SBCI Brexit Impact Loan Scheme FAQs

How much I can borrow under this Scheme?

Loans of €25,000 up to €1.5 million can be applied for under the Scheme. Please note, Small Mid-Caps can apply for up to maximum €1.4 million.

What is the loan period under this Scheme?

Loans will be up for periods of up to six years in duration.

How long does the SBCI approval (eligibility number/code) remain valid for?

The SBCI eligibility number is valid for six months from the date of issue, but always subject to the Scheme remaining open and having funding available.

Can I use the same SBCI eligibility letter/code more than once?

No. The SBCI eligibility letter/code represents a unique number that can be associated with one loan only. If you wish to apply for more than one loan under the Scheme, you can do so by completing a new Eligibility Application Form and getting a new eligibility code.

Will I need to provide security for the loan?

For loans of up to €500,000 no personal guarantee and no security is required. Loans >€500,000 may be secured; however, a personal guarantee may only be sought in circumstances where it is required to capture supporting security, or where it is an uncollateralised personal guarantee and is limited to a maximum of 20% of the loan amount.

Can I get more than one BILS loan?

Yes. You can get more than one loan provided that the total of those loans does not exceed the maximum loan amount available under the Scheme. The maximum amount of loan(s) you can get under BILS is €1.5 million. If I have multiple BILS loans with different finance providers with each one circa €450K, are they all unsecured? Yes, provided that each of these loans is less than €500k. Loans greater than €500k may be secured.

Can I get a BILS loan to refinance existing loans/debt products?

Yes. The Brexit Impact Loan Scheme (BILS) allows for the refinancing of existing SBCI Brexit Loan Scheme facilities. The Scheme allows up to maximum 30% of the BILS loan to be used for the refinancing of existing debt products.

What is State aid?

State aid can occur whenever State resources are used to aid an entity engaged in economic activity that potentially could distort competition and trade. The European Commission allows small amounts of State aid to be given to an entity as long as the aid complies with the De minimis Regulations and remains below a certain threshold. Examples of sources of State aid may include funding under schemes from Enterprise Ireland, Bord Bia or a Local Enterprise Office.

What is De minimis State aid?

The maximum amount of De minimis aid any single recipient can receive is €200,000 (gross grant equivalent) over a three-year fiscal period. The total amount of De minimis aid given to a single recipient performing road freight transport for hire or reward cannot exceed €100,000 over a three-year fiscal period.

For loans under BILS, the amount of De minimis aid which is provided to a borrower is determined by the size and duration of the loan under the De minimis rules.

The De minimis aid is not equal to the total amount of the loan.

How do I know what previous State aid I have received?

Where you have received State aid, you will have received a letter from the State body that provided it. Examples of State aid granting bodies include Enterprise Ireland, Bord Bia or the Local Enterprise Office.

What is a NACE code?

It stands for the “Statistical Classification of Economic Activities in the European Community” and is the standard system used in the European Union for classifying business activity. NACE codes are divided into sectors, such as retail, manufacturing, services etc. A searchable list of NACE Codes associated to BILS is available here.

What does “registered and operating in Ireland” mean?

It means that the main presence of business is in the Republic of Ireland.

Who/What is an “authorised signature”?

This is a person who is authorised to sign declarations on behalf of the business, e.g. the business owner or the CEO.

Is there a closing date for the Scheme?

Until 30 June 2022 or until the scheme is fully subscribed.

What can I use the loan for?

Under the Brexit Impact Loan Scheme loans can be used to fund working capital, investments in the business and the refinance of existing debt products, such as Brexit Loan Scheme facilities. For non-Brexit Loan Scheme products refinancing is limited to 30% of the new loan amount.

Can I use this loan to buy land?

No. As is the case with other EU supported schemes, the purchase of land is not an eligible purpose under the Brexit Impact Loan Scheme.

Can I use this loan to put buildings on my land?

Yes. The addition of commercial farm buildings onto existing land is a permissible purpose for the Brexit Impact Loan Scheme.

Can I use this loan to purchase new equipment?

Yes. The purchase of new equipment is a permissible purpose under the Brexit Impact Loan Scheme.

If my business turns around, is there an option to begin to pay off the loan in a lump sum?

The BILS loan is a variable rate loan, therefore it is at the discretion of the borrower should they wish to make out of course or accelerate repayments to their loan at any time during the life of the loan.

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