Capitalflow is a recently established non-bank lender that will act as on-lender of €50m provided by the SBCI to give SMEs access to new forms of lower-cost funding for new and used equipment, machinery and vehicles. Capitalflow’s SBCI-backed leasing and hire purchase products will be available immediately, with further details at www.sbci.gov.ie and www.capitaflow.ie
Capitalflow becomes the 10th lender to partner with the SBCI in providing low-cost funding to SMEs, with over 30,000 SMEs benefiting from over €1 billion in lower-cost funding drawn down through SBCI-backed initiatives to date. It is the 6th non-bank lender to team up with the SBCI, as part of the SBCI’s efforts to enhance competition in the SME funding market by supporting a combination of banks and non-banks, as well as a mix of long-established institutions and newer entrants to the market.
Speaking about the announcement, Paschal Donohoe TD, Minister for Finance and Public Expenditure & Reform said:
“I welcome this announcement from the Strategic Banking Corporation of Ireland, of a new €50 million funding facility for Irish SMEs. It is particularly noteworthy that SBCI is doing this through a new on-lending partner, Capitalflow, as expanding the distribution of credit will help SMEs to access the funds they need at the right time to enable them to grow their businesses, increase employment and ensure they are more resilient for the future”.
Nick Ashmore, Chief Executive at SBCI said:
“The SBCI are looking forward to working with Capitalflow as a new on-lending partner to deliver on this €50 million loan to Irish businesses. This fund will help promote competition in the SME funding market, giving SMEs greater choice and delivering on the SBCI’s objective in bringing cheaper and more accessible funds to Irish businesses.”
Ronan Horgan, CEO at Capitalflow said:
“We established Capitalflow to become the Leading Specialist SME Lender in the Irish Market. To date, we have advanced over €450 million in facilities to a range of businesses across Ireland. This new €50 million facility with the SBCI is another milestone in our journey, as it allows us to build deep, long-lasting relationships with many new Irish SMEs”