Strategic bank makes €800m available for SME

Small and medium businesses can begin accessing a €800m loan scheme from next month, after a multi-funded strategic bank was launched by the Government.

European and German finance chiefs agreed the final touches to the Government’s new Strategic Banking Corporation of Ireland yesterday and said it would allow for longer term loans.

Business groups welcomed the measure, which will be backed by €150m from German state bank KFW, €400m from the European Investment Bank, and €240 from state funds.