Wednesday 26 October 2016

EU-Bank of Ireland loan guarantee scheme will make up to €100m available to Irish SMEs

Published 23/10/2015 | 09:53

BoI chief Richie Boucher
BoI chief Richie Boucher

A loan guarantee scheme agreed between the European Investment Bank and Bank of Ireland will make up to €100m available to Irish SMEs.

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Loans by the bank aiming to fuel innovation will be guaranteed up to 50pc under the scheme, which targets early and development stage companies.

"In 2014, Ireland was the fastest-growing economy in the EU, but there is further scope for domestic innovation to grow. This first agreement under InnovFin SME Guarantee is a tangible proof that the EU actively supports this objective by facilitating investment in SMEs, the biggest job creators in Ireland and across the EU," EU Commissioner for Research, Science and Innovation Carlos Moedas said.

Bank of Ireland's director of business banking Mark Cunningham said the bank was "pleased to be the first Bank in the country to partner with the EIF and the Commission to offer the InnovFin SME Guarantee".

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