Great news for Irish business. Ballywire Video.
More badly needed credit is becoming available at a lower cost. The Strategic Banking Corporation of Ireland (SBCI) and FEXCO Asset Finance have announced a new funding package of €70 million that will allow Irish SMEs to borrow at a lower cost for specialist equipment and vehicles.
The €70 million fund will be available to SMEs for the finance of business assets which can support growth while facilitating improved cash flow management.
During 2016, SBCI has provided funding to four new lenders, Ulster Bank, First Citizen, Bibby Financial Services and FEXCO and in July announced it had facilitated more than 8,600 loans since being established in early 2015.
SBCI lenders offer lower cost loans across a range of products including working capital, investment, agri-finance, invoice finance, fleet finance and leasing. On average, SMEs receive a discount of 1.5% on market rates for these loans.
Welcoming the news, Minister for Finance, Michael Noonan said, “FEXCO’s partnership with the SBCI shows how Government can work together with domestic business to support Irish SMEs. Today’s announcement is another example of the commitment in the Programme for a Partnership Government to increase the availability of credit for SMEs and the provision of supplementary sources of finance.”
Ballywire was delighted to be in attendance as SBCI Chief Executive Officer Nick Ashmore and Mike O’Halloran of FEXCO Asset Finance made the official announcement.