SMEs to benefit from €400m funding launch

Small and medium enterprises will next month have access to €400m worth of funding after the launch yesterday of the long-awaited Strategic Banking Corporation of Ireland (SBCI).

The first tranche of the SBCI’s €800m reserves will be made available through the pillar banks, AIB and Bank of Ireland, with other lenders expected to come into play later in the SBCI’s lifetime.

The initiative is funded through a combination of the European Union’s lending arm — the European Investment Bank (EIB); the Ireland Strategic Investment Fund (ISIF), and German promotional bank KfW.