03 March 2023 - The Strategic Banking Corporation of Ireland (SBCI) today announced Finance Ireland as a new on-lender of the Energy Efficiency Loan Scheme. It becomes the fifth on-lender to offer the Scheme along with AIB, Bank of Ireland, Capitalflow and Fexco Asset Finance.
The Energy Efficiency Loan Scheme was established to help SMEs, farmers and fishers cut their energy bills and reduce their carbon emissions by investing in energy-saving measures.
The Scheme offers discounted asset finance and hire purchase for businesses planning to invest in a range of energy saving equipment.
Borrowers can benefit from reduced interest rates and finance amounts ranging from €10,000 to €150,000 over terms of up to 10 years. To be eligible for finance, the energy-efficient equipment must be listed on the SEAI Triple E Register for Products. Eligible investments include a range of energy-saving technologies, such as solar panels, commercial appliances, heating and cooling systems, LED lighting and lighting control systems.
Finance Ireland is open for applications under the Scheme immediately and funding is being made available to businesses at a discount of 1% on their typical standard rates.
Finance Ireland’s participation in the Energy Efficiency Loan Scheme extends its existing partnership with the SBCI, which has already supported over 4,000 SMEs through Finance Ireland’s Hire Purchase, Leasing and Agri Asset Finance offerings to SMEs, Agri businesses and sole traders.
SBCI CEO, June Butler said:
“I welcome Finance Ireland as an additional partner to the Energy Efficiency Loan Scheme. The SBCI is committed to supporting Irish SMEs grow their business and invest in innovation and sustainability. We are conscious that Irish SMEs, farmers and fishers face ongoing challenges due to the rising cost of energy. The Scheme can help businesses enhance their competitiveness, address their energy costs and improve their sustainability, and we encourage as many businesses as possible to make the most of the investment opportunities it offers.”
Finance Ireland Founder and CEO, Billy Kane said:
“We are delighted to participate in the SBCI’s Energy Efficiency Loan Scheme, which offers Irish SMEs a unique opportunity to invest in areas that will improve their sustainability and importantly reduce their energy costs over the long term. As Ireland’s leading non-bank lender, this scheme fits with our focus on continuing to drive greater competition and innovation in the SME financing market and play our part in Ireland’s transition to a low carbon energy future.”