Kilkenny-based lender SME Finance & Leasing Solutions is to receive a further €10m from the SBCI, bringing the total available from its hire purchase and leasing programme to €27.5m.

The programme covers the hire purchase or leasing of equipment, machinery and vehicles, and the Strategic Banking Corporation of Ireland said SMEs will benefit as a result of its extension of €10m to the on-lender.

According to the SBCI, SME Finance & Leasing will use this additional lower cost SBCI funding to offer finance from €1,000 to €100,000 across sole traders, agri-businesses or SMEs employing up to ten people, providing a variety of finance options across all sectors.

“Crucially, this funding provides a discount of 5.2% on typical rates for these products and borrowers will not be required to provide personal guarantees,” according to the state provider of low-cost finance.

SME Finance & Leasing was the seventh non-bank lender to team up with the SBCI in 2020, as part of  its efforts to enhance competition in the SME funding market by supporting a combination of banks and non-banks, as well as a mix of long-established institutions and newer entrants to the market.

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Chief executive Eugene O'Donovan (picgtured) said: “We established SME Finance & Leasing Solutions to become the leading asset finance specialist SME lender in the Irish market.

“We are delighted to announce our continued collaboration with SBCI, enabling us to facilitate greater access to asset finance for Irish businesses at a discounted rate.

“Our partnership with the SBCI, a state-backed agency, continues to afford us the ability to build deep, long lasting relationship with the SME market while providing excellent customer service and a quick turnaround on credit applications, something we pride ourselves on. ”