Bank of Ireland has established a €2bn Brexit fund to support small and medium-sized businesses on both sides of the border as the clock ticks down to the UK’s departure from the European Union.
The fund will provide loans for investment purposes, help SMEs smooth their cash flow and working capital issues, support invoice discounting, and provide guarantees to tax authorities for importers and exporters who will face having to pay customs and tariffs at the point of entry when moving goods through Britain and Ireland.
Separately, the Confederation of British Industry in Northern Ireland has warned about the impact of a no-deal Brexit on exports from the north.
Exports from the north to countries with EU free trade agreements are worth more than £1bn every year, accounting for 12% of its overseas sales.
