Silicon Valley Bank to lend $100m to Irish firms

A US bank has unveiled plans to lend $100m (€79m) to Ireland's innovation sector.

Silicon Valley Bank is teaming up with the National Pensions Reserve Fund (NPRF) in a two-step programme.

It will loan cash to companies in areas like technology, life sciences, private equity and venture capital, with the NPRF helping to identify clients for the loans.

The arrangement will also see the NPRF invest in technology-focused funds managed by the bank.

Commenting on the initiative, Greg Becker, president and CEO of Silicon Valley Bank, today said: “Building on the momentum we’ve seen in the UK with our recently opened UK branch and our aspirations to support our innovative clients around the world, we are really looking forward to bringing our knowledge and global network to entrepreneurs in Ireland.

“We’d like to thank the Irish Government and particularly the NPRF for their proactive approach and support of our efforts to enter the market.”

Paul Carty, chairman of the NPRF Commission, said: “Bringing Silicon Valley Bank’s expertise and understanding of emerging and high-growth companies to Ireland will have a significant and positive impact on the ability of our vibrant innovation sector to reach its long-term growth potential.”