The Strategic Banking Corporation of Ireland says it supported €113m worth of SME loans during the first three months of 2017, and has now supported total draw down loans of €657m since its inception in March 2015.
In its 2016 Annual Report, the SBCI also said it has helped saved SMEs 1.15% on average market interest rates, while highlighting there has been a strong geographical spread of SBCI loans across all regions.
The agriculture sector is the biggest user of SBCI loans, accounting for 22.9% of the total.
84% of loans supported by the SBCI are used by SMEs to invest in growing the business, 11% are for working capital, and 5% are used for refinancing loans owed to a lender exiting the Irish market.
SBCI CEO Nick Ashmore said the SBCI is "delivering on its mandate to drive competition and choice in the Irish SME lending market.
"Our strong growth in new lending in 2016, which has continued into 2017, shows the positive impact of the SBCI’s lower cost funding on the Irish SME finance market."
