AIB has announced it is making €140m in low-cost loans available as part of the Strategic Banking Corporation of Ireland’s Brexit Impact Loan Scheme.

The SBCI-funded scheme is designed to provide loan finance to small businesses, including those in farming and fishing who are impacted by Brexit.

BILS is a €330m scheme offered by the SBCI in conjunction with the Department of Business, Enterprise & Employment, and the Department of Agriculture, Fisheries and the Marine.

Loan amounts vary from €25,000 to €1,500,000 per applicant for terms ranging from one to six years, with a maximum variable interest rate of 3.5%.

SBCI CEO June Butler said: “The new, enhanced Brexit Impact Loan Scheme (BILS) will support SMEs throughout Ireland as they deal with the challenges of Brexit. I’m delighted that AIB is participating in the scheme, welcoming applications from today.

In Association with

“This partnership builds on a relationship that commenced in 2015 and has delivered significant funding to SMEs over the last six years. The BILS will add significantly to the SBCI’s range of SME-friendly finance options and help more SMEs get access to low-cost, flexible finance.”

AIB CEO Colin Hunt commented: "It is vital that we ensure funding is available for small businesses to counter the impacts of Brexit. As a country we are uniquely exposed to the effects of Brexit, many of which are continuing to unfold, and we are committed to supporting businesses as they adapt to a new post Brexit trading environment.

“We also welcome the widening of the scheme to include farming and fishing, some of the most impacted sectors who continue to face difficulties adjusting to the aftermath of Brexit and for whom supports of this nature will be of significant benefit.”

Almost €1 billion in SBCI funding has been lent to SMEs by AIB to date, and the bank continues to accept applications under the SBCI Credit Guarantee Scheme.

Photo: June Butler and Colin Hunt. (Pic: Orla Murray/Coalesce)