AIB approves over €60m in loans from its €200m strategic fund
BUSINESSES and farmers topped the list of those seeking funds backed by the Strategic Banking Corporation of Ireland (SBCI) in the first three months.
AIB approved over €60m in loans from its €200m strategic fund since the launch in March to over 1,300 customers.
The bank said there had been strong demand for the loans which are available at the highly competitive rate of 4.5 per cent per annum variable rate.
AIB’s SBCI offering represents a discount of two per cent on its Standard Variable Business Loan rate.
“As the economy continues to recover, investment by SMEs in their businesses is critical for continued growth. This attractively priced fund has helped stimulate demand from our customers to invest in their businesses at this turning point in the economy,’’ said Ken Burke, head of AIB business lending.
The fund offers terms ranging from two to ten years and the demand for the fund is spread across all the regions AIB serves and across a variety of sectors including agriculture, distribution, manufacturing and services.
AIB is keenly aware of the importance of a fast response to business customers’ requests for credit.
The bank also has a 48 hour decision-making process for loan applications up to €30,000. AIB’s SBCI fund caters for loans up to €5 million, however many loans are for less than €30,000.