28 January 2019 – In the context of the announcement earlier this month of an open call inviting banks and other lenders to take part in the Scheme, the Strategic Banking Corporation of Ireland (SBCI) has today detailed the signing of two funding agreements to facilitate the Future Growth Loan Scheme.
The first is between the European Investment Bank Group (EIB) and the Department of Enterprise, Trade and Employment (DETE) and the Department of Agriculture, Food and the Marine (DAFM) and the second is between the SBCI and DETE and the DAFM.
The signing and funding of these agreements, along with the passage of the European Investment Fund Agreement Act (2018), provide the foundation for the delivery of the Future Growth Loan Scheme.
These steps confirm the Future Growth Loan Scheme as a key component of the Irish Government’s Getting Business Brexit Ready programme, announced by Finance Minister Paschal Donohoe in his Budget 2019 speech.
The Scheme will make €300 million available to eligible Irish businesses and the primary agriculture and seafood sectors to support strategic long-term investment in a post Brexit environment.
The open call invites financial institutions to apply by 11 February 2019 for designation as a lending partner under the Scheme.
The Vice President of the EIB, Mr Andrew McDowell said:
“As the EU Bank, the EIB is committed to supporting Irish farmers and other businesses through the uncertainty of Brexit. The Future Growth Loan Scheme is designed to finance the building of new products, services and markets that makes the Irish economy more resilient to any disturbances to its UK markets.”
SBCI Chief Executive Nick Ashmore said:
“The signing of these agreements is a key milestone for the SBCI in the delivery of the Future Growth Loan Scheme. An essential function of the SBCI is to act as a conduit that enables support provided by the Government and European Investment Bank Group to be channelled to Irish farmers and small businesses. This is the latest example of the Irish farming and SME sector benefiting from valuable Government support that will be delivered by the SBCI in collaboration with the European Investment Bank Group.”