Permanent TSB (PTSB) is open for applications for the Brexit Impact Loan Scheme (BILS), CEO Eamonn Crowley has announced today.
The Brexit Impact Loan Scheme provides low-cost loans to Brexit-impacted Irish businesses, including those in the primary agriculture and seafood sectors. The scheme makes a fund of up to €330m available to eligible businesses with up to 499 employees.
From today, PTSB will accept loan applications from SMEs, including farmers and fishers, and small mid-caps, that have been approved for eligibility for the Brexit Impact Loan Scheme by the Strategic Banking Corporation of Ireland (SBCI). Further detail on eligibility approval can be found on the SBCI website at https://sbci.gov.ie/ .
The Brexit Impact Loan Scheme is a successor to the Brexit Loan Scheme. It will make up to €330m in low-cost lending available to eligible Brexit-impacted businesses through the participating financial providers. Loans of up to six years are available for investment and working capital purposes, and loans of up to €500k (at a minimum) are available without requiring security. Some elements of refinancing are also available through the scheme.
PTSB now joins with AIB, Bank of Ireland, and 5 Metamo Credit Unions in providing market access to the Brexit Impact Loan Scheme.
The scheme is supported by funds from the Department of Enterprise, Trade and Employment and the Department of Agriculture, Food and the Marine. It is operated by the SBCI and delivered through participating lenders. It is supported by a counter-guarantee from the European Investment Bank Group.