The Strategic Banking Corporation of Ireland (SBCI) and Finance Ireland have today announced a new €75m funding facility to support the continued expansion of Finance Ireland’s Hire Purchase, Leasing, Working Capital and Agri Asset Finance offerings to SMEs.
Following the successful deployment of an initial €51m in SBCI funding, agreed in 2015 and now fully drawn down by Irish SMEs, this second six-year facility will bring SBCI’s total combined commitment to Finance Ireland to €126m.
Finance Ireland will act as on-lender of the €75m to provide Irish SMEs with lower-cost funding and flexible financing at competitive market rates.
Speaking today, Minister of State at the Department of Finance and the Department of Public Expenditure and Reform with special responsibility for Financial Services and Insurance, Michael D’Arcy said, "This new €75m package is significant as it provides additional targeted funding to SMEs for investment in machinery and vehicles that small businesses need to meet the demands of the growing economy. A modern growing economy requires funding through bank and non-bank sources and Finance Ireland is an example of the SBCI’s effectiveness in increasing the range of options open to SMEs."