SBCI announces new partnership with Close Brothers to bring €30m in low-cost funding to Irish SMEs

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SBCI announces new partnership with Close Brothers to bring €30m in low-cost funding to Irish SMEs

Close Brothers becomes 6th lender to join Government’s €800m Future Growth Loan Scheme and SBCI’s 13th on-lending partner

The Strategic Banking Corporation of Ireland (SBCI) announces that Close Brothers has become the 6th lender to join the Government’s Future Growth Loan Scheme (FGLS).

The Scheme, which will see the roll out of €800 million in lending, is funded through the Department of Enterprise, Trade and Employment and the Department of Agriculture, Food and the Marine, delivered by the SBCI, and supported by the European Investment Fund and the European Investment Bank. It is available to eligible SME and Small Mid-Cap businesses, including those in the primary agriculture (farming) and seafood (fishing) sectors in Ireland, to support strategic long-term investment.

The SBCI has allocated €30 million of the FGLS fund to Close Brothers, which is now accepting applications from a broad range of SMEs. Through this partnership with the SBCI, Close Brothers will support capital expenditure and promote business investment for development, expansion and improvement through competitively priced loans, with terms ranging from seven to ten years. All loans are secured with an 80% guarantee from the SBCI.

Close Brothers becomes the SBCI’s 13th on-lending partner. The SBCI aims to enhance competition in the SME funding market by supporting a combination of banks and non-bank lenders, as well as a mix of long-established institutions and newer entrants to the market.

Over 32,000 SMEs have benefited from almost €1.7 billion in lower cost flexible funding drawn down through SBCI-backed initiatives to date.

Close Brothers is a leading provider of finance for SMEs and larger businesses across Ireland. It has offices in Dublin, Cork, Galway and Belfast. Its Irish business is a subsidiary of Close Brothers Group plc, a UK-headquartered banking group that is listed on the London Stock Exchange and is a member of the FTSE-250.

Tánaiste and Minister for Enterprise, Trade and Employment Leo Varadkar said:

The past few months have been a period of profound disruption for Irish businesses, but the positive response we’ve seen to the Future Growth Loan Scheme tells us that many Irish businesses are already looking to the future. These businesses are making decisions now about the investments they need for the long-term. Close Brothers’ decision to join the Scheme will give businesses more choice when it comes to accessing financing for strategic investment.
 

Article Published: 18/02/2021