€300m future growth loan scheme for SMEs & farmers welcomed

Food Drink Ireland (FDI), the Ibec group representing the food and drink sector, has welcomed today’s announcement of a €300m future growth loan scheme for SMEs and farmers. 

Paul Kelly, FDI Director said: “The lack of long-term investment financing has been a critical issue for food companies and farmers. This welcome development will make it more feasible for companies to invest in enabling technology, plant renewal and expansion, refinancing, market development and innovation, particularly in a post Brexit environment.

“However in the possible event of a hard Brexit, additional measures would be needed including, a temporary EU state aid framework to support companies through any adjustment period with funds amounting to 5% of the value of current annual export sales to the UK will be needed annually for three years from domestic and EU sources to help Irish companies innovate, diversify into new markets, train staff and invest for the future in capital towards enabling technology, carbon efficiency, plant renewal and expansion geared to improved competitiveness.”