SBCI and Finance Ireland announce €75m in new funding for Irish SMEs18 Dec 2018
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.
In launching the new facility, 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.”
SBCI Chief Executive Nick Ashmore said:
“The SBCI has already committed substantial funding and Guarantees, to help SMEs support jobs through growing their businesses, and to meet the need for a more competitive, dynamic market for SME funding.
Today we are increasing our support to Finance Ireland which will help drive competition in Irish SME lending, making it easier and cheaper for them to access the finance they need to succeed.”
Finance Ireland Founder and Chief Executive Billy Kane said:
“We are delighted to further develop our relationship with SBCI. The SBCI funding has been a significant benefit to the many hundreds of SME customers we deal with on a daily basis, and this new facility will ensure that benefit continues into the future.
SME leasing and Agri finance are important drivers in the growth of Finance Ireland.”