Dáil Éireann

SBCI Funding Good News for SME’s – Doyle

Andrew 2015, Dáil Éireann, Finance

sbci

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.”

Online Guide Ensuring SME’s are aware of Government Supports in Wicklow – Doyle

Andrew 2015, Communications, Dáil Éireann

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“At present there are over 80 Government supported programmes currently in place to support SMEs but most people don’t know about these schemes and there is a very low take-up rate. Therefore fostering a county of entrepreneurs and start-ups, it is vital to ensure that all existing businesses in Wicklow are aware of the support on offer”, says Andrew Doyle, Fine Gael TD for Wicklow/Carlow East

“Evidence has shown that over 90% of Irish start-ups and SMEs have a very low awareness of the schemes that are available. This is why an awareness campaign of this kind is urgently needed in order to help and support these services which will consist of local radio advertising, online ads and the launch of a new website will help to get the message out”

“Start-ups account for two thirds of all new jobs created. SMEs are hugely important to local business life in Wicklow and I would urge anyone involved in business in the area to log on to Actionplanforjobs.ie and to use the “Supporting SMEs” online guide.

“By making more businesses aware of what the State can do for them we can support more of them to start-up, grow, and create the jobs we need. SMEs are the engine of our economy providing employment for people in every town and village in this country.

“We now have a huge range of supports aimed specifically at this sector. Through the actionplanforjobs.ie website, with the help of entrepreneurs and business people, we will be able to get the information directly to businesses so they can apply.

“I want to see SMEs in Wicklow and across the country, not only start, survive, but also thrive”