SBCI Brexit Loan Scheme

Funding Working Capital

Supporting Brexit impacted SMEs and Small Mid-Caps to innovate and adapt with low cost accessible funding.

Features & Benefits

The SBCI Brexit Loan Scheme is offered in partnership with the Department of Business Enterprise and Innovation, the Department of Agriculture Food and the Marine and is supported by the InnovFin SME Guarantee Facility, with the financial backing of the European Union under Horizon 2020 Financial Instruments.

The SBCI Brexit Loan Scheme will operate from 3rd April 2018 until 31st March 2020 or until the scheme has been fully subscribed.

Features

  • Loan amounts of between €25,000 to a maximum of €1,500,000 per business
  • Maximum interest rate of 4% fixed1
  • Loan term ranging from 1 year to a maximum of 3 years
  • Fixed repayment schedule
  • Unsecured loans up to €500,000
  • Optional interest-only repayments may be provided at the start of the loan
  • No charges will apply if repaid early

Loans must be used for

  • To fund working capital and support innovation, change or adaption of your business to mitigate the impact of Brexit

Loans cannot be used For

  • Refinance of undertakings in financial difficulties
  • Certain restricted sectors – for more information , refer to https://sbci.gov.ie/brexit-loan-scheme
  • Refinance of existing debt or Trade Finance products

Who can apply

Viable Micro, Small and Medium sized Enterprises (SMEs) and Small Mid-Cap enterprises that meet the eligibility criteria.

SMEs are defined by the Standard EU definition [Commission Regulation 2003/361/EC] as enterprises that:

  • Have fewer than 250 employees
  • Have a turnover of €50 million or less (or €43 million or less on their balance sheet)
  • Are independent and autonomous i.e. not part of a wider group of enterprises
  • Have less than 25% of their capital held by public bodies
  • Is established and operating in the Republic of Ireland

A Small Mid-Cap is an enterprise that is not an SME but has fewer than 500 employees

Who cannot apply

SMEs/Small Mid-Caps that:

  • Are in financial difficulty
  • Are involved in the primary agriculture,  aquaculture or the fisheries sector
  • Are bankrupt or being wound up or having its affairs administered by courts
  • In the last 5 years has entered in to an arrangement with creditors, in the context of being bankrupt or wound-up or having its affairs administered by the courts
  • Are convicted of an offense concerning professional misconduct by judgement, fraud, corruption, involvement in a criminal organisation, money laundering or any other illegal activity.

The Brexit Loan Scheme is being offered by the Strategic Banking Corporation of Ireland in partnership with the Department of Business, Enterprise and Innovation, the Department of Agriculture and the Marine and is supported by the InnovFin SME Guarantee Facility, with the financial backing of the European Union under Horizon 2020 Financial Instruments and the European Fund for Strategic Investments (EFSI) set up under the Investment Plan for Europe. The purpose of EFSI is to help support financing and implementing productive investments in the European Union and to ensure increased access to financing.

Warning: You might have to pay charges if you repay early, in full or in part, a fixed-rate credit facility.
1 The interest rate that the Bank will apply to all loans up to €500,000 is 4%. For loans greater than €500,000, the Bank will assess each transaction on its own merits (such assessment to include the availability of existing and/ or additional security which may result in an interest rate marginally below 4%). The interest rate may rise if it becomes unlawful for the SBCI to make payments which would otherwise be payable to the Bank under the agreement.