‘SME Bank’ to start lending next year

The State’s new ‘SME Bank’ — the Strategic Banking Corporation of Ireland — is likely to begin lending within the next quarter, Jobs and Enterprise Minister Richard Bruton, said yesterday.

He was addressing the Joint Oireachtas Jobs Committee, outlining planned changes to the Credit Guarantee Scheme — new legislation for which he said the Government hopes to get passed by the Dáil “as quickly as possible” in the autumn session.

The Government undertook an independent review of the scheme last year — following a lower-than-expected reaction, in terms of application volumes.