The Strategic Banking Corporation of Ireland and Fexco Asset Finance are extending their lending partnership with SMEs and adding a further €40m to their funding for the sector.

The partnership between SBCI and FAF has existed since 2016 and has already lent more than €100m to small and medium firms at favourable rates, allowing them to borrow at a lower cost for specialist equipment and vehicles.

Loans issued by the finance house under the scheme qualify for an interest rate that’s two points less than its normal market rates.

SBCI chief executive June Butler commented: “This scheme will make it easier for companies to borrow money to finance asset types that can be harder to borrow against, such as fixed equipment and plant machinery. After the success of our first five years in partnership, I am delighted to announce this €40m extension.”

Fexco Asset Finance chief executive Mike O’Halloran added: “We’re thrilled to be able to continue the partnership with this extension to the scheme, and promise to continue to provide the excellent customer service and quick turnaround of loan applications that are the hallmark of our approach to doing business.

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“With SMEs employing over a million people in Ireland, we know that providing support is vital to the country’s economic success.”