€400 million will be made available to SMEs through a dedicated product programme launched by the Strategic Banking Corporation of Ireland (SBCI).
The SBCI was formally launched back in October last year.
The funding offers a low cost, long-term option to businesses that employ fewer than 250 people and have an annual turnover of less than €50 million.[rev_slider Surety]
The loans will be available first through AIB and Bank of Ireland, followed by subsequent phases supporting smaller existing bank and non-bank funding providers as well as other new participants. SBCI Chief Nick Ashmore said using established banks for this first phase this will allow the corporation to reach the widest range of SMEs as quickly as possible.
The SBCI’s first product offering includes:
- SBCI SME Investment & Working Capital Loan – a discounted interest rate with loans up to €5 million for between 2 and 10 years.
- Facilities to Re-finance Exiting Banks – Loans to refinance SMEs whose current loan originated with banks exiting the Irish market. This product may also cover new lending for investment and working capital purposes.
- SBCI Agriculture Investment Loan – This is available to support investment by agriculture SMEs involved in primary agriculture production, processing agriculture products or marketing agriculture products.
Speaking at the launch in the Liffey Trust Centre, the Taoiseach said that the “mission of the SBCI is aligned to that of Government. PRoviding more credit for businesses to grow and create more joys is key to securing Irish recovery.”
The Liffey Trust Centre is home to a number of enterprises, including catering businesses Lolly & Cooks and Urban Picnic and animation company Studio Powwow, as well as brand new start ups like PaySign.
The Taoiseach, Tánaiste Joan Burton, Finance Minister Michael Noonan and Public Expenditure Minister Brendan Howlin had the opportunity to visit several businesses to talk about their experiences while attending the launch today.