It was announced today that First Citizen Finance has become the sixth lending partner to offer the Strategic Banking Corporation of Ireland (SBCI) finance with a new €50m fund for Irish agri-business SMEs seeking to buy or lease machinery (including tractors, combine harvesters and balers).
First Citizen’s new hire purchase and leasing products for agri-business will use the SBCI’s funding advantage to offer discounted rates and more attractive repayment terms of up to 7 years.
The new fund means that the SBCI has now committed 99% of its original funding (€790m of €800m) to three banks (AIB, Bank of Ireland, Ulster Bank) and three non-bank lenders (First Citizen Finance, Finance Ireland and Merrion Fleet).
Speaking today, Minister for Finance, Michael Noonan said, "I am delighted with this announcement as it is a further example of how the SBCI can and is applying its innovative funding to all branches of the economy. It is evidence of help being available to those SMEs who seek funding to grow and maintain their positive impact on Ireland’s national economic wellbeing."
SBCI Chief Executive, Nick Ashmore added, "This is another key step in delivering lower-cost, more flexible funding to Ireland’s agri-business SMEs – which already account for 26% of all SBCI loans. It is a major achievement for the SBCI that we have now committed nearly all of the €800m original funding we received when we were set up. This demonstrates the significant impact that the SBCI is having on the SME lending market and the strong demand among SMEs for what we are delivering."
Source: www.businessworld.ie
