Strategic Banking Corporation of Ireland
Making low-cost credit available and accessible to Irish businesses
The Strategic Banking Corporation of Ireland (SBCI) is Ireland’s National Promotional Institution and was set up by the Department of Finance in 2014 to avail of both national and European funding for the purpose of making low-cost credit available and accessible to Irish businesses. Our role is to provide dedicated financial support to Irish businesses by making it easier for them to get the finance they need to stay competitive, prosper, transition to a more sustainable business model and ultimately build economic activity in Ireland.
We provide a mix of low-cost lending facilities and risk-sharing guarantee schemes through our wide network of on-lending partners, which includes banks, non-bank finance providers and credit unions. Since we started our lending activity in 2015, more than €3.6 billion of SBCI supported funding has been approved for almost 55,000 Irish SMEs.
Green Investments: A catalyst for sustainable growth
In an era where environmental concerns have become paramount, businesses globally are under increasing pressure to adopt sustainable practices. For Irish businesses, the importance of ‘green investments’ to reduce carbon emissions and invest in long-term sustainability cannot be overstated. The adoption of green investments and sustainable practices is not just an ethical choice. It is a strategic approach that can impact their long-term viability, community standing and financial resilience.
Green investments and sustainability measures often go hand in hand with increased efficiency. Businesses that invest in energy-efficient technologies, streamline supply chains, and adopt sustainable practices are not only reducing their environmental footprint but also cutting operational costs over the long-term.
To stimulate and encourage green investments and the adoption of sustainable practices, we are offering the Growth and Sustainability Loan Scheme in collaboration with the Department of Enterprise, Trade and Employment and the Department of Agriculture, Food and the Marine. This long-term, low-cost scheme, developed in conjunction with the EIB Group, provides eligible SMEs, including farmers and fishers, and Small Mid-Caps with competitively priced loans of between €25,000 and €3 million for terms from seven to ten years, with loans of up to €500,000 available unsecured, thanks to an 80% government backed guarantee.
Interested businesses can avail of this funding for strategic investments in environmentally friendly technology, such as smart meters for heating, cooling, lighting, gas, water, and electricity; energy-efficient equipment and machinery, including the replacement of agricultural machinery such as tractors, harvesters, specialised tillage equipment; or building upgrades, including solar panels, LED lighting and roof and wall insulation.
A dedicated support for Irish businesses impacted by the war in Ukraine
The war in Ukraine is having a significant economic impact on Irish businesses, including shocks to energy prices and broader inflationary impacts. To support those businesses, farmers and fishers facing additional input costs, the Government launched the Ukraine Credit Guarantee Scheme.
This support provides finance from €10,000 to €1 million at reduced interest rates and repayment terms up to six years to those applicants whose costs have increased by at least 10% compared to their 2020 cost figures because of the ongoing war. Borrowers can also benefit from unsecured loans up to €250,000, meaning that no personal guarantee or collateral is required for loans up to this amount.
How to apply for the SBCI funding?
There is a simple two-step application process to apply for a loan under both schemes. First, applicants must register (or login) on the SBCI Hub (sbci.gov.ie) and submit an online eligibility application form. Once the online form is completed, successful applicants will be issued with an eligibility code. Secondly, applicants must provide this eligibility code to a participating on-lender to begin their credit application process.
I strongly recommend all businesses who think they may qualify to visit the SBCI website for more information and start their eligibility process at sbci.gov.ie.