The facility will aid the expansion of Finance Ireland’s hire purchase, leasing, working capital and agricultural asset finance offerings to SMEs.
Following the deployment of an initial €51m (approximately £46m) in SBCI funding agreed in 2015, this second, six-year facility will bring SBCI’s total combined commitment to Finance Ireland to €126m (approximately £114m).
The new Finance Ireland products are available immediately and will look to provide lower-cost funding and flexible financing at competitive market rates.
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- Over £1m of loans provided to SMEs from MEIF
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“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,” said Nick Ashmore, chief executive at SBCI.
“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.”
Billy Kane, founder and chief executive at Finance Ireland, added that it was delighted to further develop its 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.”