Clare’s small businesses have been encouraged to apply for a new loan to allow them prepare for Brexit.
From €5,000 to €25,000 in funding will be provided under the new Microfinance Ireland (MFI) Brexit Business Loan. Eligible enterprises are those 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.
Senator Martin Conway (FG) has encouraged Clare businesses to apply for the scheme. “I know that Brexit will be challenging for businesses and they want to be prepared”.
Applications can be made via Clare Local Enterprise Office or directly to Microfinance Ireland (MFI).
“There are less than 50 days until the end of the transition period on 31 December. It is urgent that all businesses large and small in Clare now revisit their readiness plans. 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,” Conway stated.