Given the pipeline of applications currently being processed, Bank of Ireland expects its Strategic Banking Corporation of Ireland (SBCI) fund to be fully allocated shortly, a spokesperson for the bank said.

Confirming the news to AgriLand, the Bank of Ireland representative said:

“Since the SBCI Future Growth Loan Scheme (FGLS) launched in June 2019, Bank of Ireland has successfully approved and deployed funding to many business banking customers across a variety of sectors.

Given the pipeline of applications we are processing currently, we expect our SBCI fund to be fully allocated shortly.

“Our current priority is to manage all the current applications in a controlled and sustainable manner and fulfill our customers’ funding expectations,” the spokesperson concluded.

The fund is being used by Bank of Ireland through its participation in the Government of Ireland’s FGLS, designed to support the development of small and medium enterprises (SMEs) and agri-businesses.

SCBI scheme

The SBCI scheme funds capital expenditure and promotes business investment through low-cost loans, with terms ranging from eight to 10 years, and all loans secured with an 80% guarantee from the SBCI.

As a participant institution, Bank of Ireland is offering low-cost longer-term loan facilities through the SBCI, to aid businesses in their development through structural and market change.

The new €300 million scheme is offered in partnership with the Department of Business, Enterprise and Innovation, Department of Agriculture, Food and the Marine and is supported by the European Investment Fund and the European Investment Bank.

Loan amounts available under the FGLS vary between €100,000 – for SMEs – and €50,000 – for agri loans – to a maximum of €3 million.

For applicants from the agri sector loans must be targeted at improvements in farm performance or sustainability as well as infrastructure upgrades, with the SBCI already in the process of confirming successful applications looking to avail of this new scheme.