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Brexit SME load schemes

  • Ireland
  • General

24-11-2017

It was reported on 10 November that the European Commission and the Irish Government have established a joint working party to examine how the State can assist SMEs affected by Brexit without breaking EU state aid rules. Ireland has argued that the effect of Brexit on its economy would be highly “asymmetric” compared to other member-states, and this should justify special measures and the bending of EU state aid rules. The Commission on the other hand has argued that there is sufficient flexibility within the system to achieve the same end.

It was further reported on 18 November that the Competitiveness of Enterprises and Small and Medium-sized Enterprises (COSME) fund has been increased to €330m by the European Investment Fund (EIF) and Strategic Banking Corporation of Ireland (SBCI). Further developments were reported on 21 November, when the Irish Government invited applications from commercial lenders to take part in the deployment of funds under the €300m Brexit loan scheme announced by the Government in the recent budget.

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