Fexco Asset Finance & SBCI Announce a €30 Million Increase in Fund for Specialist Leasing Finance for Irish SMEs to deliver €70 million over 6 years
Dublin – November 13th, 2024: The Strategic Banking Corporation of Ireland (SBCI) and Fexco Asset Finance are pleased to announce an increased funding package of €70 million to enable Irish SMEs to borrow for specialist equipment and vehicles.
Fexco Asset Finance, which is part of Fexco Group, is a well-established leasing and hire purchase provider in the Irish marketplace and has been a key partner for the SBCI since 2016, enhancing Irish SMEs’ access to finance.
To date, it has written over €213 million in specialist equipment and vehicle leasing facilities for SMEs, supporting nearly 4,000 individual transactions.
Fexco’s product offering currently covers various asset types, including:
- Fixed equipment
- Plant and machinery
- Production lines
- Medical and dentistry equipment
- Green energy solutions
- Traditional leasing of vehicles, cars, and vans
Thanks to the newly approved SBCI funding, Irish SMEs can now quickly access essential finance from Fexco for specialist equipment and vehicle leasing
This initiative builds on Fexco Asset Finance’s relationship with the SBCI started in 2016, having also joined the SBCI Energy Efficiency Loan Scheme in 2023.
SBCI CEO, June Butler, commented: “This new €30 million extension to our partnership with Fexco Asset Finance brings the total funding package to €70 million. This will ensure ongoing borrowing for specialist equipment and vehicles, providing opportunities for the SME sector to expand and grow. This important initiative aligns with the SBCI’s mission to foster Irish SMEs' growth, expansion, and innovation. Over the past decade, the SBCI has facilitated over €4 billion in funding, empowering more than 60,000 businesses to thrive, prosper, and achieve their ambitions. By working with strategic partners like Fexco Asset Finance, we look forward to continuing to provide Irish SMEs with much-needed access to specialist finance.”
Fexco Asset Finance CEO, Mike O’Halloran, added: “Our continued partnership with SBCI underscores our commitment to supporting Irish SMEs. This new fund will enable businesses to access the finance they need, fostering growth and sustainability in the sector.”