The Strategic Banking Corporation of Ireland and Fexco Asset Finance have launched a €70m fund for SMEs seeking to lease specialist equipment and vehicles.
Finance will be available to firms from FEXCO with an SBCI discount of 1.57%, and will cover leases on assets such as plant and machinery, production lines and fixed equipment.
The State-backed SBCI says it has now committed €906m in lower cost loans through eight different institutions.
SBCI CEO Nick Ashmore said partnering with FEXCO “will cover, in particular, asset types which have traditionally been more difficult for businesses to finance such as fixed equipment and plant machinery”.
This year the SBCI has provided funding to four new lenders; Ulster Bank, First Citizen, Bibby Financial Services and FEXCO and in July announced it had facilitated more than 8,600 loans since being established in early 2015.
