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Over 1600 Irish SMEs benefit from Strategic Banking Corporation loans in its first four months

News
30 Jul 2015

Over 1600 Irish SMEs benefit from Strategic Banking Corporation loans in its first four months

30 July 2015: The Strategic Banking Corporation of Ireland (SBCI) today provided its first update on loan applications since its initial product launch showing almost €45 million worth of SBCI loans now working for 1,626 Irish SMEs.

The first SBCI loans were made available from mid-March this year, channelling money from KfW, the European Investment Bank, and the Ireland Strategic Investment Fund to the first on-lenders of the loan products, AIB and Bank of Ireland.

The loans have been taken up by Irish SMEs for a variety of purposes and across a range of sectors in the economy. Almost 90% of all loans were for investment purposes, and close to a third of loans drawn were in the agricultural sector.

Commenting today on the report, Chief Executive Nick Ashmore said:

“The SBCI has made an excellent start. We are very encouraged to see almost €45 million of loans approved and drawn down by SMEs since March, a third of which has been accessed by the agricultural sector.

“It is early days but momentum is gathering and the SBCI team has been working hard to create awareness of these loans amongst the Irish SME community to support the growing appetite for business investment.

“This finance is appealing to SMEs who want to have the flexibility and cost efficiency which our loans provide. The fact that 90% of the loans are for investment purposes and the average loan size is €27,500 indicates renewed confidence amongst smaller SMEs and a real sense of renewal across the business community who have suffered through some leaner years.”

Other key updates reported today include:

You can view our Infographic here.