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A new, strategic SME funding company, the SBCI’s goal is to ensure access to flexible funding for Irish SMEs by facilitating the provision of:
- Flexible products with longer maturity and capital repayment flexibility, subject to credit approval;
- Lower cost funding to financial institutions which is passed on to SMEs;
- Market access for new entrants to the SME lending market, creating real competition.
All of these elements create a more competitive and dynamic environment for SME funding. The SBCI is a vital new part of the country’s financial architecture. By taking a fresh approach to funding SMEs in Ireland, the long-term potential of the sector to drive economic growth and job creation will be actively supported.
How will the funds get from the SBCI to my business?
The funding will be made available to SMEs through both bank and non-bank specialist on-lenders.
The release of long-term funds by promotional (or state-backed) financial institutions, through frontline (or traditional) finance providers, is a successful and effective model for funding SMEs throughout Europe.
The SBCI is currently working with non-bank financial institutions (such as leasing and invoice discounting providers) to develop alternative products for the Irish SME sector in order to deliver choice and competition.
Does your business qualify?
To avail of SBCI funding through On-Lenders, an SME qualifies if it meets each of the following criteria:
- The enterprise employs fewer than 250 employees
- The enterprise has an annual turnover not exceeding €50m, and/or an annual balance sheet total not exceeding €43m.
- The enterprise is an independent, autonomous entity (or, if part of a wider group of enterprises, the entire group must qualify as an SME).
- Less than 25% of capital/voting rights held by public bodies.
- The enterprise has a significant presence in Ireland.
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