Extension of the Brexit Loan Scheme
The Brexit Loan Scheme has been extended so that loans through this scheme will continue to be available throughout 2021 for businesses that have been negatively impacted by the effects of the UK’s withdrawal from the EU.
This scheme currently makes available working capital lending to businesses as they seek to innovate, change or adapt in response to this disruptions. Loans under the scheme range from €25,000 to €1.5m, for terms of up to three years. Loans up to €500,000 are available unsecured and the maximum interest rate under the scheme is 4%.
This scheme features a two-step application process. Businesses must first apply to the SBCI to confirm their eligibility for the scheme. If successful, they can then submit an application for loan approval to a finance provider participating in the scheme.
Full details of the schemes and application forms are available through the SBCI website.