The EU has provided financial assistance in the form of the Brexit Loan Scheme to assist SMEs in dealing with the challenges that Brexit may bring. Ireland will be the most affected by Brexit of all the European countries, which means that Irish SMEs have access to soft loans that are guaranteed by Europe right now!
The Brexit Loan Scheme is an excellent way for Irish SMEs to get funding right now. The loan amount can range from €25,000 to €1.5 million per SME, with a maximum interest rate of only 4%. If your small business could use some extra cash, the Brexit Loan Scheme is worth investigating
Eligibility criteria for the Brexit Loan Scheme?
The scheme is intended to be as flexible as possible for SMEs, so the eligibility criteria are quite broad. You’ll probably find that most of the criteria apply to you if you’re a high-growth company or innovative in some way. To verify your growth and turnover, you may need a letter from your accountant.
To find out if you are eligible, go to the SBCI website and fill out the online application. If you are approved for the Brexit Loan Scheme, you can go to a mainstream bank like AIB, Bank of Ireland, or Ulster Bank and request a loan directly.
The Future Growth Loan Scheme
You may recall hearing about the Future Growth Loan Scheme during the previous budget. This is the next step taken by the Irish government in response to Brexit. The Future Growth Loan Scheme provides loans lasting 8–10 years, which is a significant advantage over the short-term loans that SMEs are typically burdened with.
This is great news because one of the biggest challenges for SMEs who get a loan is that traditional borrowing’s restrictive terms and conditions often hurt a company’s cash flow because you have to pay the loan back almost immediately. The risk is greatly reduced with the Future Growth Loan Scheme, allowing SMEs to make smaller payments over a longer period of time.
Eligibility criteria for the the Future Growth Loan Scheme?
Irish SMEs with an establishment or branch in Ireland, including those in the primary agriculture and seafood sectors, will be eligible for the Future Growth Loan Scheme. Process and organisational innovation, as well as agricultural holdings for primary agricultural production, are expected to benefit from the loans. To apply for the scheme, you must first submit an application through SCBI.
If you’re looking for a loan larger than €200,000, you’ll need to submit a business plan as part of the application. You will be given an eligibility reference number if you are approved. You then go to a participating bank and apply for a loan with your reference number, just like with the Brexit Loan Scheme.
Both the Brexit Loan Scheme and the Future Growth Loan Scheme are once-in-a-lifetime opportunities for Irish SMEs. Those in the know are taking advantage of these timely occurrences while they can, and if you’re a SME in need of financial assistance or will require financing to support your growth plans, now is the time to act.
The next steps is to write business plan
Grand business plan has assisted many start up and growing companies raising finance through SBCI Scheme. Our consultants have a wide industry experience in drafting and presenting professional business plan meeting needs of funders.
Need a Custom-made Business Plan? Contact us today to avail the best business plan writing services. We are Experienced in a number of Industries. Talk to us at 01 442 8230 or Text/Phone/Whatsapp 0851477625 or complete one of the forms below