Ulster Bank is now accepting applications for the state-funded €300m Future Growth Loan Scheme, which is also distributed through KBC and Bank of Ireland.

The loan scheme is operated by the Strategic Banking Corporation of Ireland (SBCI) and offers terms ranging from eight to 10 years, and unsecured loans up to €500,000.

The loans are targeted at SMEs and agri-businesses to support capital expenditure projects and long-term growth.

Eddie Cullen, managing director of Ulster Bank’s commercial banking division, said that loans underpinned by the FGLS are available to existing and prospective customers. “Our participation in the scheme is in addition to our existing suite of loan products tailored towards the funding requirements of SME and agri-businesses,” he added.

SBCI chief executive, Nick Ashmore, said that the SBCI is working with banks to financially support SMEs to invest and grow amid challenges and uncertainty.

In Association with

How FGLS Works

Details of the SBCI Future Growth Loan Scheme, including the criteria for loan eligibility, are available on the SBCI website, www.sbci.gov.ie. For loans in excess of €250,000, a Business Plan must be completed as part of the application process. Business plan guidance is available on the SBCI website.

There is a two-stage application process:

• Confirm your eligibility for the scheme by completing the Eligibility Form on the SBCI website, www.sbci.gov.ie. If the application is successful, SBCI will issue an eligibility letter with an eligibility reference number.
• Engage with Ulster Bank or another participating financial institution to begin a loan application process. The bank will make the decision on credit approval, subject to the bank’s credit policy.

Photo: Nick Ashmore (left) and Eddie Cullen (right), with agriculture minister Michael Creed (Pic: Chris Bellew/Fennells)