 
  • The loan amount and term is dependent on the loan purpose. 

Loan Utilisation: 

  • Loans can be used for future working capital requirements and to fund innovation, change or adaptation of the business to mitigate the impact of Brexit.
  • Loans cannot be used for the refinance of undertakings in financial difficulties or refinance of existing debt

How to Apply: 

  • In the first instance, an Eligibility Application Form must be submitted to the SBCI to determine if the Company are eligible to apply to the bank for a loan under this scheme. The Company must satisfy one of 4 Brexit criteria and one of 12 innovation criteria. 
  • If the Company are eligible, the SBCI will issue a letter of confirmation that must be presented to the bank in making the bank credit application. 
  • The bank application must also include a business plan illustrating a review of the business, a plan for Brexit and future business strategies. 
  • Brexit Scheme loans are available through AIB, Bank of Ireland and Ulster Bank.

How RBK can help applicants:

  1. The Eligibility Application form requires that in order to satisfy a number of the innovation criteria an accountant practising in the Republic of Ireland must certify evidence of compliance. RBK would be delighted to assist you in this regard.
  2. The SBCI expressly encourages all applicants to consider using the expertise of a Financial Advisor to prepare the Company business plan. RBK’s specialist business growth advisors would welcome the opportunity to assist you in this regard.

RBK Corporate Finance work with businesses seeking to raise finance, assisting with identifying the right funding sources and preparing your funding plan.

For further details on the SBCI Brexit Loan Scheme and other sources of finance, please contact Heather King at hking@rbk.ie / T: (090) 6480600 or Chris Ball.

Chris Ball

Corporate Finance Partner

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