ireland unveils loans to help small businesses cope with brexit
Last Updated : GMT 06:49:16
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 06:49:16
Arab Today, arab today

Ireland unveils loans to help small businesses cope with Brexit

Arab Today, arab today

Arab Today, arab today Ireland unveils loans to help small businesses cope with Brexit

Ireland unveils loans to help small businesses cope with Brexit
Dublin - Arab Today

The Irish government unveiled Tuesday a 300-million-euro ($354 million) loan scheme for small businesses buffeted by Brexit, in a move designed to spur innovation and investment needed to tap new markets.

The loan scheme for small and medium-sized businesses was announced as part of a major Brexit-proofing spending package in Irish Finance Minister Paschal Donohoe's 2018 budget.

The heavy reliance of Irish businesses on trade with Britain has spurred fears they could face difficulties when the UK leaves the EU in March 2019. The possible reinstatement of a hard border between the two countries has also caused concerns.

"As the impact of Brexit unfolds over the coming years, it is clear that there are likely to be permanent changes in our trade patterns," Donohoe said.

"Small and medium businesses will need to innovate and increasingly look to new European and international markets other than the UK," he added.

The proposal -- dubbed a "Brexit Loan Scheme" -- will offer competitive interest rates of around four percent on loans to businesses with up to 499 employees.

The initiative will receive funding from the Irish government as well as the European Investment Bank Group, the European Commission and the Strategic Banking Corporation of Ireland.

Donohoe also promised that an extra 25 million euros in loans would be set aside for farmers and food processors, noting Irish food businesses are uniquely exposed to the British market.

Deputy head of government Frances Fitzgerald said the measures would "help Irish exporters to grow their international sales and diversify their markets."

The British Irish Chamber of Commerce welcomed the announcements, which it said would provide "much needed support" to small and medium-sized businesses, which employ over 69 percent of the workforce.

Ireland has also announced the opening of new diplomatic representations in Chile, Colombia, Jordan, Vancouver and Mumbai, which Minister for Foreign Affairs Simon Coveney called "important first steps in expanding our global footprint."

However, he added that he wanted Ireland "to go further and to look at expanding our diplomatic and economic footprint across a European Union which will remain, by far, the most important market for Irish goods."

Strong economic growth earned Ireland the nickname of Celtic Tiger during the 1990s, but had to be bailed out after the 2008 financial crisis. The country has only returned to economic growth in the last few years.

The government said the budget was aimed at "balancing the books" while ensuring that the Irish economy, predicted to grow 4.3 percent in 2017, is strong enough to withstand any potential impact from Brexit.

Source: AFP

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

ireland unveils loans to help small businesses cope with brexit ireland unveils loans to help small businesses cope with brexit

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

ireland unveils loans to help small businesses cope with brexit ireland unveils loans to help small businesses cope with brexit

 



GMT 12:48 2016 Sunday ,27 November

Cilic, Dodig push Croatia to brink of Davis Cup

GMT 05:24 2017 Thursday ,28 December

Erdogan says 'terrorist' Assad cannot be part of Syria

GMT 12:59 2016 Saturday ,05 November

WB welcomes economic reforms in Egypt

GMT 18:40 2016 Saturday ,05 November

Egyptian GDRs in London down

GMT 10:57 2017 Wednesday ,06 December

Peru striker Guerrero has doping ban extended

GMT 17:51 2017 Tuesday ,07 March

Trump Signs New Travel Ban on Six Muslim Countries

GMT 10:30 2017 Wednesday ,06 September

Saudi Information Ministry praises media role during Hajj

GMT 15:29 2017 Tuesday ,24 January

Mind games really do help your brain

GMT 06:55 2015 Thursday ,01 October

Boston Red Sox beat Yankees

GMT 08:17 2017 Monday ,28 August

Bahrain celebrates World Humanitarian Day 2017

GMT 02:07 2017 Tuesday ,28 February

Opposition seeks Russian support at Syria talks

GMT 11:06 2017 Wednesday ,27 December

Bahrain tourism projects valued at over $ 13 billion

GMT 20:35 2011 Tuesday ,10 May

New exhibition of Islamic ornaments

GMT 19:52 2016 Friday ,19 August

Nice joins wave of French towns banning burkinis

GMT 03:46 2017 Wednesday ,06 September

US-backed Syrian forces seize Raqqa mosque

GMT 22:22 2017 Friday ,15 December

BDF Military Museum open on National Day

GMT 09:47 2015 Wednesday ,02 December

Ryanair launches court action against Google, eDreams

GMT 10:46 2017 Wednesday ,22 March

Japan's February trade surplus hits multi-year high
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday