The Irish state’s €300m Brexit loan scheme has so far lent €2.5m to companies in the first quarter of the scheme’s operation. The scheme is designed to insulate Irish businesses from the effects of the UK decision to leave the EU.
Designed to provide working capital to businesses with fewer than 500 staff , loans are facilitated by the scheme finance providers BOI, Ulster Bank and AIB.
The state deems that the finance available is easier to access, more competitively priced and at a more favourable rate than other lending.
With headlines saying that Brexit will cause five years of pain to Irish businesses - like a short sharp shock - more and more companies may take up the scheme as malign effects become apparent.
