Strategic Banking Corporation of Ireland announce €50m in new funding for Irish SMEs
The Strategic Banking Corporation of Ireland (SBCI) and Finance Ireland has announced a new €50m funding package for SMEs.
The new package is to help SMEs to acquire equipment, machinery and vehicles through Finance Ireland, which is a specialist SME lender.
Four new products were announced by the SCBI. SME leasing, which is a two to five year lending product for vehicles and machinery, hire purchase, which allows SMEs to own the asset at the end of the lease, contract hire, which operates between a three to four year term, and rental agreements which operate between two and five years.
Speaking at the launch today minister for finance, Michael Noonan, said that the SCBI required a non-bank lender.
"The SBCI has been a huge success since its launch earlier this year with €400 million already made available to SMEs before today’s announcement. The new €50 million package is hugely significant as it provides additional targeted funding to SMEs for investment in machinery and vehicles required for small business to meet the demands of the growing economy.
“A modern growing economy requires funding through bank and non-bank sources and Finance Ireland represents the first non-bank on-lender for SBCI. I look forward to seeing the SBCI continuing to thrive as it moves to this new phase of lending".