Brexit readiness loans now available

SMALL businesses in County Louth are being encouraged to apply for a new loan to help them prepare for Britain’s exit from the single market and customs union at the end of this year.

Dundalk Senator John McGahon said: ‘I know that Brexit will be challenging for businesses and they want to be prepared, so I welcome the opening of this new scheme by the Tánaiste and Minister for Enterprise, Trade and Employment, Leo Varadkar T.D.

‘ The new Microfinance Ireland (MFI) Brexit Business Loan, will provide up to €25,000 to businesses whose turnover already is or is likely to fall 15% or more or if the business has a short term cashflow need as a result of Brexit. Loans are available for between six months and three years.

‘Any business, including a Sole Trader, Partnership or Limited Company, with less than 10 employees and annual turnover of up to €2 million can apply, where they are unable to secure finance from a Bank or commercial lending provider.

County Louth businesses can apply though their Local Enterprise Office Network or can apply directly to Microfinance Ireland (MFI).

‘ There are less than 50 days until the end of the transition period on 31 D’ ecember. It is urgent that all businesses large and small in County Louth now revisit their readiness plans,’ said Senator McGahon.

‘From 1 January, the UK will no longer apply the rules of the EU’s Single Market and Customs Union. This means that any business that moves goods from, to or through Great Britain will be subject to a range of customs formalities, SPS checks and other regulatory requirements that do not apply to such trade today.’

He added: ‘ There is now an extensive range of training material and information available online on the Government’s new Brexit Information Hub to help businesses prepare for Brexit and the lasting change that it will bring. The hub can be accessed via Gov.ie/getbrexitready,’Senator McGahon said.