The Minister for Business, Enterprise and Innovation, Heather Humphreys, has issued a direct appeal to Irish businesses to "accelerate their preparations" with less than 9 weeks to go until Bexit.

Minister Humphreys urged businesses to avail of the wide range of State supports on offer to help them prepare.

The Government's suite of Brexit supports include preparedness vouchers and consultancy and mentoring supports, tariff advisory services, research on new markets and innovation supports through Enterprise Ireland, the Local Enterprise Offices and InterTrade Ireland, as well as two loan schemes, the €300m Brexit Loan Scheme and the €300m Future Growth Loan Scheme. Supports and advice is also available from the National Standards Authority of Ireland, the Health and Safety Authority, IDA Ireland, Revenue, Skillnet Ireland, the Strategic Banking Corporation of Ireland, Bord Bia and Failte Ireland.

The Minister strongly urged businesses to familiarise themselves with these supports. She also urged them to look at their supply chains, customs procedures, certification, and standards and licensing processes; consider currency volatility; and register with customs for an EORI number.

Speaking directly to businesses, Minister Humphreys said: "Through no fault of our own, our country has been faced with an economic and political hurdle that poses real risks to the future of our businesses and ultimately Irish jobs.

"It is extremely frustrating for businesses that at this late hour, we still can't say when and in which circumstances the UK will leave the EU.

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"I fully accept that the lack of clarity complicates our Brexit contingency planning. I also accept that it is incredibly difficult for businesses to plan for a situation that remains so unclear. Notwithstanding this, there are certain steps you can take now.

"As things stand today, a crashout is less than 9 weeks away, and while we hope it never comes to that, we can't afford to take any risks. Against this backdrop, I am appealing to you to act now to help protect your business and your employees.

"We have developed a wide range of supports to help you put a plan in place. Keelings are a leading Irish brand and a family-owned company, who have availed of a number of these supports, so please visit www.gov.ie/Brexit to see how we can help you.

"We cannot become paralysed by Brexit. We must continue to plan ahead, focus on what is within our control domestically, and be the masters of our own destiny. It's time to tackle this thing head on. Together, we will face this."

The most immediate consequences of a hard Brexit are likely to be currency movements, supply chain constraints, delays, duties and tariffs. In the first instance, this will put a strain on the working capital position of businesses. One of the Government's suite of supports is the €300m Brexit Loan Scheme, which is designed to address working capital challenges brought about by Brexit. Under the Scheme, loans of up to €1.5 million are available at a rate of 4% or less, with loans of up to €500,000 available on an unsecured basis. Similarly, the €300m Future Growth Loan Scheme is designed to support strategic long-term investment in SMEs in a post-Brexit environment.

Minister Humphreys continued: "These are loans that must be repaid, so naturally businesses will be reluctant to take on debt in advance of Brexit. That is understandable, but I want to be very clear that you are under no obligation to draw down a loan if you apply for one.

"Eligibility remains valid for 4 months under the Brexit Loan Scheme, and 6 months under the Future Growth Loan Scheme. Ultimately, it's up to you whether or not you proceed, so my strong advice is to apply now and decide later. You could be very relieved to have the option there in a few months' time."

Julie Sinnamon, CEO of Enterprise Ireland said: "The UK continues to be one of the largest export markets for indigenous Irish companies. Enterprise Ireland has been working to prepare Irish businesses for the potential challenges posed by Brexit by helping them to assess their preparedness and helping them to implement practical action plans in areas such as customs, supply chain and sourcing, and financial management.

"Close to 90% of our clients, like Keelings, have now taken Brexit-specific actions. In order to continue to grow their businesses after Brexit, Irish businesses need to look at opportunities in the areas of innovation, market diversification and competitiveness. Our focus is on supporting our clients to strategically strengthen so that they can enter a "post Brexit world" in a stronger position."

(MH/JG)