With 29 days to go until Brexit, the Minister for Business, Enterprise and Innovation, Heather Humphreys TD, yesterday urged businesses to secure approval for the Government’s €300 million Brexit Loan Scheme now, in advance of October 31st, to be ready for the aftermath of a potential No Deal scenario. The Scheme is designed to address working capital challenges brought about by Brexit. Loans of up to €1.5 million are available at a rate of 4% or less, with loans of up to €500,000 available on an unsecured basis. Loan eligibility remains valid for 4 months.
Minister Humphreys said: “The most immediate consequences of a hard Brexit are likely to be currency movements, supply chain constraints, delays, duties and tariffs. In the first instance, this will put a strain on the working capital position of businesses, so now is the time to put your safety nets in place. “We don’t know what the lay of the land will be like after 31st October. If there is a crash….
