Fine Gael TD for Wicklow-East Carlow Andrew Doyle has today (Thursday) welcomed the announcement that the Strategic Banking Corporation of Ireland (SBCI) loans will shortly be available through AIB and Bank of Ireland. The Strategic Banking Corporation of Ireland (SBCI) has launched its first product offering as part of its commitment to provide €400m of funding to Irish SMEs.
“As part of this Governments commitment to accessing credit to SME’s, SMEs can now access lower cost, longer term loans for a wide variety of purposes.
“The SBCI’s first offering includes an SME Investment and Working Capital Loan which includes a discounted interest rate and loan amounts up to €5 million for periods between two and 10 years.
“Also included are loans to refinance those SMEs whose current bank loan facilities originated with banks which are exiting the Irish market. These loans may also cover new lending for investment and working capital purposes
“The SBCI Agriculture Investment Loan is available to support investment by agriculture SMEs involved in primary agriculture production, the processing of agriculture products or the marketing of agriculture products.
“A vital component is the lower cost of funding. By bringing cheaper, longer-term funding supported by the European Investment Bank, KfW and the Ireland Strategic Investment Fund, the SBCI will help SMEs with their funding costs and make it easier for them to support local jobs, grow their business and contribute to regional recovery.”
“SMEs are the engine of our economy and a key component for further recovery. They exist in every town and many villages in Wicklow and sustain local communities.
“While finance has always been a challenge for Irish SMEs, they have long been paying more for bank financing than their European counterparts and the SBCI will allow a broad spectrum of SMEs to borrow at an appropriate cost to help in the economic stability of our local business community”
“Job creation remains our top priority because unemployment is the main source of inequality and unfairness in Irish society. The Government plans to create at least 40,000 new jobs in 2015 and achieve full employment by 2018, two years ahead of target.”