KBC Bank has partnered with the Strategic Banking Corporation of Ireland (SBCI) as an on-lender for the government's Future Growth Loan Scheme.

The scheme, which will see the roll-out of an overall fund of €300m delivered by the SBCI and supported by the European Investment Fund, is available to businesses that meet SBCI eligibility.

KBC has been allocated €50m from the fund by the SBCI to loan to micro businesses and SMEs. It joins AIB, Bank of Ireland and Ulster Bank as SBCI on-lenders; the other organisations disbursing FGLS funds are Bibby Financial Services Ireland, Fexco and Finance Ireland.

The SBCI funding is aimed at supporting capital expenditure and promoting business investment for development, expansion and improvement. It is delivered through low-cost loans, with terms ranging from eight to ten years. All loans are secured with an 80% guarantee from the SBCI.

Darragh Lennon, director of distribution at KBC Bank Ireland, said that applications for SBCI funding are now being accepted by the bank from eligible applicants.

In Association with

“The partnership complements our business banking offering, which provides specialised support via a dedicated KBC business partner with specialist sector knowledge and a full range of products,” Lennon added.

“The partnership complements our business banking offering, which provides specialised support via a dedicated KBC business partner with specialist sector knowledge and a full range of products” he added.

SBCI chief executive Nick Ashmore said that the addition of KBC as an on-lender helped to promote competition in the provision of finance to small businesses.

Photo: Darragh Lennon (left) and Nick Ashmore, with business minister Heather Humphreys