Permanent TSB has become the fifth bank to join the €800m low-cost loan scheme for Irish SMEs run by the Strategic Banking Corporation of Ireland.

The Future Growth Loan Scheme (FGLS) provides new, low-rate funding to small and medium enterprises and from today PTSB will be offering €50m in loans for periods ranging from seven to ten years.

The SBCI aims to enhance competition in the SME funding market by supporting a combination of banks and non-bank lenders, as well as a mix of long-established institutions and newer entrants to the market. All FGLS loans are secured with an 80% guarantee from the SBCI, making it easier and cheaper for SMEs to borrow.

Chief executive Nick Ashmore (pictured) said: “The SBCI is delighted to partner with Permanent TSB for the first time in supporting small businesses in Ireland. As well as driving the successful take-up of the Future Growth Loan Scheme, this also helps achieve the SBCI’s objective of promoting greater competition in SME lending and giving SMEs more choice from more lenders. 

“Permanent TSB’s clear ambition to grow its SME lending, combined with the support of the scheme, will create a compelling offering for firms looking to finance their long-term investment.”

In Association with

PTSB chief executive Eamonn Crowley added: “This is a major statement of intent in growing our SME lending. By teaming up with the SBCI and offering SME loans under the FGLS, we are bringing €50m in new lending capacity to both new and existing SME customers.”

Further information and details on eligibility can be found on the SBCI website here.

Applications from eligible businesses for the loans under the scheme can now be made through Permanent TSB, AIB, Bank of Ireland, KBC Bank Ireland and Ulster Bank.