BoI ups SME lending by 18%

Demand for credit among the small business community is growing, with SMEs increasingly looking to use such funds for growth purposes, Bank of Ireland has claimed.

The bank — which is scheduled to report first half figures on Friday — has said that it approved approximately €2.5bn in new credit to SMEs during the first half of this year, representing a near 18% increase on the same period last year.

In its latest credit update, published this morning, BoI said the main growth is being seen in retail, hospitality, agriculture, property and the motor sector.