$300m in loans and credit facilities will be made available to Irish technology and life science businesses over the next five years by Silicon Valley Bank. 

The announcement was made this morning by the bank and the Irish Strategic Investment Fund.

Combined with the $226m of loans and facilities already committed by SVB, the additional commitment could result in SVB providing over $0.5 billion in capital to the indigenous Irish technology market.

ISIF said it will continue to be a long-term funding partner of SVB Capital by assessing investment opportunities in its US based fund of funds programme as it has since the establishment of the strategic relationship in 2012. 

29 Irish businesses have benefited from Silicon Valley Bank loans including Accuris, AMCS, Atlantic Therapeutics, Boxever, Clavis Insight, Drop, Glofox, Movidius and Profitero.

John China, President of SVB Capital, said that the Irish innovation sector has experienced incredible growth since the bank began working with the Ireland Strategic Investment Fund in 2012.

He said that SVB was proud to continue this great relationship and work with a growing roster of Ireland's best tech companies.