Finance Ireland, the largest non-bank lender in the state, has become the first non-bank lender to join the Growth and Sustainability Loan Scheme (GSLS) for Irish small and medium enterprises (SMEs), including farmers.
By joining the scheme, Finance Ireland will provide competitively priced loans from €25,000 for SMEs, for periods of up to 10 years on an unsecured basis.
These loans are aimed at SMEs (including farmers, agribusinesses and fishing businesses) that are investing in growing their business; in making them more resilient or more sustainable; or in climate action.
Finance Ireland will set aside a minimum of 30% of the scheme’s total lending volume for environmental sustainability purposes, such as investing in greater energy efficiency or in reducing the business’ carbon footprint.
The remaining 70% of the scheme’s capacity will target strategic investments by SMEs that will increase productivity and competitiveness.
The scheme is operated by the Strategic Banking Corporation of Ireland (SBCI), the state’s promotional institution for SMEs.
Commenting on Finance Ireland’s entry to the scheme, Minister for Agriculture, Food and the Marine Charlie McConalogue said: “I welcome the addition of Finance Ireland as the third lender offering the €500 million Growth and Sustainability Loan Scheme, which will see increased availability and wider accessibility of funding for those interested in accessing finance.
“I am also glad to see that Finance Ireland will make loans available for both green and growth purposes under the scheme.”
“Providing the necessary supports to assist with investment for future growth and environmental sustainability will assist the agri-food sector in continuing to be adaptable and resilient to current and future challenges,” the minister added.
“My department’s funding of the GSLS will ensure the availability of the long-term access to finance for our farmers, fishers, foresters, and food businesses,” the minister said.
Billy Kane, founder and chief executive of Finance Ireland, said: “As Ireland’s largest non-bank lender, we are committed to driving greater competition and choice for Irish SMEs and we are delighted to be the first non-bank lender to make the [loan] available to our customers.
“As Irish businesses invest to reduce their carbon emissions, this scheme will provide the vital support they require to support their environmental sustainability and growth initiatives with the benefit of longer-term financing options,” Kane added.