SFA welcomes Brexit Loan Scheme but close monitoring needed

Sven Spollen-Behrens, Director of the Small Firms Association (SFA), today welcomed the opening of the Brexit Loan Scheme.

He stated: “The UK’s vote to leave the EU has already posed considerable challenges to Irish businesses and significant further difficulties may be coming down the tracks. This scheme is an important element of Ireland’s response to Brexit. It will allow small firms to borrow for working capital or investment at low interest rates, ensuring businesses that are viable in the long-term can survive the challenges ahead.

“I welcome the fact that the borrowing will be unsecured for loans up to €500,000. Close monitoring, however, will be required to ensure the scheme’s impact on small businesses is maximised. With loans of up to €1,500,000 available and companies with up to 499 employees eligible to apply, the €300 million could dry up very quickly”.

Article Published: 29/03/2018