Applications open for expanded Future Growth loan scheme

Applications open for expanded Future Growth loan scheme

Marking the €500m expansion of the Future Growth Loan Scheme at Government Buildings, Dublin are CEO of Enterprise Ireland Julie Sinnamon, Pat Sherlock, Chairperson of the SBCI Barbra Cotter, Tánaiste Leo Varadkar TD, Secretary General of DBEI Dr Orlaigh Quinn, and Luzern Technology Solutions CEO Ken Doyle.

The first €300m round last year helped 1,150 SMEs, farmers and fishers make strategic investments to grow their businesses. 

Under the initiative loans of between €25,000 to €3 million are available for terms between seven and 10 years. The scheme is managed BY the Strategic Banking Corporation of Ireland (SBCI).

There is a two-stage process to apply for loans under the scheme. Applicants must first attain approval from the SBCI before applying to their chosen bank. The loans will be supplied by AIB, Bank of Ireland and Ulster Bank. The SBCI is actively engaged with three other financial providers who responded to the open call.

AIB said it has already sanctioned over €550m in SBCI funding and €73m in Future Growth Loan Scheme funding. Bank of Ireland said it deployed funding to almost 600 businesses under the scheme last year.

SBCI CEO, Nick Ashmore said they have seen strong uptake of the Future Growth Loan Scheme since its introduction. "With this expansion, the Scheme can continue to deliver real impact and much-needed support for SMEs. The addition of new partners will help to generate much-needed competition in the SME finance sector."

Tánaiste Leo Varadkar TD said the past few months have been very difficult for businesses and things will continue to be extremely challenging over the coming months. He said the long-term loans would help more SMEs make investments to enable them to expand, diversify or improve productivity.

Minister for Finance Paschal Donohoe said the loans will provide funding for companies who wish to invest for the longer term to enable them to deal with both the current Covid-19 crisis and the upcoming challenge of Brexit.

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