The Strategic Banking Corporation of Ireland (SBCI) and Finance Ireland have announced €75m in SME finance that will be made available at a discount of just over 1% on typical interest rates.

Finance Ireland said it has transacted with c.4,000 small business borrowers using capital provided by SBCI.

Finance Ireland previously received €51m and €75m from SBCI, bringing the total to over €200m.

"The SBCI is committed to helping Irish SMEs recover from the effect of the Covid-19 pandemic, grow their business and invest in innovation and sustainability," said June Butler, CEO of SBCI.

"We are extending our partnership with Finance Ireland to drive further competition in SME lending, making it easier and cheaper for businesses to access the finance they need to succeed."

In Association with

Finance Ireland said it would use the additional SBCI funding to offer finance from €3,000 to €1m to SMEs, sole traders and farmers through a variety of finance options, including hire-purchase agreements, leasing agreements, contract hire agreements, sale and leaseback facilities and farm loans.

Finance Ireland CEO Billy Kane stated: "As Ireland’s leading non-bank lender, we intend to continue driving greater competition in the SME financing market with innovative, SME-friendly and competitive products.”

Photo: Billy Kane and and June Butler. (Pic: Johnny Bambury, Fennell Photography)