Local businesses can benefit from extra support fund

Local businesses could be set to benefit from funding, following news that €800 million in funding is being made available to lenders through the Strategic Banking Corporation of Ireland (SBCI).

“Small to Medium Enterprises (SME) in Kildare should be aware that there is a new opportunity for them to access credit that could help them expand and create jobs”.

“€800 million in funding is being made available to SMEs through the Strategic Banking Corporation of Ireland (SBCI). This dates back to last year when the Government oversaw Ireland’s successful exit from the EU/IMF Bailout. It was decided then that Ireland would establish a State owned source of funding similar to the successful model operated in Germany.

“Local SMEs really stand to benefit from this increased funding being made available through the banks. This is low cost funding for businesses, meaning credit will be available at a better rate than they might currently get from their bank. The first loans should be available to SMEs by the end of this year, so businesses I would urge businesses which are thinking about applying to start putting together their applications now.

“It is also important that SMEs don’t just give up if they fail to receive the funding they seek from their banks. There is always the option of a review with the bank in question, and if this fails, they can approach the Credit Review Office, which is overturning over 50% of refused bank loans.

“It is also worth noting that the SBCI funding is not a one off, as over €5 billion will be made available to SMEs over the next five years. This is about long term support and encouragement of SMEs as the Government knows how crucial they are for job creation”.