Lower-cost funding for local business
A specialist lender has said lower-cost funding is now available to small and medium sized businesses in Wexford who wish to finance the purchase of equipment, machinery and vehicles
Finance Ireland Leasing, the first non-bank to be approved by the Strategic Banking Corporation of Ireland, is overseeing a €50m loan facility for the SME sector.
Under the terms of the deal with the SBCI, Finance Ireland Leasing offers loans which are typically 1.5 per cent lower than current market rates. The Company recently announced the appointment of Gareth O’Keeffe from Wexford town as its representative in the county.
The Managing Director of Finance Ireland Leasing, Frank Donnellan said the appointment was excellent news for SMEs and farmers in the South East, many of whom face significant challenges accessing funding.
‘Our deal with the SBCI is making more funding available to the SME sector, is doing so at a lower cost and is also increasing competition amongst lenders in the sector. In addition our flexible approach means we can make decisions faster than the high street banks.’
‘We are delighted to confirm Gareth O’Keeffe’s appointment as our Wexford representative. Gareth will be interacting directly with SMEs and farmers to ensure their requirements for highly competitive loans for new or second-hand vans, tractors, mowers, forklifts and specialist equipment are met in the coming years.’
O’Keeffe, who’s 37, has over 15 years experience in asset financing and SME lending having worked for Ulster Bank for ten years and Bank of Scotland for five years. He can be contacted at 087 1315843 or at garethokeeffe@financeireland.ie