Close Brothers Ireland has been appointed as the sixth lender in the Strategic Banking Corporation’s Future Growth Loan Scheme.
The SBCI has allocated €30m of the €800m fund to Close Brothers, which is now accepting applications from SMEs. The fund will support capital expenditure and promote business investment for development, expansion and improvement through competitively priced loans, with terms ranging from seven to ten years. All loans are secured with an 80% guarantee from the SBCI.
The SBCI aims to increase 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. Overall, Close Brothers is its thirteenth on-lending partner.
Interim chief executive Ian Black said: “The SBCI is delighted to team up with Close Brothers, a major lender with a strong and growing presence in Ireland. Today’s announcement is good news for Irish SMEs because it gives them more choice and easier access to low-cost funding through the Future Growth Loan Scheme.
“The support offered by the scheme will allow Close Brothers to create a compelling offering for SMEs and small mid-caps that need competitive finance offerings to grow their business.”
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Close Brothers Ireland managing director Ciaran McAreavey (pictured) commented: “We are delighted to have partnered with the SBCI to provide €30m of new commercial funding. As a specialist lender in Ireland, we’re committed to delivering effective, tailor-made finance packages, and work closely with businesses to develop solutions that meet their requirements. The FGLS provides an additional opportunity to help growing SMEs thrive with competitively priced loans.”
More than 32,000 SMEs have benefited from almost €1.7 billion in lower cost flexible funding drawn down through SBCI-backed initiatives to date.
Close Brothers Ireland is a subsidiary of Close Brothers Group plc in Britain and provides financing for SMEs and larger businesses here. It has offices in Dublin, Cork, Galway and Belfast.
