AIB is making €140 in low-cost loans available as part of the Strategic Banking Corporation of Ireland's Brexit Impact Loan Scheme.

The scheme aims to provide support to small businesses, including those in farming and fishing, who are impacted by Brexit.

Loan amounts vary from €25,000 to €1.5m per applicant for terms ranging from one to six years, with a maximum variable interest rate of 3.5%.

The Brexit Impact Loan Scheme (BILS) is a successor to the Brexit Loan Scheme and will provide up to €330m in low-cost lending to eligible Brexit-impacted businesses.

It is offered by the SBCI in conjunction with the Department of Business, Enterprise & Employment and the Department of Agriculture, Fisheries and the Marine and is also supported by a counter-guarantee from the European Investment Bank Group.

Tánaiste and Minister for Enterprise, Trade and Employment, Leo Varadkar said the Government wants to see more lenders take part in this updated Brexit Impact Loan Scheme, to give businesses more options when seeking a loan.

"AIB is the second participating lender to come on board and we're hopeful of more joining over the coming weeks," Leo Varadkar said.

"I know how hard both Brexit and the pandemic have been on Irish businesses. This scheme is part of the Government's overall package to help those struggling and offers low-cost loans to help with either day-to-day operational costs or to invest," he added.

Minister for Agriculture, Food and the Marine, Charlie McConalogue said the scheme offers agri and other businesses, which have been affected by Brexit, access to competitively priced loans.

"Ensuing our agri and rural businesses are insulated from the worst effects of Brexit continues to be a key priority of mine and this Government and that is why we are committed to innovative supports such as the Brexit Impact Loan Scheme," the Minister added.

Colin Hunt, the chief executive of AIB, said it is vital that we ensure funding is available for small businesses to counter the impacts of Brexit.

"As a country we are uniquely exposed to the effects of Brexit, many of which are continuing to unfold, and we are committed to supporting businesses as they adapt to a new post-Brexit trading environment," Colin Hunt said.

"We also welcome the widening of the scheme to include farming and fishing, some of the most impacted sectors who continue to face difficulties adjusting to the aftermath of Brexit and for whom supports of this nature will be of significant benefit," he added.

June Butler, CEO of SBCI, said the new, enhanced Brexit Impact Loan Scheme (BILS) will support SMEs throughout Ireland as they deal with the challenges of Brexit.

"The BILS will add significantly to the SBCI’s range of SME-friendly finance options and AIB's involvement in providing this scheme will help more SMEs get access to low-cost, flexible finance," Ms Butler added.