Close Brothers has become the sixth lender to take part in the Government's €800m Future Growth Loan Scheme (FGLS), which provides low-cost funding to Irish SMEs.
The Strategic Banking Corporation of Ireland (SBCI) said that from today, Close Brothers will offer €30m in SME loans.
All loans are secured with an 80% guarantee from the SBCI, with terms ranging from seven to ten years.
The loans are available to eligible SME and small mid-cap businesses, including those in the primary farming and fishing sectors in Ireland, to support strategic long-term investment.
Ciaran McAreavey, Managing Director of Close Brothers Ireland said they are delighted to have partnered with the SBCI.
"As a leading specialist lender in Ireland, we're committed to delivering effective, tailor-made finance packages, and work closely with businesses to develop solutions that meet their requirements.
"The FGLS provides an additional opportunity to help growing SMEs thrive with competitively priced loans," he said.
Ian Black, SBCI Interim Chief Executive said this move will give Irish SMEs more choice when it comes to accessing funding.
"As well as driving the delivery of the Future Growth Loan Scheme, this represents a significant step in promoting competition in the provision of finance to small businesses.
"The support offered by the dcheme will allow Close Brothers to create a compelling offering for SMEs and small mid-caps that need competitive finance offerings to grow their business," he said.
