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Ulster Bank is now accepting applications for the Future Growth Loan Scheme Fund

16 Sep 2019

The SBCI is delighted to announce that, from today, Ulster Bank is accepting loan applications for the Irish Government’s ‘Future Growth Loan Scheme,’ a €300 million loan scheme delivered by the Strategic Banking Corporation of Ireland (SBCI). The loans will be provided with a term of 8-10 years and are targeted at supporting SMEs and Agri-businesses in their strategic and long term investment and expansion plans. Ulster Bank is now accepting applications that meet SBCI eligibility.

The SBCI scheme funds capital expenditure projects and promotes business investment through competitively-priced loans, with terms ranging from eight to ten years and unsecured loans up to €500,000.

Launching Ulster Bank’s participation in the Future Growth Loan Scheme, Eddie Cullen, Managing Director, Commercial Banking Division, Ulster Bank said:

“Ulster Bank is delighted to make the Future Growth Loan Scheme available to both existing and prospective customers. Ulster Bank’s participation in the scheme reflects our long-standing support for the Irish farming sector, Agri-business and SMEs. From today, our team of specialists are available across the country to answer queries on this loan scheme and all other Ulster Bank products."

“Our participation in the SBCI Future Growth Loan Scheme is in addition to our existing suite of loan products tailored towards the funding requirements of SME and Agri-businesses.”

Minister for Agriculture, Food & the Marine, Michael Creed said:

“I welcome that the Future Growth Loan Scheme is now available through Ulster Bank. As I’ve said before, this is a long-awaited source of finance for young and new entrant farmers, especially the cohort who do not have high levels of security. It will also serve smaller-scale farmers, who often do not have the leverage to negotiate for more favourable terms with their banking institution. Additionally, food companies have identified long-term investment finance of up to ten years as a critical need that is currently unavailable in Ireland. This partnership between the Government, EIF, SBCI and participating banks such as Ulster Bank, has facilitated this innovative product. Its effects will be felt all along the food production chain from primary producer to processor level.”

SBCI Chief Executive Nick Ashmore said:

“Today’s announcement demonstrates how the SBCI is working with banks to support Irish SMEs that are looking for the finance they need to invest and grow and to deal with the challenges and uncertainties they face.

We are delighted to build on our previous successful partnerships with Ulster Bank to offer a new, highly competitive and SME-friendly source of long term finance.”

The €300 million scheme is offered in partnership with the Department of Enterprise, Trade and Employment and the Department of Agriculture, Food and the Marine, and benefits from a guarantee from the European Union under the European Fund for Strategic Investments (EFSI), The European Investment Bank and The European Investment Fund.

For more information about the SBCI Future Growth Loan Scheme or to set up an appointment with one of our dedicated team, visit www.ulsterbank.com, or contact your Ulster Bank representative.