“The past few months have been very difficult for businesses. Things will continue to be extremely challenging over the coming months and the new government must do everything possible to help businesses navigate this unprecedented time and get back on their feet.
“Today, we're announcing an expansion of the Future Growth Loan Scheme. Applications are now open, making available a further €500m of long-term loans to help more SMEs make investments to enable them to expand, diversify or improve productivity. These loans will help business, such as Luzern Technology, who I met today, adapt and position themselves to succeed in their new trading environment.”
The government launched the first €300 million round of the Scheme last year helping 1,150 SMEs, farmers and fishers to date make strategic investments to grow their businesses. Today's announcement will see the
Loans of between €25,000 to €3 million are available at competitive rates for terms between 7 and 10 years. The scheme will facilitate significant injections of liquidity for businesses looking to develop strategic responses to the changing business conditions brought about by the COVID-19 pandemic and by Brexit. This scheme will help to facilitate innovation and ensure that our enterprise base is sustainable into the future.
Minister for Finance
“I welcome this increase in capacity for the Future Growth Loan Scheme. These loans will provide essential funding for companies who wish to invest for the longer term to enable them to deal with both the current COVID-19 crisis and the upcoming challenge of Brexit”.
Minister for Agriculture Food and the Marine Dara Calleary T.D. said:
“The uptake of the Future Growth Loan Scheme by the agri-food sector has been very strong and I am aware that there has been some unfulfilled demand. Not only will the new expansion meet that demand, the evolution of the Scheme will assist in meeting the new challenges being posed by COVID-19 and the ongoing challenges the sector has in dealing with Brexit. The unsecured nature of the funding particularly helps young and new entrant farmers, as well as smaller farmers, but it is a crucial support to all parts of the production chain; farmers, fishers, forestry and food & beverage production.”
Present at the launch were Mr.
The scheme is supported by the
To access the Scheme, businesses must apply for eligibility through the SBCI. The application form, along with full details of the scheme, is available through the SBCI website www.sbci.gov.ie.
Bank of Ireland,
“We have seen strong uptake of the Future Growth Loan Scheme since its introduction. The Scheme, which allows SMEs to invest in innovating and expanding their business using low-cost, longer-term and more accessible funding aligns closely with the SBCI's objective of supporting and promoting the provision of financing to small businesses. With this expansion, the Scheme can continue to deliver real impact and much needed support for SMEs. The addition of new partners will help to generate much needed competition in the SME finance sector.
“The European Investment Bank Group has worked closely with the Irish Government and the SBCI to ensure that Irish businesses can access finance and working capital through the Brexit Loan Scheme, the Future Growth Loan Scheme and the new COVID-19 Working Capital Scheme. In recent weeks the
“The Future Growth Loan Scheme provided important liquidity support to
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