State lender will help boost SMEs

THE SME sector is set for a €75m cash injection via a State lender, the Strategic Banking Corporation of Ireland (SBCI).

The SBCI was set up to ensure favourable loan rates reached SMEs, by funnelling State-sourced money through banks and other lenders who could then pass on the benefits.

The €75m package is going to Finance Ireland, a non-bank entity. It will be used to boost Finance Ireland’s offering in areas such as hire purchase and working capital products.

Finance Ireland chief executive Billy Kane said: “The SBCI funding has been a significant benefit to the many hundreds of SME customers we deal with on a daily basis, and this new facility will ensure that benefit continues into the future.”