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31/10/2014
€800m Loan For SME Businesses Announced
A total of €800m in funding for small and medium sized businesses in Ireland has been secured by the Strategic Banking Corporation of Ireland (SBCI).
The SBCI is a state-owned banking corporation which will provide tailored loans and innovative financial products for SMEs at more favourable rates than currently available.
In addition to the €800m in funding that has been announced, the legislation also allows for up to €5bn to be made available to SMEs over the next five years.
The news has been welcomed by the Minister for Business and Employment, Ged Nash TD.
He said: "As the Minister with responsibility for the SME sector, I warmly welcome the new source of funding being made available via the SBCI. It is no secret that many SMEs have struggled to secure the credit that they need to grow, but I am confident this initiative taken by the Ministers Michael Noonan and Brendan Howlin will kick-start lending.
"I believe that today's announcement is just the start. My department will continue to work very closely with the Department of Finance to ensure that a full suite of financial services are available to SMEs to allow them to grow, invest and crucially create jobs.
"SMEs are the lifeblood of this economy, and the Action Plan for Jobs process has recognised the importance of ensuring they have the credit to start-up or to grow."
The SBCI will work with established lending institutions to ensure the funding can be made available quickly. The first loans are expected to be issued by the end of the year.
(JP/IT)
The SBCI is a state-owned banking corporation which will provide tailored loans and innovative financial products for SMEs at more favourable rates than currently available.
In addition to the €800m in funding that has been announced, the legislation also allows for up to €5bn to be made available to SMEs over the next five years.
The news has been welcomed by the Minister for Business and Employment, Ged Nash TD.
He said: "As the Minister with responsibility for the SME sector, I warmly welcome the new source of funding being made available via the SBCI. It is no secret that many SMEs have struggled to secure the credit that they need to grow, but I am confident this initiative taken by the Ministers Michael Noonan and Brendan Howlin will kick-start lending.
"I believe that today's announcement is just the start. My department will continue to work very closely with the Department of Finance to ensure that a full suite of financial services are available to SMEs to allow them to grow, invest and crucially create jobs.
"SMEs are the lifeblood of this economy, and the Action Plan for Jobs process has recognised the importance of ensuring they have the credit to start-up or to grow."
The SBCI will work with established lending institutions to ensure the funding can be made available quickly. The first loans are expected to be issued by the end of the year.
(JP/IT)
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