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Potential impact of Brexit: Financial loans for tourism

April 9th, 2018 | by

You may have heard in recent weeks about the Government launching a €300 million loan scheme for Irish companies to offset the potential impacts of Brexit.

This new scheme will be delivered by the Strategic Banking Corporation of Ireland (SBCI) and is offered in partnership with the Department of Business, Enterprise and Innovation and the Department of Agriculture, Food and the Marine.

It has now been clarified that tourism businesses are included within the loan scheme.

A total of €300m is available to eligible businesses with up to 499 employees at an interest rate of 4% or less with loans available through Bank of Ireland, Ulster Bank and AIB. It seems the loans will commence from June.

Terms of any loan and how to apply can be seen at at https://sbci.gov.ie/brexit-loan-scheme and loans range from €25k to €1.5m per eligible enterprise and are to fund “innovation, change or adaptation of the business to mitigate the impact of Brexit”.

With many tourism and hospitality businesses overly-exposed to the British or Northern Irish market this loan scheme may be of use to help them diversify to new source markets.

Please feel free to pass on the information.

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