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News & Events

Permanent TSB joins Brexit Impact Loan Scheme

PTSB opens applications for €330m lending scheme to support Brexit impacted SMEs, including farmers and fishers

Low-cost loans from €25,000 to €1.5 million for up to six years

Tánaiste and Minister for Enterprise, Trade and Employment, Leo Varadkar TD, the Minister for Agriculture, Food and the Marine, Charlie McConalogue TD, the Minister for Finance Paschal Donohoe TD, and Eamonn Crowley, CEO of Permanent TSB (PTSB), have today announced that PTSB is open for applications for the Brexit Impact Loan Scheme (BILS).

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 www.sbci.gov.ie

Tánaiste and Minister for Enterprise, Trade and Employment, Leo Varadkar TD said:

“I’m pleased Permanent TSB has decided to join AIB, Bank of Ireland and Metamo Credit Unions in offering the Brexit Impact Loan Scheme. This Scheme gives our SMEs access to low-cost loans, should they need them, as the impacts of Brexit and the pandemic continue to be felt. The more options companies have the better and I’m really happy PTSB has decided to come on board. This is one of the ways we are helping businesses through this really challenging period, wage subsidies, commercial rates waivers and other direct grant funding are also available.”

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.

Minister for Agriculture, Food and the Marine, Charlie McConalogue TD said:

“Businesses including those in the agri-food sector continue to adapt to counter the ongoing disruption arising from the UK’s withdrawal from the European Union. I welcome the participation of Permanent TSB in the Brexit Impact Loan Scheme providing another lending option for farmers, fishers and food businesses to access the finance required to adjust and adapt to the new trading conditions”

Minister for Finance Paschal Donohoe TD said:

“I welcome today’s announcement of Permanent TSB participating in the Brexit Impact Loan Scheme. It is another positive development for PTSB and for SMEs in providing yet more choice of lender when it comes to accessing the Scheme. The Government remains committed to supporting our SME sector including primary producers who are facing the twin challenges of COVID-19 and Brexit.”

Eamonn Crowley, CEO of Permanent TSB said:

“Offering low-cost, flexible loans to Brexit-impacted SMEs is a further demonstration of our ambition to grow our SME business significantly and to bring greater competition to the market.

It represents an important additional step as we work towards our ambition of becoming Ireland’s best personal and small business bank and build on the strong momentum we have generated with our plans to acquire Ulster Bank personal and SME businesses.

“The €32m lending capacity we are bringing to Brexit-impacted businesses will help both new and existing SME customers to tackle the challenges they face and support investment in making these businesses stronger.”

June Butler, CEO of SBCI said:

“I welcome the addition of PTSB as a partner for the Brexit Impact Loan Scheme. The scheme will provide support for SMEs as they continue to deal with the challenges presented by Brexit. PTSB’s participation will provide SMEs with more choice of provider and will assist them in accessing lower-cost funding for their businesses.”

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.

 

ENDS

Notes to Editor

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.

Loan features:

  • Loans range from €25,000 to €1.5m
  • Loan terms from 1-6 years
  • Loans of up to €500,000 available unsecured 

Loans can be used for:

  • Liquidity/Working capital
  • Investment
  • 100% refinancing of existing Brexit Loan Scheme loans
  • Refinancing of existing short-term credit, up to a maximum of 30% of the new loan 

Businesses eligible for the scheme:

  • This scheme is available to eligible SME and small Mid-Cap businesses, including primary producers (businesses engaged in farming and fishing), established in Ireland.
  • A business must also have experienced an adverse impact of minimum 15% in actual or projected turnover or profit due to the impact of Brexit. 

Loans provided under the scheme are provided at lower interest rates than is otherwise typically available on similar lending in the market and vary according to the lender. Lenders participating in the scheme are separated into two cohorts. For the first, interest rates are variable, but capped at an initial maximum rate of 3.7% for loans less than €250,000 and 2.75% for loans of €250,000 and above. For loans from the remaining lenders, a minimum discount of 1% relative to their standard rates is required for loans under the BILS.

There is a two-step application process:

  1. Businesses must first seek eligibility approval for the Brexit Impact Loan Scheme by the SBCI. Eligibility applications can be made online through the SBCI website.
  2. Businesses must then bring their eligibility reference number to a participating lender in the scheme and complete the lenders’ loan application process.