Monday, November 23, 2020

‘Businesses across Laois can apply through their Local Enterprise Office Network or can apply directly to Microfinance Ireland (MFI)’ – Deputy Charlie Flanagan

 

Local TD Charlie Flanagan is urging businesses in Laois to apply to the new loan scheme which ranges from €5,000 to €25,000 to help them prepare for Britain’s exit from the single market and customs union at the end of the year.

 

By Joe Barrett

BUSINESS in Laois are being urged to apply for a new Brexit loan as the transition period nears an end.

Small businesses across Laois, said local TD Charlie Flanagan, should apply for a new loan which ranges from €5,000 to €25,000, to help them prepare for Britain’s exit from the single market and customs union at the end of this year.

Deputy Flanagan said: “I know that Brexit will be challenging for businesses and they want to be prepared, so I welcome the opening of this new scheme.

The new Microfinance Ireland (MFI) Brexit Business Loan, will provide up to €25,000 to businesses whose turnover already is or is likely to fall 15% or more or if the business has a short term cash flow 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.”

Urging the businesses to take up the offer to apply, Deputy Flanagan said: “Businesses across Laois can apply through their Local Enterprise Office Network or can apply 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 the constituency 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.

There is now an extensive range of training material and information available online on the Government’s new Brexit Information Hub to help businesses prepare for Brexit and the lasting change that it will bring. The hub can be accessed via Gov.ie/getbrexitready.”

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