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 12:47 2016 Thursday ,01 September

'La La Land' musical masterpiece dazzles Venice film fest

GMT 12:42 2017 Monday ,20 February

Dalia al-Behairy begins 'Yawmiyat Zoga Mafrosa'

GMT 19:01 2017 Wednesday ,30 August

Oil prices down as US reels from Harvey

GMT 04:19 2017 Monday ,08 May

National forces attack mercenaries in Taiz

GMT 19:21 2017 Sunday ,07 May

Iranian Film Week opens in Baghdad

GMT 21:33 2017 Sunday ,30 July

Arab Quartet meeting kicks off in Bahrain

GMT 17:17 2016 Friday ,07 October

Aleppo bleeds as US and Russia spar

GMT 12:03 2015 Monday ,21 December

Nepal protester killed in constitutional crisis clash

GMT 09:47 2016 Thursday ,22 December

Trump vows to cut F-35 spending, as leaked memo

GMT 21:44 2017 Friday ,15 December

King establishes Hawar Development Committee

GMT 20:57 2017 Tuesday ,16 May

Naval Forces rescue 23 tourists in Hurghada

GMT 12:56 2017 Monday ,11 December

Lyon leave it late, Balotelli with Nice winner

GMT 06:18 2017 Thursday ,19 October

Russian delegation meets with Julphar chairman

GMT 21:20 2017 Monday ,23 October

Nasr, delegation of London Stock Exchange

GMT 14:40 2012 Saturday ,10 March

Magdy Al-Galad steps down

GMT 09:47 2017 Sunday ,12 March

Cat Camp in New York attracts cat lovers

GMT 14:57 2016 Friday ,09 September

Madonna, Ritchie settle child custody dispute

GMT 23:52 2017 Monday ,18 September

UAE economic growth boosting logistics sector
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