Transition

In order to avail of the No Deal Brexit supports, companies must demonstrate that they are Brexit exposed and viable despite being vulnerable to the impacts of Brexit.

They will also be required to develop a robust business plan, which is a prerequisite for any funding application for Brexit supports.

 

Learn more about the steps required to access Brexit No Deal supports.

Brexit Transition Fund

Enterprise Ireland has a number of new supports to help manufacturing and internationally traded services companies to transition their businesses.

The Brexit Transition Fund will provide financial supports to eligible companies to underpin the viability of the company, by making a transition to a new business model, through increasing competitiveness, improving internationalisation potential and sustaining employment.

This fund will offer a financial support to viable but vulnerable businesses and is open to eligible companies  [1] which:

  • Have employment of 10 or more full time employees
  • Are more than five years in existence
  • For SMEs – have completed a formal application process with a financial institution providing funding through the SBCI Brexit Working Capital Loan Scheme/ Future Growth Loan; or
  • For large companies – have completed a formal application process for funding with an appropriate financial institution.

Funding of between €50,000 and €1m will be provided through the Brexit Transition Fund to support a co-funded business plan over a five-year period. Funding will be provided through a mix of grant, debt and equity supports, dependent on the structure and amount of support required.

  • Brexit Transition Support 1: between €50,000 and €150,000

This funding will support a co-funded business plan, with the Enterprise Ireland support intended to contribute up to 50% of the overall cost of the plan.

  • Funding will be in the form of Cumulative Redeemable Preference Shares (CRPs) provided sufficient De Minimis* balance is available.
  • An annual coupon, at a rate of 5%.
  • Full redemption is due after 5 years.
*De Minimis Aid is small amounts of State Aid given to an enterprise which cannot exceed €200,000 over any three fiscal years to any company irrespective of size or location.
  • Brexit Transition Support 2:  between €150,000 and €1,000,000

This funding will support a co-funded business plan, with the Enterprise Ireland support intended to contribute up to 50% of the overall cost of the plan.

  • Funding will be in the form of preferred stock.
  • An interest rate of 9% will be payable annually.
  • Full repayment of the principal due after 5 years.
  • A new Brexit Transition Business Plan Grant will provide support to reduce the effective interest rate to a minimum of 5% annually, subject to Enterprise Ireland terms and conditions.

 

In order to apply for the Brexit Transition supports, applications will require:

  • A Brexit Transition Business Plan which details the transition business model, which if fully implemented, will enable the company to be financially viable within 18 months and to grow in the long term.
  • Evidence that any offer of funding through the SBCI Brexit Working Capital Loan Scheme/Future Growth Loan, or from the market, is insufficient.

 

Evidence of the need for Brexit Transition funding.

  • Identification of the sources of additional funding required to fully implement the business plan; Demonstration of an increase in output and providing new employment or maintaining employment.

To apply for the Brexit Transition Fund contact your Development Advisor or the Brexit Response Unit on brexitresponse@enterprise-ireland.com / (01) 727 2727.