4th May 2018
€10m extension to the Rescue and Restructuring Scheme to allow for Temporary Restructuring Aid
Allows access to finance to those value-creating but vulnerable businesses who are impacted by Brexit
An extension to the Rescue and Restructuring scheme was today approved by the EU Commission and provides for a further 10 million euro of State support to companies experiencing acute liquidity needs as a result of Brexit. This is in addition to the original 10m euro announced in November 2017 under the Rescue and Restructuring scheme.
The Minister for Business, Enterprise and Innovation, Ms Heather Humphreys, said: “This is another element of the suite of supports being developed by my department to provide aid to enterprises impacted by Brexit. Together with the Brexit Loan Scheme, this temporary restructuring aid will provide valuable stabilisation to businesses as they respond to the immediate and long-term impacts of the UK’s decision to leave the EU”
Under the extended scheme, which will run until 2020, Enterprise Ireland, will be able to offer both rescue aid and temporary restructuring aid to small and medium sized companies (SMEs) in financial difficulty or experiencing acute liquidity needs. It aims to avoid situations where value-creating and viable SMEs, with the potential to restore their competitiveness, experience difficulties because of an inability to access finance from credit markets.
The additional support which was approved today will take the form of loans repayable over a period of 18 months and will be available to SMEs active in all sectors of the economy, with the exception of the steel, coal and financial sectors.
The scheme extension was notified to the EU Commission in March 2018 and the Commission found that the public support will be transparent and limited in time and scope and therefore concluded that the extension to the Irish Rescue and Restructuring scheme was compatible with EU State aid rules.
For further information contact Press Office, Department of Business, Enterprise and Innovation: Phone: 01- 6312200; email: email@example.com.
The Department of Business, Enterprise and Innovation (DBEI) plays a key role in implementing the Government’s policies of stimulating the productive capacity of the economy and creating an environment which supports job creation and maintenance. The Department also has a remit to promote fair competition in the marketplace, protect consumers and safeguard workers.
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