€75 million in funding will be made available by AIB as part of the Strategic Banking Corporation of Ireland’s (SBCI) ‘Future Growth Loan Scheme’.
Designed to provide support to small and medium enterprises (SMEs) and agricultural businesses, approximately €480 million in SBCI funding has been administered to Irish SMEs by AIB to date.
Participation in this latest scheme “forms another part of the range of supports which AIB has made available to customers”, according to the bank.
“Businesses looking to avail of the scheme through AIB will be able to so from Saturday, November 9,” the bank outlined in a statement on the matter.
Minister for Agriculture, Food and the Marine, Michael Creed, commented on the loan announcement, saying:
“I am pleased that the loan funding through AIB will help to meet the significant demand from farmers, the seafood sector and food businesses for investment finance under the Future Growth Loan Scheme.
This is particularly important for young and new entrant farmers, especially those 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 banks.
“Critically it will allow them to focus on competitiveness and innovation, both key themes in our Food Wise strategy for the sustainable development of the agri-food sector,” the minister added.
Colin Hunt, chief executive officer at AIB, also commented, adding: “Our team of dedicated advisors are available to meet with businesses who are looking to avail of this scheme and invest in their operations, helping create long-term sustainable growth.”
SBCI chief executive Nick Ashmore said: “SBCI’s objective of supporting and promoting competition in the provision of finance to small businesses combined with AIB’s ability to deliver lending products to the whole SME and farming sector will ensure a compelling offering for those looking to finance their long-term investment.”
The Future Growth Loan Scheme benefits from a guarantee from the European Union under the European Fund for Strategic Investments (EFSI).