Irish fishing businesses are among those eligible for an additional €500 million in Government-backed lending announced under Budget 2027, bringing the total capacity of the Growth and Sustainability Loan Scheme to €1 billion.
The expansion, announced by Minister for Enterprise, Tourism and Employment Peter Burke on Wednesday (7 October), will also extend the scheme until June 2029.
The scheme provides long-term loans to eligible small and medium-sized businesses, including fishermen, farmers and other enterprises seeking to invest in business development or environmental sustainability.
However, the €1 billion figure represents the total amount that participating financial institutions can lend through the expanded scheme. It is not a direct Government grant or a funding allocation specifically for the fishing industry.
How the Loan Scheme Works
The Growth and Sustainability Loan Scheme was introduced in 2023 to make longer-term finance available to Irish businesses, including those in the fishing and seafood sectors.
It is delivered by the Strategic Banking Corporation of Ireland (SBCI), supported by the European Investment Bank Group, through participating banks and other finance providers.
The scheme offers loans ranging from €25,000 to €3 million, with repayment periods of seven to ten years.
Loans of up to €500,000 can be made available without security, although applicants must still satisfy the lending institution's credit assessment and eligibility requirements.
Unlike a grant, the money must be repaid with interest.
What Can Fishing Businesses Use the Loans For?
The scheme is designed to support longer-term business investment rather than provide general compensation for operating costs or lost fishing quotas.
Eligible investments can include machinery and equipment, business expansion, improvements to premises, research and development, and measures intended to improve business resilience.
For fishing and seafood businesses, potential applications could include eligible equipment upgrades, improvements to processing facilities and investments intended to reduce energy consumption.
However, individual projects must satisfy the scheme's eligibility requirements and applicable State aid rules.
At least 30% of the scheme's lending capacity is targeted at environmental sustainability projects, which can qualify for an additional interest rate discount.
The remaining lending capacity supports strategic investments intended to improve productivity, competitiveness and long-term business viability.
What Does the €500m Budget Expansion Mean?
The original Growth and Sustainability Loan Scheme provided €500 million in lending capacity.
Budget 2027 adds a further €500 million, bringing the overall programme to €1 billion and extending its operation until June 2029.
The expansion is backed by a €63 million commitment from the Department of Enterprise, Tourism and Employment, alongside additional funding from the Department of Agriculture, Food and the Marine.
The Department has provided for €20 million annually in 2026, 2027 and 2028.
These Government commitments support the operation of the lending scheme. They should not be confused with the much larger amount available to businesses through loans.
No specific portion of the €1 billion has been reserved exclusively for fishing businesses.
How to Apply
Under the scheme's established application process, businesses first seek an eligibility code from the SBCI.
Once approved for eligibility, they can approach a participating bank or finance provider to apply for a loan.
The lender then assesses the application and decides whether to provide finance. Receiving an eligibility code does not guarantee loan approval.
Further information about the scheme and its application process is available from the Strategic Banking Corporation of Ireland.
Separate from €174.8m Seafood Budget
The loan scheme expansion is separate from the €174.8 million allocated to Ireland's fishing and seafood sector under Budget 2027.
That allocation includes an additional €20 million to progress recommendations from the Food Vision Seafood Sector Sub-Group, covering fishing fleets, seafood processing, inshore fisheries and aquaculture.
While those measures are intended to provide direct sectoral supports, the Growth and Sustainability Loan Scheme offers repayable finance to eligible businesses undertaking longer-term investments.

















































