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New Brexit Impact Loan Scheme announced

This new €330m Scheme is to help businesses respond to the ongoing impacts of Brexit. The Brexit Impact Loan Scheme (BILS) is a successor to the Brexit Loan Scheme and provides low-cost loans to eligible Brexit-impacted businesses. The scheme is now being offered through many banks and credit unions.

What can the loan be used for?

These loans can be used to invest in new technologies, necessary upgrades or changes to the business, or even new staff. It can also be used to help with liquidity or, in some instances, refinancing of existing loans.

What can the loan be used for?

These loans can be used to invest in new technologies, necessary upgrades or changes to the business, or even new staff. It can also be used to help with liquidity or, in some instances, refinancing of existing loans.

How much can I borrow?

This new Brexit Impact Loan Scheme has been created to give those who need it, access to low-cost loans of between €25,000 and €1.5m.

Is it complicated to apply?

In response to criticism about the previous Brexit Loan Scheme, many steps have been taken to simplify the application process. Also, the lending is now available for longer terms, in line with lending offered under the COVID-19 Credit Guarantee Scheme.

What are the terms available?

The Brexit Impact Loan Scheme will provide longer loan terms of up to 6 years for the SME sector.


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Brenda Smith
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