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SBCI publishes 2019 progress update and 2018 annual report and accounts

News
27 May 2019

The Strategic Banking Corporation of Ireland (SBCI), Ireland’s national promotional institution for low-cost flexible funding for SMEs, has today published a 2019 progress update and its 2018 annual report and accounts.

Key information

Comment by Nick Ashmore, CEO of SBCI:

“2018 saw the SBCI extend its capabilities as a risk-sharing provider, partnering with banks, non-banks and European institutions to maximise the benefits available to SMEs that need low-cost funding.

We have built on our early years as a conduit for channelling low-cost funding to SMEs to successfully expand our role through risk-sharing, which allows us to meet the needs of a bigger and broader range of SMEs.

While it is still early days for the Brexit Loan Scheme and the Future Growth Loan Scheme, we are confident that take-up levels will increase in line with greater clarity and certainty emerging on the precise shape that Brexit will take and as businesses seek to make longer term investments.

We will continue to expand our role as an intermediary for the effective use of EU financing supports relevant to Irish businesses and the delivery of additional types of financial instruments which will enable SMEs to grow and scale-up their businesses.”

Comment by Barbara Cotter, Chairperson of SBCI:

“I am pleased with the continued progress made by the SBCI in 2018 in establishing itself as a key conduit for European funding and Government Guarantee schemes. Guarantee Schemes, such as the Brexit Loan Scheme and the Future Growth Loan Scheme, are critical in assisting SMEs in accessing, lower-cost, flexible funding which allows them to innovate, invest and grow their businesses. Furthermore, the SBCI’s ongoing support of its non-bank on lenders continues to promote competition in the Irish finance market.”

Comment by Paschal Donohoe TD, Minister for Finance and Public Expenditure and Reform:

“I welcome the publication of Annual Report of the Strategic Banking Corporation of Ireland for 2018. I commend the SBCI on the impressive progress made in delivering risk sharing products during 2018, working with our European partners to do so. In particular, the launch of the Government’s €300m Brexit Loan Scheme that provides valuable working capital support to Brexit impacted SMEs to allow them to adapt and innovate in response to Brexit. I am also delighted by the recent launch of €300m Future Growth Loan Scheme that will provide much needed long term investment finance for Irish SMEs. The SBCI is delivering on its mandate to provide effective financial supports for Irish SMEs and ensure a diverse range of types and sources of finance for them as they provide sustainable economic growth”.

The annual report can be accessed here.